Madison area condo prices post large gains in July

Here’s our latest insight into the Dane County condominium market, covering the month of July, 2023.

July Dane County condo prices

Madison area condo prices continued to rise in July, and by all measures:

• The price per square foot of $226 rose by 8 percent from $210 in July of 2022.
• The median price of $322,500 jumped by 17 percent.
• And the average price of $359,203 soared by 23 percent.

Note: Because the number of condos sold each month is relatively small, the monthly numbers can experience dramatic swings. However, these numbers for the month of July are consistent with how the condo market has been performing throughout the year.

New MLS listings

Only 122 condos were listed for sale in July, which was a decrease of 21% from July of 2022, and a decrease of 39% from July of 2021. 

In the bigger picture, condominium listings were at their lowest level since 2002.

Condo inventory

With fewer listings entering the market, the supply of available condos remains low. Right now there are only 106 available condos (those without an accepted offer) in all of Dane County.

Competing Offers

Heavy competition amongst buyers continues to drive prices higher. Note from the chart below that the percent of listings receiving multiple offers is still very high when compared to pre-pandemic levels.

Accepted offers

A low supply of new listings is limiting the number of contracts written. July AOs came in at the lowest level in 12 years.

Dane County condo sales

Madison area condo sales (or closings) were the lowest for any month of July since 2011.

Days on market

Madison area condos continue to sell very quickly.

What’s next for the condo market?

With Dane County’s growing population, with inventory near rock-bottom lows, and with very little in the new construction pipeline, we’re expecting a very tight market. Here are 9 reasons why we expect low supply and high prices for the foreseeable future.