Condos Madison WI
As we reach the halfway mark in 2017, it’s a good time to look at the real estate market and check the trends that have been set so far. As we dive into our latest condominium project (more details to come) we want to bring you the latest news on condominium listings in the Madison and surrounding areas.
For 2017 thus far, the average market stay for condominiums has been only 50 days. As predicted at the beginning of the year, real estate inventory is low, making it hard on buyers and great for sellers. Overall, condo prices are at an all-time high. Price per square foot is averaging around $141. The average price per square foot for condominiums has steadily inclined over the past 5 years and is expected to continue through the rest of 2017.
Year-to-date sales have been about 250 in the Madison area and have slowly plateaued due to lack of inventory. In 2016, 1,089 condo listings were sold, which was an 8% increase from 2015. It is uncertain whether or not this number will increase again, due to lack of inventory at the moment.
There are currently 242 active condo listings, most of which have only been on the market for a month or less. The listings range drastically in size and price. The bottom end of the price range around $85,000 can get you 3 bedrooms, 1 bath and 1,100 square feet in West Madison. Swing to the top of the price range at 1.4 million and you get 3 bedrooms, 2.5 baths, and 3,292 square feet in the heart of downtown Madison. There is quite the variety in the active listings today from suburb living, to the downtown scene. From simple to luxurious and in-between! Old vintage feel, to modern day there are both new builds and aged listings available.
Condos Madison WI In the Madison area there are many different condominium communities. When thinking about purchasing a condo, make sure you are aware if the condo is part of a community. For example, there are fifty-five plus communities, golf course condos, historic condos, rental condos, short sale condos, large pet and small pet condos, condos with underground parking, waterfront condos, etc.
If you are wondering if condominium living is right for you, check out our blog which breaks down the types of condos available! Click the link: http://www.everyday-propertysolutions.com/condos-sale-madison-wi/
Did you know we will have a New Build Condominium coming late Summer 2017?! Stay tuned!