Market Update – Days on Market Condos

Days on Market – July 2014

Monthly Trend – Dane County Condos

The July average days on market for listings that sold was 78 days, down from 146 days in July of 2013. The July average days on market for listings that expired was 219 days, down from 295 days a year ago.

The graph below shows the days on market for sold listings dating back to the beginning of 2005. Each green data point represent a decrease in the days on market fom the same month of the prior year. Each red data point represents an increase.

Days on market sold listings (condos)

The graph below shows the days on market for expired listings dating back to the beginning of 2005. The monthly year-over-year days on market for expired listings has been on an overall downward path (green) over the last two years. Due to the large degree of variability in the monthly numbers, it’s always a good idea to view the year-to-date picture when assessing the days on market in any given month.

days on market for expired listings (condos)

Year-to-Date Trend – Madison Area Condos

The year-to-date average days on market for listings that sold was 113 days, down from 179 last year. The year-to-date average days on market for listings that expired was 226 days, down from 266 days in 2013.

year to date trend (sold vs.expired condos)

Recent History – Condos

From the graph below you’ll see the days on market for sold and expired listings increased steadily over time, but in 2012 and 2013 condos sold more quickly.

Average days on market (sold vs. expired)

The total days on market experience for the average Dane County condo seller increased greatly over the last several years before improving significantly in 2012 and 2013. The number dipped in 2009 and 2010 due to the many first time buyers that purchased condos in the lowest price categories.

Total days on market experience (condo sellers)