Dane County condo prices increased by 2 percent in May and by 8 percent through the first 5 months of the year. We do expect condo prices to continue to increase this summer due to the low levels of inventory in and around Madison. Stay tuned for our regular blog updates, which will offer plenty of market insight in the months ahead.
Accepted offers
Accepted offers were quite strong in May, given the recent rise in mortgage rates. Signed contracts were lower by 2 percent year-over-year and by 14% year-to-date.
New condo listings
New condo listings came in at the lowest total since 2003. Listings were lower by 13% year-over-year and by 8% year-to-date.
Available inventory
Only 119 listings and .8 months of supply were available for sale as of June 11th. Condo inventory is rising slowly, but remains low by historical standards. Low inventory will continue to keep prices high in the months ahead.
Condo sales
Condo sales have been slowed by low inventory throughout all of 2022. A total of 154 Dane County condos sold in the month of May, which was the lowest total since 2012. Sales were lower by 14% last month and by 13% through the first five months of the year.
Condo days on market
The average days on market fell to 15 days in the month of May, which was a record low for the month. We do expect marketing times to increase as inventory increases over the course of the year.
The big picture
Clearly, the market is transitioning to one with more balance and more opportunities for buyers who will be shopping for a condo this summer. At the same time, many sellers continue to experience impressive results in the month of June.
There's so much confusing chatter about the market in the media and on social media, so we encourage you to check in often with our real estate trends blog, which we are constantly updating with our latest news and views. Or just reach out to your preferred Mad City Dream Homes realtor whenever you have any real estate questions. We're always prepared to consult with you, and always ready to help.
