Dane County condo prices continued to post large year-over-year increases in the month of May. Here's our latest Madison area condo report updated for the month of May, 2023.
Dane County condo prices
Condo prices increased by all measures in the month of May. The price per square foot increased 19 percent; the median 10 percent; and the average 20 percent. Note, condo prices can fluctuate greatly due to the relatively low number of condos being sold in any given month.
When we look at prices year-to-date, the increases are still quite strong. The price per square foot was up 7% through the first 5 months of the year. The median was up 12%, and the average was up 11%.
New MLS condo listings
Only 135 condominium listings were posted to the MLS in May, which was a decrease of 23% from last year. Through the first five months of the year, listings are also down 23%. Higher mortgage rates are causing many would-be sellers to pause and put their real estate plans on hold.
Active condo listings
The number of available listings (those without an accepted offer) remains low in the Madison area. There are actually fewer condos available for purchase right now than there were at the same time last year.
Competing offers
The percentage of condo listings receiving multiple offers has been very high in 2023. Note from the chart below that the percentage will dip as it normally does during the second half of the year. Buyers who remain patient and persistent will find more opportunities opening up to them in the summer market.
Accepted offers
Less inventory has limited the number of contracts written during the first half of the year.
Dane County condo sales
Condo sales (or closings) continue to trend lower, too.
Days on market
Condo marketing times have risen slightly in 2023, but remain very low when compared to most other years this century.
What are your condominium goals in 2023?
Whether you're planning to buy or sell (or both), it can be tremendously helpful to talk to an expert about your individual situation and plan ahead. We're always available to help our clients plan for their future. It's one of the most rewarding aspects of our job, and we're here to help you plan for your future, too.
