Dane County condominium costs elevated from $200 per sq. foot in March 2023 to $223 per sq. foot in March 2024. This can be a 12% improve over the earlier yr. Observe that costs per sq. foot have elevated by 13% within the first three months of this yr.
Costs rose on different measures as nicely.
- The common worth elevated 13% from $295,361 in March 2023 to $332,689 in March 2024.
- Median worth elevated 12% from $276,500 to $311,000.
Newly constructed condominium property data
The variety of condominium listings elevated for the second consecutive month. Whereas it is a optimistic signal, it is very important be aware that purchaser demand nonetheless far exceeds the provision of obtainable condos. A complete of 179 Dane County condos had been listed on the market in March, in comparison with 151 a yr earlier.
Energetic condominium property data
An “lively” or “obtainable” itemizing is one which has no accepted gives. Whereas condominium stock within the Madison space stays tight (with simply 1.3 months of provide), the encouraging information is that provide is slowly rising in comparison with the previous two years.
accepted supply
A number of extra properties entered the market in February and March, and accepted gives additionally elevated. Considered from a historic perspective, the variety of contract awards remained low.
competing gives
Our preliminary knowledge by way of February exhibits that the share of listings receiving a number of gives stays excessive in comparison with the pre-pandemic market. This is without doubt one of the clearest indicators of pent-up demand within the Madison space, the place the variety of condominium patrons far exceeds the variety of condominium sellers.
money supply
The share of condominium properties receiving money gives additionally stays very excessive in comparison with the pre-pandemic market, one other clear signal of pent-up demand. 41% of all condominium gross sales in March included money gives, in comparison with 27% 5 years in the past.
Days on market
Traditionally brief advertising and marketing instances are the third clear signal of a market with extra patrons than sellers. The common variety of days in the marketplace final month was simply 24 days, the bottom on report for March.
Dane County condos on the market
Condominium gross sales stay sluggish attributable to a scarcity of provide. A complete of 100 condos had been bought final month, the bottom quantity for March since 2014.
What condo market traits can we count on for the remainder of 2024?
All indicators level to a provide scarcity and additional worth will increase within the foreseeable future. If in case you have any buy, gross sales or market associated questions, please be at liberty to contact us. We’re at all times prepared to speak about actual property. We by no means take care of gross sales stress or inconvenience.
