Madison, WI Condo Market Trends:

August, 2019

This report provides objective information on the latest condo market trends in Madison, Wisconsin. The city of Madison represents the largest market in South Central Wisconsin, and serves as a good indicator for the market across all of Dane County. All of our statistics are compiled from the South Central Wisconsin Multiple Listing Service (MLS). Unless noted otherwise, all of the statistics below are updated through August, 2019.

For our monthly report on the single family home market, click here. View all Madison condos for sale here

Madison WI Condo Market Summary - August, 2019

  • Madison condo sales are down by 8% through the month of August. Low inventory is limiting sales in 2019. 
  • Accepted offers are lower by 8% through the month of August. 
  • Expired listings continue to trend near historically low levels through August of 2019. 
  • The Madison condo listing expiration rate is low by historical standards. 
  • New condo listings are entering the market at a slow pace through the first 8 months of 2019. 
  • As of 9/16/19, there were 2 months of supply available in the local condo market. This low level of condo inventory indicates a good sellers' market; however, the market does vary significantly by price range. 
  • Condo days on market through August were the second lowest on record. 
  • Madison condo prices are trending slightly above 2018 levels through the first 8 months of the year. 
  • Competing offers in 2018 ended the year at 29%.  

Madison WI Condo Sales - August, 2019

A total of 90 Madison condos sold via the MLS in the month of August, which was down from the 105 condos sold in August of 2018.  

Madison MLS Condo Sales

Year-to-date through August, a total of 686 Madison condo listings sold via the MLS, down 8% from the year before.   

Madison MLS Condo Sales Aug 2019 year to date

On an annual basis, a total of 1,040 Madison condo listings sold in 2018, just below the 1,046 listings sold in 2018. 

Madison Condo Sales: Jan, 2000 - Aug, 2019

This table shows the monthly, year-to-date and annual sold Madison condo listings for every time period dating back to January, 2000. 

Historical Madison WI Condo Sales Aug 2019

Madison Condo Accepted Offers - August, 2019

Accepted offers (or pending condo sales) provide an indication of the number of closings that can be expected in the months ahead. A total of 76 Madison condo listings received accepted offers in the month of August. Low condo supply has limited accepted offer activity in Madison. 

Madison MLS Condo Accepted Offers Aug 2019

A total of 713 Madison condos received accepted offers year-to-date through the month of August - down 8% from last year. 

Madison MLS Condo Accepted Offers Aug 2019 year to date

A total of 1,046 Madison condo listings received accepted offers in 2018. 

This graph shows Madison condo accepted offers by week in 2018. As the graph below shows, accepted offer activity peaks in the Spring and troughs in the month of December. This is an important graph for sellers to understand prior to listing their condo for sale.

This graph shows accepted offer activity by month. 

Madison Condo Accepted Offers: Jan, 2000 - Aug, 2019

The table below shows the monthly, year-to-date and annual Madison condo accepted offer totals for each time period dating back to January, 2000. Accepted offers have been decreasing due to low supply and a low influx of new construction condos. 

Madison WI Condo Accepted Offer History Aug 2019 

Madison Expired Condo Listings - August, 2019

A listing "expires" when it does not sell by the end date specified in the listing contract. A large number of expired listings indicates a strong buyers' market. A low number of expired listings indicates a strong sellers' market.

Expired listings are trending above the levels from 2018, but are still quite low based on recent history. A total of 13 Madison condo listings expired in the month of August.

expired mls madison wi condo listings aug 2019

A total of 59 Madison condo listings expired year-to-date through the month of August, the second lowest on record.  

expired madison condo listings aug 2019 year to date

A total of 97 Madison condo listings expired without selling in 2018, down from the 152 listings that expired in 2017. This represents the lowest expired listing total on record. 

 

Madison Expired Condo Listings: Jan, 2000 - Aug, 2019

This table shows the monthly, year-to-date and annual expired condo totals for each time period dating back to January, 2000. The green data points show expired listings have been trending along a downward path since 2009. 

recent history expired madison condo listings aug 2019

Madison Condo Listing Expiration Rate - August, 2019

The Madison condo listing expiration rate was 13% in the month of August. 

madison wi condo exp rate aug 2019

The year-to-date condo expiration rate through the month of August was 8% - the second lowest percentage on record. 

ytd madison condo expiration rate aug 2019

The annual condo listing expiration rate in 2018 was 9%. This was the lowest annual rate on record. 

Madison Condo Listing Expiration Rate: Jan, 2000 - Aug, 2019

This table shows the monthly, year-to-date and annual condo listing expiration rate for every time period dating back to January, 2000.  

expiration rate madison condos historical august 2019

Madison Condo New Listings - August, 2019

The number of new listings entering the Madison condo market has been low by historical standards. A total of 79 condo listings entered the market in August.  

new mls madison condo listings aug 2019

Year-to-date, a total of 808 new listings entered the Madison condo market through the month of August - the lowest since 2003. 

new mls madison condo listings aug 2019

A total of 1,144 new listings entered the Madison condo market in 2018. This was a low level by historical standards.  

The graph below shows the number of new Madison condo listings by week for the 2018 calendar year. 

Madison Condo New Listings: January, 2000 - August, 2019

This table shows the number of new Madison condo listings by month dating back to January, 2000. A green data point indicates an increase in new listings. A red data point indicates a decrease. 

Madison WI Condo Inventory as of 9/16/19

This table offers an excellent snapshot of our local condo market. The price ranges highlighted in yellow indicate segments of the market that are particularly favorable to sellers. Taking accepted offers into account, all of the price ranges under $200,000 have less than 1.5 months of available supply (refer to the column on the far right). Overall, 31% of all Madison condo listings have an accepted offer. Across all price ranges, there are only 2 months of inventory available in the Madison condo market as of September 16th, 2019. Note, months of inventory do vary tremendously by price range. The higher levels of supply in the luxury segment indicate a market which is more favorable to buyers. 

Madison Condo Supply Sept 2019

This graph shows how Madison condo supply has varied over time. The Madison condo market has been a very strong seller's market for over 2 years and running. 

Historical Madison Condo Inventory Sept 2019

This graph shows the percent of Madison condo listings with an accepted offer - for each month dating back to October of 2015. The percentage decreased from 33% in September of 2018 to 31% in September of 2019. 

percent of madison condos under contract sept 2019

Madison WI Condos - Days on Market - August, 2019

How long does it take to sell a condo in Madison? The days on market statistic is represented by the number of days that pass from the listing start date to the listing accepted offer date. The days on market for Madison condos are now trending near historically low levels. The average for the month of August was 55 days. 

Madison WI Condo MLS Days on Market Aug 2019

Year-to-date, the average Madison condo days on market through the month of August was only 37 days - the second lowest on record. 

madison condo days on market aug 2019 year to date

The average condo days on market for all of 2018 was only 37 days. This annual average was the lowest on record. 

Madison Condo Days on Market: January, 2000 - August, 2019

This table shows the average condo days on market by month dating back to January, 2000. As the green data points show, the days on market for Madison condos have been trending much lower since 2014. 

madison condo days on market recent history aug 2019

Madison WI Condo Prices - August, 2019

Our best measure of condo value is the price per square foot. In 2018, the average Madison condo price per square foot increased for the for the 6th straight year. Condo prices bottomed out in 2012 and began to rise again with increasing demand and falling supply. The graph below shows the average price per square foot for every year dating back to the year 2000. Madison condo prices in 2018 were the highest on record. We expect the price per square foot to continue rising in 2019 based on current condo market dynamics. 

The average price per square foot in the month of August was $162 - the third highest on record for the month.  

madison wi condo prices august 2019

Year-to-date through August, the average price per square foot was $165. 

madison wi condo prices year to date

 

Historical Madison Condo Prices through August, 2019

This table shows the percent change in the price per square foot for every time period dating back to January, 2000.  

historical madison condo prices aug 2019

Madison Average Condo Price - August, 2019 

The average Madison condo price in the month of August was $226,596. The average condo price can fluctuate greatly from month-to-month due to the relatively low number of sales compared to the single family home market. A few high-end or low-end condo sales can have a big impact on the average price in any given month. Therefore focus on the long-term trend over placing too much emphasis on any given month. 

madison wi average condo price aug 2019

Year-to-date, the average Madison condo price was $225,756 through the month of August. 

madison avg condo price aug 2019 ytd

The average condo price for all of 2018 was $225,125 - a record high for the Madison condo market.

Madison Condo Prices: January, 2000 - August, 2019

This table shows the percent increase/decrease in the average condo price for every month dating back to January, 2000.

historical condo prices in madison aug 2019

Madison Condos - % with Competing Offers - May, 2019

This statistic measures the percentage of condo listings that receive multiple offers. As the graph below shows, the percentage increased from 36% in May of 2018 to 42% in May of 2019. Also note the seasonality of competing offers. Multiple offers are most common in the Spring and early Summer and least common in the Fall and early Winter.  

historical madison wi condo competing offers may 2019

Competing Offers by Price Range: Jan-May, 2019

Which price ranges are the most competitive for condo buyers? The graph below shows the percentage of accepted offers that involve competition from multiple buyers. Generally speaking, condos in the most affordable price ranges are the most competitive. Overall, 39% of all accepted offers in 2019 have involved competition from multiple buyers. This is the highest percentage on record. 

madison wi condo competing offers may 2019

About the Author

Dan Miller has been studying and reporting on the Madison condo market since 2007. Please feel free to contact Dan with any questions you have about your local condo market. 

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