This is our latest glance into the Madison space apartment marketplace, beginning with the fee tendencies for November, 2023. 

Dane County apartment costs

On a year-over-year foundation:

• The associated fee consistent with sq. foot higher from $208 to $217 (4 %). 
• The typical worth higher from $293,288 to $311,116 (6 %). 
• The median worth used to be even at $270,000. 

On a year-to-date foundation:

• The associated fee consistent with sq. foot higher from $203 to $215 (6 %). 
• The typical worth higher from $299,978 to $333,028 (11 %). 
• The median worth higher from $267,720 to $300,000 (12 %). 

New Dane County apartment listings

One large driving force of prime costs is the low provide of new listings. New listings did building up rather in November, however nonetheless got here in on the third lowest overall on document for the month. 

Energetic listings

In consequence, the selection of energetic listings (the ones with out an approved be offering) stays consistently low. Simplest 102 Dane County condos (the similar of .9 months) had been to be had on the market on December thirteenth. This degree of stock is in keeping with our December snapshots from each and every of the closing two years. 

Additionally word the seasonality of energetic listings. Energetic listings have a tendency to be lowest within the springtime and early summer time, when purchaser task is at its top.

Authorized provides

With low apartment provide, contract signings are decrease, too. A complete of 72 Dane County condos went below contract in November, which used to be the bottom November overall in 12 years. 

Competing provides 

Even supposing fewer condos are going below contract in 2023, the % of listings receiving competing provides continues to development alongside traditionally prime ranges. Because the chart underneath presentations, the contest for condos stays very prime in comparison to the pre-pandemic marketplace. A extremely aggressive apartment marketplace is an indication of pent-up call for, the place the selection of apartment patrons exceeds the selection of apartment dealers in Dane County. 

Money provides

The proportion of condos receiving money provides could also be trending alongside traditionally prime ranges, and is far upper than within the pre-pandemic marketplace. That is some other signal of a marketplace that obviously has extra patrons than dealers. 

Days on marketplace

Advertising occasions proceed to development alongside traditionally low ranges, which is some other signal of pent-up call for within the apartment marketplace. The typical days on marketplace in November used to be best 18 days. 

Dane County apartment gross sales

Rental gross sales proceed to happen at subdued ranges, because of the loss of provide within the Madison space. 90 condos had been bought closing month, which used to be the bottom November overall since 2012. 

The place will the Madison space apartment marketplace cross from right here? 

We are predicting upper costs and tight stock in 2024 — for those 10 causes. We inspire you to test in steadily and use our per month updates to trace how the marketplace evolves all the way through the yr. Within the period in-between please be happy to succeed in out to us each time you’ve got any actual property questions. We are at all times glad to assist.