Downtown Madison Condo Sales 2016
Looks like 2016 was another strong year for condo sales in Downtown Madison, WI. Overall the stats breakdown like this;
- 177 Overall sales in quadrants E01 and W01
- Median Days on Market: 26
- Median Sold Price: $300,000
- 11% of condos sold were between $500,000 and $1 Million Dollars
- 56% of condos sold were between $250,000 and $500,000
- 32% of condos sold were between $100,000 and $250,000
- Average Price Per Sq Ft for Downtown Madison Condos is $267
You see a slight increase in both sold units as well as the median sold price from 2015. There were 158 sales and the median sold price was just over $295,000. So what’s driving the Downtown Madison condo sales right now?
Epic, New Growth & Opportunity
What we have seen in 2016 is a trend of moving closer to where the action is. Downtown Madison has seen a recent surge in new restaurants, bars and meeting places. On top of that there seems to be a continuous growth at Epic Systems in Verona with the average age of the employee being under 30. They are flocking towards that $250,000 to $500,000 condo in Downtown Madison based not only on their salaries, but also because rents in the new buildings that are popping up everywhere downtown are extremely high and the return on purchasing vs. renting is a larger benefit to these young folks. The technology sectors, service industry and desire to be within walking distance all make for a very strong market.
Predictions for 2017
Obviously we cannot predict exactly what will happen for Downtown Madison Condo Sales in 2017, what we do know however is that based on the numbers there is a 4 month absorption rate. This would certainly indicate that we are in a strong Seller’s market still in the area. We also know that the vacancy rate for rentals is at 2.5% which is extremely low, perhaps pushing the Buyers into purchasing based on lack of inventory in the rental market downtown.
The Place to Be!
If you enjoy walking, dining out and seeing a show, Downtown Madison is certainly a hotbed of entertainment right now. Values are predicted to stay stable and the convenience is by far a great attractor. If you are looking to find your perfect condo in the Downtown Madison area see what options there are below…
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See all Downtown Madison Condos For Sale.
(all data current as of 8/5/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.