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Madison area condo prices rose from $187 per square foot in January of 2023 to to $212 in January of 2024. That’s a 13 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of January. We’ll gain a clearer picture of price growth as we accumulate more data throughout the year.
Dane County condo prices
New listings
January condominium listings entered the market at the slowest pace on record. Only 101 Dane County condos were listed for sale last month. We expect listing activity to remain low (and prices to remain high) for the foreseeable future. A lack of new condo construction in one key reason why the market will remain tight.
Active listings
Available condominium listings (those without an accepted offer) remain low. Only 82 Dane County condos (or .8 months of supply) were available for sale on February 6th.
Accepted offers
Condominium contracts continue to trend lower. Only 77 condos went under contract last month, which was the lowest total for any month of January since 2012.
Competing offers
The percentage of condo listings receiving multiple offers continues to run much higher compared to the pre-pandemic market. Thirty percent of all condo contracts involved multiple offers in December, compared to only 18 percent four years earlier.
Days on market
Condos continue to sell quickly in the Madison area. The average days on market in January was only 20 days, which was the lowest on record for the month.
Dane County condo sales
Condominium sales (or closings) were the lowest in 12 years. A lack of fresh condo supply is limiting sales in Dane County.
What questions do you have about the Madison area condo market?
This article shares some of the key trends that are impacting the market right now. Please reach out to us when you’re in need of a real estate conversation. We’re here to help, and never with any sales pressure or spin.
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