Condominium costs within the Madison space elevated from $187 per sq. foot in January 2023 to $212 per sq. foot in January 2024. It is a 13% enhance over the earlier 12 months. Please observe that these numbers are primarily based on a decrease variety of gross sales in January. As we accumulate extra knowledge all year long, we will get a clearer image of value will increase.
Dane County apartment costs
New itemizing
The variety of apartment listings entered the market in January on the lowest tempo on file. Solely 101 Dane County condos have been listed on the market final month. We anticipate itemizing exercise to stay low (and costs to stay excessive) for the foreseeable future. One of many essential causes the market stays tight is the shortage of latest apartment development.
lively listing
The variety of out there apartment properties (properties for which affords weren’t accepted) stays low. On February 6, there have been solely 82 Dane County condos out there on the market (0.8 months of provide).
accepted supply
The variety of condominium contracts continues to be on the decline. Simply 77 condos went underneath contract final month, the bottom complete for January since 2012.
competing affords
The proportion of apartment properties receiving a number of affords continues to be a lot larger in comparison with the pre-pandemic market. In December, 30% of all apartment contracts included a number of affords, in comparison with simply 18% 4 years in the past.
Days on market
Condos proceed to promote quickly within the Madison space. The common variety of days available on the market in January was simply 20 days, the bottom on file for the month.
Dane County condos on the market
Condominium gross sales (or closings) are at their lowest in 12 years. A scarcity of contemporary apartment provide is limiting gross sales in Dane County.
Do you will have questions in regards to the apartment market within the Madison space?
This text highlights a few of the main developments at the moment impacting the market. In the event you want session concerning actual property, please be at liberty to contact us. We’re right here to assist, however there’s by no means any gross sales stress or inconvenience.
