Introducing the newest analysis on the Madison space condominium market, beginning with value traits for November 2023.
Dane County condominium costs
Yr on 12 months:
- Worth per sq. foot elevated from $208 to $217 (4%).
- Common value elevated from $293,288 to $311,116 (6%).
- The median value was $270,000.
On a year-to-date foundation:
- Worth per sq. foot elevated from $203 to $215 (6%).
- Common value elevated from $299,978 to $333,028 (11%).
- Median value elevated from $267,720 to $300,000 (12%).
New Dane County condominium listings
One of many main elements behind the hovering costs is the low provide of newly listed properties. The variety of new listings elevated barely in November, however the whole for the month remained the third lowest on report.
lively record
Consequently, the variety of lively listed properties (properties for which no provides had been accepted) stays low. As of Dec. 13, there have been solely 102 Dane County condos obtainable on the market (equal to 0.9 months). This stock degree is constant together with his December snapshots in every of the previous two years.
Additionally observe the seasonality of the lively record. Energetic listings are typically lowest in spring and early summer season, when purchaser exercise is at its peak.
accepted supply
Because of the low provide of condominiums, contract signings are additionally reducing. A complete of 72 Dane County condos went below contract in November, the bottom November whole in 12 years.
competing provides
Though the variety of condominiums contracted in 2023 will lower, the proportion of properties receiving competing provides will proceed to stay at a traditionally excessive degree. Because the graph under reveals, competitors for condos remains to be very excessive in comparison with the pre-pandemic market. The aggressive condominium market is an indication of pent-up demand, with the variety of condominium consumers outnumbering condominium sellers in Dane County.
money supply
The proportion of condos receiving money provides additionally stays at traditionally excessive ranges and is far increased than the pre-pandemic market. That is one other signal of a market the place there are clearly extra consumers than sellers.
Days on market
Gross sales intervals proceed to development at traditionally low ranges, one other signal of pent-up demand within the condominium market. The common time available on the market in November was simply 18 days.
Dane County condos on the market
Condominium gross sales proceed to be low within the Madison space attributable to an absence of provide. There have been 90 condominium gross sales final month, the bottom quantity for November since 2012.
The place will the condominium market within the Madison space go sooner or later?
We predict rising costs and tight inventories in 2024 for these 10 causes. We encourage you to examine in usually and benefit from our month-to-month updates to trace how the market evolves all year long. In case you have any questions relating to actual property, please be happy to contact us at any time. We’re all the time comfortable to help you.
