Verona Condo Market Trends - May, 2018
Our regular report provides objective information on the Verona condo market. All of our statistics are compiled from the South Central Wisconsin Multiple Listing Service (MLS). The data in our report includes MLS locations D48 (City of Verona) and D49 (Town of Verona). With the exception of our inventory data, all of the statistics below are updated through May, 2018.
Get the latest on the Verona single family home market here.
The Verona WI Condo Market at a Glance
- Verona condo sales through the month of May are well below historical highs. Sales are being restricted by low supply.
- Expired listings through the month of May are the lowest on record.
- The listing expiration rate is the lowest ever in the city of Verona.
- New listings entering the Verona condo market are at a historic low. A lack of fresh supply is limiting sales in 2018.
- As of 6/11/2018, only .5 months of supply are available for sale in Verona. This low number demonstrates a strong seller's market in Verona.
- Verona condos are selling at the fastest pace ever. The average days on market through the month of May is only 23 days.
- Verona condo prices are trending toward new record highs.
Verona Condo Sales - May, 2018
Year-to-date through May, a total of 25 Verona condo listings sold via the South Central Wisconsin MLS, which is well below historical highs. Sales would be much higher if more listings were available on the open market.
On an annual basis, a total of 66 Verona condos sold in all of 2017. Condo sales in 2017 were held back by low inventory.
Verona Accepted Offers - May, 2018
Year-to-date through May, 23 Verona condos have received accepted offers. This is well below historical highs. Buyer activity is being limited by low inventory.
Overall in 2017, 69 Verona condos received accepted offers.
Verona Expired Condo Listings - May, 2018
Year-to-date through the month of May, no listings have expired on the MLS - a clear sign of a strong condo market in Verona.
Only 2 Verona condo listings expired in all of 2017. This was a record low for the Verona condo market.
Verona Condo Listing Expiration Rate - May, 2018
The year-to-date Verona condo expiration rate through the month of May is 0%.
The annual condo listing expiration rate in 2017 was only 3%. This was the lowest expiration rate on record for the Verona condo market.
New Verona Condo Listings - May, 2018
Year-to-date, 24 new Verona condo listings entered the market through the month of May. New listing activity is the lowest on record, well below the levels from 2006 through 2010 when new condos flooded the market.
Sixty-nine new Verona condo listings entered the market in 2017. This annual total was one of the lowest on record.
Verona Condo Market: Months of Inventory on 6/11/18
As of 6/11/2018 there are only .5 months of supply in the Verona condo market. All of the condo inventory in Verona is priced below $250,000. There are 3 listings on the market right now. A total of 73 listings have sold in the last year.
Verona Condo Days on Market - May, 2018
Year-to-date, the average Verona condo days on market is 23 days - the lowest on record. We expect days on market to continue to trend lower through the rest of 2017.
The average Verona condo days on market for all of 2017 was 18 days. This annual average was the lowest on record.
Verona Condo Prices - May, 2018
Year-to-date through May, the average price per square foot for a Verona Condo is $126. Based on current supply and demand trends, we expect Verona condo prices to set a new record high in 2018.
In all of 2017, the average price per square foot was $120. Condo prices increased for the 5th straight year after bottoming out at $89 per square foot in 2012.
Verona Condo - Average Price: May, 2018
Year-to-date through May, the average Verona condo price is $195,728. This the highest average price on record.
The average Verona condo price for all of 2017 was $172,109. This was the highest annual average since 2008.
About the Author
Dan Miller works as a listing agent and buyer agent with RE/MAX Preferred in Madison, Wisconsin. Contact Dan for a complimentary assessment of the condo market in your area.