Listed here are the most recent insights into the Dane County condominium market utilizing South Central Wisconsin MLS transaction knowledge. Do you’ve questions in regards to the condominium market and the way it impacts your buy or sale? Contact Dan for a useful session. This is the most recent on condos for September…
Madison space condominium costs
Condominium costs in Dane County rose by each measure in September.
- Costs per sq. foot rose 6% from $222 in September 2023 to $235 in September 2024.
- The typical worth elevated from $345,156 to $366,191, a rise of 6%.
- Median worth elevated 5% from $302,000 to $317,000.
New MLS Itemizing
A complete of 126 condos have been listed on the market in September, a ten% improve from the 115 condos listed on the market final September. Yr-to-date, condominium listings are up 13% in comparison with the primary 9 months of 2023. In Dane County, condominium listings have elevated in seven of the previous 9 months, positively impacting the availability obtainable to patrons (see beneath).
Residence stock
For the primary time shortly, Dane County has a two-month provide of condos (with no accepted presents). The 232 condos obtainable on Oct. 5 is an 86 % improve in comparison with the 125 condos obtainable a 12 months in the past.
accepted supply
As extra condos turn into obtainable on the market, extra condos are beneath contract. A complete of 108 Dane County condos went beneath contract in September, a slight improve from every of the earlier two Septembers. Accepted presents have elevated in 7 out of 9 months in 2024, a optimistic pattern for the market.
competing presents
The condominium market stays extremely aggressive, with competing properties persevering with to pattern nicely above pre-pandemic ranges. From the chart beneath, you’ll be able to see that 31% of all accepted presents in August 2024 contained a number of presents, which is considerably larger than 22% in August 2019.
Nevertheless, this 12 months’s aggressive presents are clearly on the decline in comparison with final 12 months. This pattern towards much less competitors is a wholesome step towards a extra balanced Dane County condominium market.
money supply
Money presents proceed to be a standard prevalence within the post-pandemic market.
Days on market
Condos proceed to promote quickly within the Madison space.
Dane County condos on the market
Condominium gross sales within the Madison space are up 20% 12 months over 12 months and 4% because the starting of the 12 months.
Do you’ve any questions?
Should you’re eager about shopping for or promoting a condominium subsequent 12 months, you are sure to have questions. Contact us any time you need to speak to an skilled in regards to the market or your objectives. We’re all the time pleased to offer useful consulting and assist our clients. We are going to by no means use gross sales strain or do something that’s inconvenient.
