Fitchburg Condo Market Trends: July, 2017
Our new report provides objective and reliable information on the Fitchburg condominium market. All of our statistics are compiled from the South Central Wisconsin Multiple Listing Service (SCWMLS). The data in our report includes condos from MLS location W19 (city of Fitchburg). With the exception of our inventory data, all of the statistics below are updated through July, 2017. Our Inventory data is current through July, 2017. You can bookmark this page to view future reports with updated statistics. We refresh our Fitchburg condo data several times each year. If you have questions about your condo's value in the current market, contact Dan Miller at 608-852-7071 for an individualized market analysis.
Learn about the latest trends in the Fitchburg single family home market here.
Summary of Current Fitchburg Condo Market Trends
- Fitchburg condo sales through the month of July have decreased slightly from this time last year.
- Accepted offers are lower than last year. Closings are being limited by a lack of inventory. Buyer demand currently exceeds the supply of available condos.
- Expired condo listings through July are near historic lows. This is one clear indication of a strong seller's market in Fitchburg.
- The listing expiration rate for the Fitchburg condo market continues to trend near historically low levels. The low expiration rate is another indicator of a market that generally favors sellers over buyers.
- New condo listings continue to enter the Fitchburg market at a slow pace. A lack of fresh listings has limited the supply of available condos and helped to create the current seller's market.
- As of 8/8/17, only 3.9 months of inventory were available for sale in the Fitchburg condo market. Inventory levels are especially tight for condos within the $100,000 to $350,000 price range. Right now 25.5% of condos across all price ranges are currently under contract and scheduled to close soon.
- Another clear sign of a seller's market: Fitchburg condos are selling at the fastest pace on record. We expect days on market to set a new annul record low in 2017.
- Condo prices through the month of July are the highest on record.
Fitchburg WI Condo Sales: July, 2017
Year-to-date, 73 Fitchburg condos have sold via the South Central Wisconsin MLS.
On an annual basis, a total of 110 Fitchburg condos sold in 2016. Right now there are more buyers than sellers in the Fitchburg condo market.
Fitchburg Condo Accepted Offers - July, 2017
A total of 81 Fitchburg condos received accepted offers year-to-date through July. This number points to fewer closings in the months ahead. Buyer activity is being restricted by low levels of condo supply.
A total of 121 Fitchburg condo listings received accepted offers in 2016. Accepted offers have plateaued due to a limited amount of condo supply.
Fitchburg WI Expired Condo Listings - July, 2017
The low level of expired listing activity is a clear indicator of a market that favors sellers over buyer. Only 11 Fitchburg condo listings have expired year-to-date through July.
Only 8 Fitchburg condo listings expired without selling in 2016. This was the lowest expired listing total on record.
Fitchburg Condo Listing Expiration Rate - July, 2017
Another indicator of a strong seller's market is the low condo listing expiration rate. Year-to-date through July, the Fitchburg condo expiration rate is 13%. This is one of the lowest rates on record, but it is higher than recent years.
The annual Fitchburg condo listing expiration rate in 2016 was only 7%. In other words, roughly 13 condo listings sold for every 1 condo listing that expired. This was the lowest expiration rate on record.
New Fitchburg Condo Listings - July, 2017
Year-to-date, 105 Fitchburg condos were listed on the MLS through the month of July. As the graph below shows, new listings have been entering the Fitchburg condo market at a slow pace for the last 7 years. Along with strong buyer demand, a lack of fresh listings has limited supply resulting in a market that favors sellers over buyers.
A total of 120 new listings entered the Fitchburg condo market in 2016. This was the lowest annual total since 2002.
Fitchburg Condo Market: Months of Inventory on 8/8/17
The table below shows inventory levels for each price range in the Fitchburg condo market. As of 8/8/2017 there were 18 condo listings priced between $100,000 and $300,000 which did not already have an accepted offer (refer to the "adjusted listings" column for the price ranges shaded in yellow). Across all price ranges, 35 condos were without an accepted offer. Right now there are 3.9 months of supply available across the entire condo market (see the "adjusted mo of inv" column). 25.5% of all active condo listings are under contract with an accepted offer.
Fitchburg Condo Days on Market - July, 2017
Below is another indicator of a good seller's market in Fitchburg. Condos are selling quickly. Year-to-date through July, the average Fitchburg condo days on market is 56 days, a new record low. We expect days on market to continue trending along record lows in 2017 based on current supply and demand trends.
In 2016 the average days on market for a Fitchburg condo was only 67 days. This annual days on market average was one of the lowest on record. Based on current market dynamics we expect the average in 2017 to approach the record low established in 2015.
Fitchburg WI Condo Prices - July, 2017
Year-to-date through July, the average price per square foot is $141, a 16.5% increase from last year and the record high for Fitchburg's condo market.
In 2016, the price per square foot increased to $125. As the graph above shows, Fitchburg condo prices are on track to reach a new high in 2017.
Fitchburg Average Condo Price: July 2017
The year-to-date average sales price through the month of July is $268,792 - the highest average on record.
The average Fitchburg condo sales price for all of 2016 was $230,802. This was the highest annual average on record for the city of Fitchburg.
About the Author
Dan Miller is a local real estate consultant who helps his clients buy and sell real estate in Fitchburg and throughout Dane County, Wisconsin. Please feel free to contact Dan at 608-852-7071 with any questions you have about the latest market trends in your Fitchburg condo association. Dan can also provide you with an estimate of your condo's value in the current market.