Here’s our latest check out the Madison location apartment market, beginning with the cost patterns for November, 2023.
Dane County apartment costs
On a year-over-year basis:
-
.(* )The cost per square foot increased from $208 to $217 (4 percent).
- .(* )The typical cost increased from $293,288 to $311,116 (6 percent).
- .(* )On a year-to-date basis:
- .(* )The typical cost increased from $299,978 to $333,028 (11 percent).
.(* )The average cost was even at $270,000.
.(* )The cost per square foot increased from $203 to $215 (6 percent).
.(* )The average cost increased from $267,720 to $300,000 (12 percent).
.
- New Dane County apartment listings
- One huge motorist of high costs is the low supply of brand-new listings. New listings did increase somewhat in November, however still was available in at the 3rd most affordable overall on record for the month.
- As an outcome, the variety of active listings (those without an accepted deal) stays constantly low. Just 102 Dane County apartments (the equivalent of.9 months) were offered for sale on December 13th. This level of stock follows our December photos from each of the last 2 years.
- Accepted deals
Active listings
Likewise keep in mind the seasonality of active listings. Active listings tend to be most affordable in the spring and early summertime, when purchaser activity is at its peak.
With low apartment supply, agreement finalizings are lower, too. An overall of 72 Dane County apartments went under agreement in November, which was the most affordable November overall in 12 years.
Contending deals
Despite the fact that less apartments are going under agreement in 2023, the percent of listings getting completing deals continues to trend along traditionally high levels. As the chart listed below programs, the competitors for apartments stays extremely high compared to the pre-pandemic market. An extremely competitive apartment market suggests bottled-up need, where the variety of apartment purchasers goes beyond the variety of apartment sellers in Dane County.
Money deals
The portion of apartments getting money deals is likewise trending along traditionally high levels, and is much greater than in the pre-pandemic market. This is another indication of a market that plainly has more purchasers than sellers.
Days on market
Marketing times continue to trend along traditionally low levels, which is another indication of bottled-up need in the apartment market. The typical days on market in November was just 18 days.
Dane County apartment sales
Apartment sales continue to happen at suppressed levels, due to the absence of supply in the Madison location. Ninety apartments were offered last month, which was the most affordable November overall because 2012.
Where will the Madison location apartment market go from here?
We’re anticipating greater costs and tight stock in 2024–
for these 10 factors
We motivate you to sign in typically and utilize our
month-to-month updates
to track how the marketplace develops throughout the year. In the meantime please do not hesitate to connect to us whenever you have any realty concerns. We’re constantly pleased to assist.