Madison area condo trends for September, 2024

Here's our latest insight into the Dane County condominium market, using transaction data from the South Central Wisconsin MLS. Do you have any questions about the condo market and how it impacts your purchase or sale? Contact Dan for a helpful consultation. Our September condo update follows... Madison area condo prices Dane County condo prices increased by all measures in the month of Septembr: The price per square foot grew from $222 in September of 2023 to $235 in September of 2024, up 6 percent.  The average price moved from $345,156 to $366,191, an increase of 6 percent.  The median price grew from $302,000 to $317,000, up 5 percent.   New MLS listings A total of 126 condos were listed for sale in the month of September, which was up 10 percent from the 115 listed last September. Year-to-date, condo listings are up 13 compared to the first 9 months of 2023. Condo listings have increased 7 of the last 9 months in Dane County, which is having a positive impact on the amount of supply available to buyers (see below).  Condo inventory For the first time in a long time, we now have 2 months of condo supply (without an accepted offer) in Dane County. The 232 condos available on October 5th is up 86 percent from the 125 condos that were available a year ago.    Accepted offers With more condos available for sale, more condos are going under contract. A total of 108 Dane County condos went under contract in the month of September, which was a small increase from each of the last two Septembers. Accepted offers have increased 7 of 9 months in 2024, an encouraging trend for the market.     Competing offers It's still a competitive condo market, as competing offers continue to trend well above pre-pandemic levels. Note from the chart below, 31 of all accepted offers in August of 2024 involved multiple offers, which was well above the 22 in August of 2019.  However, competing offers are clearly trending lower this year compared to the year before. This trend toward less competition is a healthy step toward a more balanced Dane County condo market.  Cash offers Cash offers continue to be a common occurrence in our post-pandemic market.  Days on market Condos continue to sell quickly in the Madison area.     Dane County condo sales Madison area condo sales increased 20 percent year-over-year and are up 4 percent year-to-date.    Do you have questions?  If you're thinking of buying or selling a condo in the year ahead, you're bound to have questions. Please reach out to us anytime you'd like to speak to an expert about the market and your goals. We're always available to assist you with a helpful consultation, and never with any sales pressure or spin.