There's a theme quietly emerging this year that's important for condo sellers to note: Through July 27th, Dane County condo sales are much further behind last year's pace than Dane County home sales. Condo sales are down 32.1% year-to-date. Home sales are down 15.6%.
Condos are also accounting for a lower percentage of overall sales. This year through July 27th condos have accounted for 20% of all sales. Last year through July 27th the percentage was 23.7%.
Condo sellers have been dealing with a challenging market for the last several years, but this year the market has become even more challenging. Lending standards have continued to tighten. Sales have been bumping along historic lows. With over 19 months of inventory now on the Dane County condo market, aggressive pricing is a critical part of every condo sale. In many cases this means a list price that is 25% to 30% below the purchase price from just a few years ago.
Dan Miller, Keller Williams Realty and www.DaneCountyMarket.com
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