The following includes MLS statistics and trends for the years 2000 through 2007 for the Madison East condo market. Please visit our condo snapshot for updates on the Madison East condo market throughout the 2008 year.
Note: Madison East consists of all Madison MLS locations E01-E16. You can view a map of all Madison MLS locations here.
The median MLS sales price for a condo on Madison's east side peaked in 2003 at $159,000. In 2007, the median price was $149,000.
Sold and Expired Listings
Madison East MLS condo sales peaked in 2005 with 517 transactions. Sales volume decreased in 2006 and again in 2007, when 371 condos sold on Madison's east side. Sales volume in 2007 decreased by 28.2% from the sales volume of 2005, while sales volume for all of Dane County decreased by 18.4% during the same two year period.
The number of Madison East condo expired listings grew from 124 in 2005 to 570 in 2007, for an overall increase of 360%. The number of expired listings for all of Dane County grew by 185% over the same two year period.
Listing Success Rate
The listing success rate for Madison East condos ranged between 66% and 81% from 2000 to 2005. The listing success rate decreased in 2006 and again in 2007, when the success rate was 39%. The 2007 listing success rate for all of Dane County was 40%.
Days on Market
The average MLS days on market for condo listings that sold on Madison's east side grew to 142 days in 2007, compared to 146 days for all of Dane County. The average days on market for condo listings that expired grew to 200 days, compared to 241 days for all of Dane County.
Total Days on Market Experience
The total days on market experience for Madison East condos grew to 449 days (14.8 months) in 2007, compared to 502 days (16.5 months) for all of Dane County.
This market update is provided courtesy of Dan Miller and Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact Dan at 608-852-7071 (email@example.com) or Shawn at 608-212-5743 firstname.lastname@example.org). 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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