The following includes statistics and trends for the years 2000 through 2007 for the Madison West condo market. Please visit our condo snapshot for updates on the Madison West condo market throughout the 2008 year.
Note: Madison West consists of all Madison MLS locations W01-W18. You can view a map of all Madison MLS locations here.
The median sales price for a condo on Madison's west side peaked in 2006 at $176,000. In 2007, the median price decreased by 4.3% to $168,500.
Sold and Expired Listings
Madison West condo sales peaked in 2005 with 793 transactions. Sales volume decreased in 2006 and 2007, when 670 condos sold on Madison's west side. Sales volume in 2007 decreased by 15.5% 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 West condo expired listings grew from 316 in 2005 to 670 in 2007, for an overall increase of 112%. 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 West condos ranged between 72% and 80% from 2000 to 2005. The listing success rate decreased in 2006 and 2007, when the success rate was 45%. The 2007 listing success rate for all of Dane County was 40%.
Days on Market
The average days on market for condo listings that sold on Madison's west side grew to 144 days in 2007, compared to 146 days for all of Dane County. The average days on market for condo listings that expired grew to 257 days, compared to 241 days for all of Dane County.
Total Days on Market Experience
The total days on market experience for Madison West condos grew to 459 days (15.1 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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