Condominium costs proceed to rise all through Dane County, and by all measures. Here is our newest Dane County condominium market replace protecting the newest worth developments, and rather more.
Dane County condominium costs
The worth per sq. foot elevated to $210, which was a 3 p.c improve from final April. The median worth jumped to $301,500, a rise of 10 p.c. Whereas the typical moved to $338,991, a rise of seven p.c.
New condominium listings
One of many greatest causes for prime costs is a low inflow of latest listings. Solely 148 condominiums have been listed on the market on the MLS in April, which was a 22 p.c lower from final 12 months. General, condominium listings have been down by 23% by the primary 4 months of the 12 months.
Obtainable stock
Consequently, the variety of accessible listings (these with out an accepted supply) is decrease in comparison with final 12 months. Solely 85 condos have been accessible on the market on Could thirteenth, in comparison with 100 condominiums on the identical day final 12 months. Proper now there are solely .7 months of condominium provide accessible on the market within the Madison metro space.
Competing affords
With such low stock, it is no shock competing affords have reached a brand new excessive right here in Dane County. In keeping with our preliminary knowledge, 55 p.c of the listings that went underneath contract within the month of March acquired a number of affords.
Accepted affords
Accepted affords continued to development decrease in April. Signed contracts have been down by 20% year-over-year and by 24% year-to-date.
Dane County condominium gross sales
As anticipated, condominium gross sales continued to development decrease within the month of April. Fewer patrons and fewer listings are leading to fewer gross sales in 2023.
Days on market
Advertising occasions have risen barely in 2023, however stay very low by historic requirements.
Waiting for the month of Could
Our peak on the early knowledge exhibits that Madison space condominium costs will put up extra regular features within the month of Could. We encourage you to verify in recurrently with our weblog for extra market updates all year long. And naturally you possibly can all the time contact our group with any of your actual property questions or issues. We’re right here to be a useful resource for you, and we would love to assist.