The following luxury condo market report covers the latest trends for Dane County luxury condos priced at $500,000 and above. Do you have questions about buying or selling a luxury condo? Please contact us for a private consultation. Our luxury condo market report follows. Note our report covers condominiums only. We cover the luxury home market in a separate report.
Luxury Condo Months of Inventory - April 2012
We measure the luxury condo months of inventory to gauge the demand for Dane County luxury condos relative to the current supply of condos available via the South Central Wisconsin MLS. This measure is based on the current number of active listings and the total sales volume from the preceding 12 months. As of April 22nd, the Dane County luxury condo months of inventory stood at 64.4 months (over 5 years of supply), indicating a very strong buyers market. Note this inventory level is roughly 4 times the level for the Dane County condo market as a whole.
Luxury Condo Sold Listings - March 2012
Two Dane County luxury condo listings have sold year-to-date through the month of March, compared to 5 listings during the same time period in 2011. The graph below shows the annual number of luxury condo sales dating back to the year 2000. Luxury condo sales peaked in 2006, when a total of 67 listing sold. Luxury condo sales have decreased significantly since 2006, with only 14 luxury listings selling in 2011.
Luxury Condo Expired Listings - March 2012
Seven Dane County luxury condo listings have expired year-to-date through the month of March, compared to 20 listings during the same time period in 2011. The graph below shows the annual number of luxury condo expired listings dating back to the year 2000. Expired listings peaked in 2008, when a total of 169 listings expired. Expired listings have decreased since that time, with a total of 57 listings expiring in 2011.
Luxury Condo Listing Success Rate - March 2012
The Dane County luxury condo listing success rate was 22% during the first quarter of the year, compared to 20% during the first quarter of 2011. The following graph shows the annual listing success rate dating back to the year 2000. The success rate was highest from the years 2003 to 2005 and bottomed out in 2009 when the rate was only 12%. The success rate in 2011 was 20%.
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This information is provided courtesy of Dan Miller, Shawn Kriewaldt, Chris Venden, Dasha Shy, and Jodi Shehadi of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact: 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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