Our Condo Price Index is based on the price per finished square foot for Dane County condos sold via the South Central Wisconsin MLS. Our index provides a good view of how Madison area condo values are changing over time.
Year-To-Date Performance
The graph below shows how December year-to-date condo prices have trended dating back to the year 2000. The peak years for condo prices were 2006 and 2007, when the year-to-date price per finished square foot was $137. In 2012, the price per finished square foot was $110 - down 5.4% from 2011 and 19.4% from 2006/2007. It's still a condo buyer's market, but condo sellers are beginning to gain ground on the buyers. Many aspects of the market have improved for condo sellers. Condo sales have rebounded from market lows. Active condo listings have dropped considerably, bringing more balance between supply and demand (months of condo supply are at the lowest level in several years). Consequently, days on market and listing success rates have improved dramatically for condo sellers.
Annual Performance
This graph shows how annual condo prices have trended dating back to the year 2000. The peak years for condo prices were 2006 and 2007, when the price per finished square foot was $137. Condo prices in 2012 ended the year at $110 per finished square foot - 19.4% below the peak.
Monthly Performance
This graph shows how monthly condo prices have trended dating back to January of 2000. Each green data point represents a price increase from the same month of the prior year. Each red data point represents a price decrease. The monthly price per finished square foot can be volatile due to the relatively low number of condos sold each month. Although the price per finished square foot can vary greatly from month-to-month, the overall trend shows prices continuing to edge lower. Current prices are well below peak values, and have helped to fuel the recent rise in condo sales. Note, however, the condo price per square foot actually rose in 4 of the 12 months during the 2012 sales year.
This last graph below shows how December condo prices have trended dating back to the year 2000. This December the price per finished square foot was $110 - down from the peak of $139 in December of 2005.
About Us
This information is provided courtesy of Dan Miller, Shawn Kriewaldt, Chris Venden, Dasha Shy, and Jodi Shehadi of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact: Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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