Cottage Grove, WI Real Estate Trends - June, 2018

The report below covers the latest price, sales, inventory, expired listing and days on market trends for single family homes in Cottage Grove, Wisconsin. The report covers MLS location D14 (the town of Cottage Grove) and D15 (the village of Cottage Grove). All data comes from the South Central Wisconsin MLS database. Below is a snapshot from our June, 2018 report.

Cottage Grove Single Family Home Market Snapshot

  • Cottage Grove home sales are up slightly from last year through the month of June. 
  • Accepted offers through June are the same as the previous year. 
  • Expired listings are up from last year in the first six moths of the year, but still historically very low. This is due in part to lower home sales, but it is also indicative of a seller's market. 
  • The single family listing expiration rate is at historically low levels on both an annual and year-to-date basis. 
  • New listings are entering the Cottage Grove market at a slow pace. Year-to-date new listings and annual listings are up from the previous years, but they are still low by historical standards
  • As of 7/9/2018, there are 3.4 months of supply for Cottage Grove single family homes. Inventory for homes priced under $300,000 is extremely low. This segment of the market is very favorable to sellers. The market for homes priced at $300,000 and above is more favorable to buyers.
  • Days on market are trending along record low levels - another indication of a seller's market.
  • Cottage Grove home prices continue to reflect a high demand/low inventory market. The average price and price per square foot through the month of June are the third highest on record. 2017 was the year with the annual price per square foot on record.

Cottage Grove Single Family Home Sales - June, 2018

Cottage Grove home sales are lower in 2018 due to lower supply. Year-to-date through July, a total of 55 Cottage Grove single family home listings sold via the South Central Wisconsin MLS. Note, sales would be higher with more available inventory. We cover the latest inventory trends later in this report. 

On an annual basis, a total of 119 Cottage Grove single family listings sold in 2017, a decrease from the 130 listings sold in 2016. Cottage Grove home sales have been highly cyclical since the year 2000.  

Cottage Grove Single Family Accepted Offers - June, 2018

A total of 72 Cottage Grove single family listings received accepted offers year-to-date through the month of June. Through the month of June the total number of accepted offers has not changed since last year in this time frame.

A total of 118 Cottage Grove single family home listings received accepted offers in 2017. This was a slight decrease from the 124 with accepted offers in 2016.

Cottage Grove Expired Single Family Listings - June, 2018

A total of 16 Cottage Grove single family listings expired year-to-date through the month of June, a slight increase from the prior year.

A total of 30 Cottage Grove single family home listings expired in 2017, the lowest on record. Expired listings have been trending downwards since the peak of 128 expired listings in 2007. 

 

Cottage Grove Single Family Expiration Rate - June, 2018

The year-to-date expiration rate for Cottage Grove homes is 23% . 2018 has the highest percent of expired listings since 2014 however, this may be due to the low inventory levels.

The annual Cottage Grove single family listing expiration rate was 20% in 2017. This was the second lowest annual rate on record for Cottage Grove. In addition the expiration rate in Cottage Grove has remained rather static over the past three years.

Cottage Grove Single Family New Listings - June, 2018

Year-to-date, a total of 105 new single family home listings entered the Cottage Grove market through the month of June. This is an increase from last year, but is low by historical standards. 

A total of 145 new single family home listings entered the Cottage Grove real estate market in 2017, a slight increase from 2016, but still the fourth lowest annual total on record. 

Cottage Grove Single Family Home Months of Supply - 6/9/2018

The table below paints a good picture of the Cottage Grove real estate market. The price ranges highlighted in yellow represent sellers' markets. As the table below shows, the number of listings available for below $300,000 is very limited. As of this update there are only 9 listings priced under $300,000 which don't have an accepted offer. On the flip side, the price categories of $300,000 and above, have higher inventories and a lower percentage are closing soon so they are more favorable to buyers. Overall, 27.7% of homes on the market have an accepted offer. There are 3.4 months of supply available across the entire Cottage Grove single family home market as of July 9th, 2018.

Cottage Grove Single Family Days on Market - June, 2018

Year-to-date through June, the average time on market for Cottage Grove homes is 55 days. Single family homes are selling quickly due to high demand and low supply. 

The average days on market for Cottage Grove single family homes in all of 2017 was only 39 days, which is the lowest annual total on record. This annual average is indicative of a seller's market. 

Cottage Grove Home Prices - June, 2018

Year-to-date through June, the price per square foot is $156, third highest on record in Cottage Grove however, is a substantial drop in price per square foot through June of 2017.

On an annual basis in 2016, the price per square foot was $130. 2017 was the highest price per square foot on record for single family homes in Cottage Grove.

 

Average Cottage Grove Home Price - June, 2018 

Year-to-date, the average sales price for a Cottage Grove single family home is $328,828. This represents a record high for the Cottage Grove single family home market and a large increase from this time last year.

The average single family sales price for all of 2017 was $295,530. This annual average was the highest on record. Cottage Grove home prices are on track for another record setting year in 2018.

 

About the Author

Dan Miller is a licensed real estate agent in the State of Wisconsin. He's been helping clients buy, sell and invest in real estate since 2007. Please feel free to get in touch with Dan with any questions you have about the market in your neighborhood. Check out his blog for buying and selling tips and the latest trends in our local real estate market.

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