Cash sales in the condo market are occurring much more frequently than in the pre-pandemic market. Through the first 9 months of 2023, a whopping 37 percent of all Dane County condos were purchased without a financing contingency.

A high percentage of cash offers is a clear sign of a competitive market. It's also an indicator of pent-up demand, where the number of buyers exceeds the number of condos for sale in Dane County.

Where will the condo market go from here?

Even though mortgage rates have been rising, we do anticipate strong demand and steady price growth for the foreseeable future. Dane County continues to be an attractive career and retirement destination, while the condominium lifestyle continues to appeal to a wide variety of buyers.

At the same time, there's very little condo inventory in the new construction pipeline. New apartment buildings are popping up at a fast pace throughout the Madison area, but new condominium developments are few and far between. 

Until we start building more condos, all signs point to persistently low supply and consistently high prices for the foreseeable future.