Right here is Might’s replace on the Dane County rental market, masking eight main traits impacting consumers and sellers.
Dane County Apartment Costs
For the primary time in a very long time, the value per sq. foot has dropped. Does this imply native condominium costs are falling? We do not suppose so.
Bear in mind, the variety of rental gross sales every month fluctuates fairly a bit as a result of there are a comparatively small variety of condos on the market every month. Even a number of excessive or low priced transactions can have a huge impact on the month-to-month figures.
Monitoring total traits is one of the simplest ways to evaluate costs, and with this attitude in thoughts, it is essential to notice that the value per sq. foot in Dane County has elevated 8 % via the primary 5 months of the yr.
Listed here are the Might figures for 3 totally different value indices:
- Worth per sq. foot decreased from $227 in Might 2023 to $225 in Might 2024 (a 1 % lower).
- The common value fell from $343,447 to $342,122 (a lower of lower than 1%).
- The median value elevated from $303,500 to $308,000 (a 1.5 % improve).
New MLS Apartment Listings
It is encouraging to see a rise in listings since Might of final yr, however total, listings stay sluggish, with many condominium homeowners having fun with mortgage charges beneath 3% and selecting to not put their flats in the marketplace.
Dane County Apartment Stock
In Dane County, the condominium provide is slowly enhancing. As of June 6, 2024, there are a complete of 166 flats (or 1.5 months provide) listed on the MLS. A number of new condominium developments are enhancing the availability within the Madison space.
Accepted Presents
With a comparatively small variety of flats on the market, contract signings stay sluggish.
Competing provides
The share of properties receiving a number of buy provides is effectively above pre-pandemic ranges, one clear indicator of pent-up demand, with condominium consumers outnumbering condominium sellers in Dane County.
Money Presents
The share of properties receiving money provides additionally stays excessive in comparison with the pre-pandemic market, one other clear signal of pent-up demand: the share of money provides jumped from 26% in Might 2019 to 32% in Might 2024.
