Here’s our latest check out the Madison location condominium market, beginning with the rate patterns for October, 2023.
Dane County condominium costs
On a year-over-year basis:
-
.(* )The rate per square foot increased from $208 to $223 (7 percent).
- .(* )The mean rate increased from $262,450 to $303,000 (15 percent).
- .(* )On a year-to-date basis:
- .(* )The mean rate increased from $266,100 to $300,000 (13 percent).
.(* )The typical rate increased from $308,198 to $344,720 (12 percent).
.(* )The rate per square foot increased from $203 to $215 (6 percent).
.(* )The typical rate increased from $300,421 to $334,778 (11 percent).
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- New Dane County condominium listings
- One huge chauffeur of high costs is the low supply of fresh listings. Just 87 Dane County condominiums were noted for sale in October, which was the most affordable October overall considering that 2002.
- As an outcome, the variety of active listings (those without an accepted deal) stays constantly low. Just 125 Dane County condominiums (the equivalent of 1.1 months) were offered for sale on November fourth. This follows our November photos from each of the last 2 years.
- Accepted deals
Active listings
Keep in mind the seasonality of active listings. Active listings tend to be least expensive in the spring and early summertime, when purchaser activity is at its peak.
With a low supply of offered listings, it’s not a surprise that accepted deals are trending lower in 2023.
Contending deals
Despite the fact that less condominiums are going under agreement in 2023, the percent of listings getting contending deals continues to trend along traditionally high levels. As the chart listed below programs, the competitors for condominiums stays extremely high compared to the pre-pandemic market. An extremely competitive condominium market signifies suppressed need, where the variety of condominium purchasers goes beyond the variety of condominium sellers in Dane County.
Money deals
The portion of condominiums getting money deals is likewise trending along traditionally high levels, and is much greater than in the pre-pandemic market. This is another indication of a market that plainly has more purchasers than sellers.
Days on market
Marketing times continue to trend along traditionally low levels, which is another indication of suppressed need in the condominium market.
Dane County condominium sales
Condominium sales continue to happen at suppressed levels, due to the absence of supply in the Madison location.
Where will the Madison location condominium market go from here?
Stay tuned for our 2024 forecasts, which we’ll be releasing towards completion of the year. In the meantime, please do not hesitate to
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