Here's our May update on the Dane County condo market, covering 8 key trends impacting buyers and sellers. 

Dane County condo prices

For the first time in a long time, the price per square foot edged lower. Does this mean that local condo prices are falling? We don't think so.

Remember, the monthly condo numbers are subject to a fair amount of variability due to the relatively low number of condos sold each month. A few high-priced or low-priced transactions can have a big impact on the monthly numbers.

Tracking the overall trend is the best way to evaluate prices. With this perspective in mind, it's important to note that the Dane County price per square foot is up by 8 percent through the first 5 months of the year. 

Here are the May numbers for 3 different pricing metrics:

• The price per square foot decreased from $227 in May of 2023 to $225 in May of 2024 (a decrease of 1 percent). 
• The average price decreased from $343,447 to $342,122 (down by less than 1 percent).
• The median price increased from $303,500 to $308,000 (up by 1.5 percent). 

New MLS condo listings

It's encouraging to see listings increase from last May. But in the bigger picture, listing activity remained low. Many condo owners are enjoying their sub-3 percent mortgage rate and choosing not to put their condo on the market.  

Dane County condo inventory

Condo availability is improving in Dane County. A total of 166 condos (or 1.5 months of supply) were active on the MLS as of 6/6/2024. Several new construction condo developments have helped to improve supply in the Madison area. 

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