Median MLS Condo Price – June 2014
Monthly Trend – Madison Area Condos
The June median price for Dane County condos was lower than the median price from June of 2013. The average price was higher.
The median June sales price of $154,950 decreased by 3.2% from the median June 2013 sales price of $160,000. The average sales price of $194,879 increased by 7.3% from the average June 2013 sales price of $181,555.
Monthly condo prices tend to fluctuate much more so than monthly single family home prices – due to the lower number of condos that are sold each month. A few high-end or low-end transactions can drive prices up or down in any given month. For this reason it’s important to check the year-to-date trend whenever you assess monthly condo prices.
The graph below shows monthly sales prices dating back to January, 2005. 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 median price has increased 10 of the last 14 months.
Year-to-Date Trend – Madison Area Condos
Dane County year-to-date condo prices through the month of June were higher compared to the price levels registered during the same time period in 2013. The median sales price of $153,000 increased by 2.1% from the median price of $149,900 in 2013. The average price of $185,814 increased by 6.6% from the average price of $174,329 in 2013.
Recent History – Condos
Dane County condo prices increased significantly during the years that spanned from 2000 to 2006. Price growth leveled off in both 2007 and 2008, and then decreased significantly in 2009. Prices rebounded in 2013, but remained well below the price levels from the peak real estate years.