Madison space condominium costs rose from $187 in line with sq. foot in January of 2023 to to $212 in January of 2024. That is a 13 p.c year-over-year building up. Observe those numbers are according to a low collection of gross sales within the month of January. We will acquire a clearer image of worth enlargement as we collect extra knowledge all through the yr. 

Dane County condominium costs

New listings

January condo listings entered the marketplace on the slowest tempo on report. Handiest 101 Dane County condos have been indexed on the market remaining month. We predict record process to stay low (and costs to stay top) for the foreseeable long run. A loss of new condominium building in a single key explanation why the marketplace will stay tight. 

Energetic listings

To be had condo listings (the ones with out an authorised be offering) stay low. Handiest 82 Dane County condos (or .8 months of provide) have been to be had on the market on February sixth. 

Permitted gives

Rental contracts proceed to development decrease. Handiest 77 condos went below contract remaining month, which was once the bottom overall for any month of January since 2012. 

Competing gives

The proportion of condominium listings receiving a couple of gives continues to run a lot upper in comparison to the pre-pandemic marketplace. Thirty p.c of all condominium contracts concerned a couple of gives in December, in comparison to best 18 p.c 4 years previous. 

Days on marketplace

Condos proceed to promote briefly within the Madison space. The typical days on marketplace in January was once best 20 days, which was once the bottom on report for the month. 

Dane County condominium gross sales

Rental gross sales (or closings) have been the bottom in 12 years. A loss of recent condominium provide is proscribing gross sales in Dane County. 

What questions do you’ve got concerning the Madison space condominium marketplace? 

This text stocks one of the key tendencies which might be impacting the marketplace at the moment. Please achieve out to us if you end up short of an actual property dialog. We are right here to assist, and not with any gross sales drive or spin.