Dane County condo prices continued to rise in the month of June, and by all measures. Here's our latest condo market update, covering the month of June, 2023.
Condo prices
The condo price per square foot increased to $219, which was an increase of 8% from the $203 per square foot in June of 2022. The median price increased by 13%, and the average price by 15%.
Through the first 6 months of the year, the price per square foot, the median, and the average price were up by 7 percent, 13 percent, and 12 percent, respectively.
New condo listings
Last summer mortgage rates shot up to nearly 6 percent, and MLS listings have been trending lower ever since. New Dane County condo listings decreased by 21 percent from the number of listings in June of 2022, and by 26% from the number of listings in June of 2021. With a low supply of fresh listings, we expect Madison area condo prices to remain strong for the foreseeable future.
Condo inventory
Active listings (those without an accepted offer) continue to be in short supply. As of July 8th, only 90 listings are available in all of Dane County, which is the equivalent of .7 months of supply.
Accepted offers
Accepted offers continue to be limited by low supply. Only 135 Dane County condos went under contract in June which was a decrease of 12 percent from the 153 accepted offers in June of 2022. Accepted offers were down by 22 percent compared to the 172 AOs in June of 2021.
Dane County condo sales
Condo sales (or closings) continue to trend lower. Only 168 Dane County condos sold in June, which was the lowest June total since 2012.
Days on market
Condominiums continue to sell very quickly in Dane County.
Our forecast for the rest of 2023
We expect the supply of Madison area condominiums to be very tight for the remainder of 2023 (and well beyond). We also expect prices to remain strong. The condo lifestyle is popular among all age groups, and there simply aren't enough condos in the pipeline to satisfy Dane County's growing population.
Do you have any questions about buying or selling your Dane County condo in 2023? We would be happy to be a resource for you. Please feel free to call one of our full-time professionals. We're here to help.
