Here's our newest look into the Madison area condo market, starting with the price trends for October, 2023.
Dane County condo prices
On a year-over-year basis:
- The price per square foot increased from $208 to $223 (7 percent).
- The median price increased from $262,450 to $303,000 (15 percent).
- The average price increased from $308,198 to $344,720 (12 percent).
On a year-to-date basis:
- The price per square foot increased from $203 to $215 (6 percent).
- The median price increased from $266,100 to $300,000 (13 percent).
- The average price increased from $300,421 to $334,778 (11 percent).
New Dane County condo listings
One big driver of high prices is the low supply of fresh listings. Only 87 Dane County condos were listed for sale in October, which was the lowest October total since 2002.
Active listings
As a result, the number of active listings (those without an accepted offer) remains persistently low. Only 125 Dane County condos were available for sale on November 4th, which is consistent with our November snapshots from each of the last two years.
Note the seasonality of active listings. Active listings tend to be lowest in the spring and early summer, when buyer activity is at its peak.
Accepted offers
With a low supply of available listings, it's no surprise that accepted offers are trending lower in 2023.
Competing offers
Even though fewer condos are going under contract in 2023, the percent of listings receiving competing offers continues to trend along historically high levels. As the chart below shows, the competition for condos remains very high compared to the pre-pandemic market. A highly competitive condo market is a sign of pent-up demand, where the number of condo buyers exceeds the number of condo sellers in Dane County.
