Much has been written about the rise in Dane County condo inventory and its effect on the market. However, condo prices have remained remarkably stable given the inventory growth over the last few years.
Looking back to the year 2000, the median price trend for Dane County condos was positive for every year in the decade through the year 2006. In the year 2000, the median Dane County condo price was $124,400. By 2006, the median price had grown to $167,900. Price growth fell by .3% in 2007, when the median price was $167,434.
Through April 30th of this year, the median price for a Dane County condo is actually 3% higher than the year-to-date price from the same time period last year.
Despite this year's growth in the median condo price, buyers hold all of the leverage in the current market. Many sellers are offering large incentive packages these days, and many buyers are able to negotiate great purchase terms. We'll cover buyer leverage and seller incentives in our next post. For more on the latest Dane County condo price trends, visit our monthly report at DaneCountyMarket.com.
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