Fitchburg, WI Single Family Home Trends - June, 2018
Our Fitchburg, Wisconsin single family home market report provides an in depth review of the real estate market in MLS area W19 (city of Fitchburg). All raw data is sourced from the South Central Wisconsin MLS. All graphs, charts, statistics, and narrative are compiled by our real estate team to provide a reliable overview of the latest market conditions in Fitchburg.
Note the city of Fitchburg participates in 3 different school districts. Depending on school assignment, market conditions can vary significantly from one neighborhood to the next. Give us a call at 608-852-7071 whenever you have questions about how the market is performing in your neighborhood.
Our June, 2018 Fitchburg market report follows. We update our report several times each year. Bookmark this page and check in often for regular market updates.
For our report on the Fitchburg condo market, click here.
Fitchburg WI Single Family Home Trends: June, 2018
- Fitchburg home sales through the month of June are up from this time last year, and through June are historically very high.
- Accepted offers through June are have also increased since this time last year.
- Expired listings set a new annual record low in 2017, and are on course to set an even lower annual record in 2018. This is one of many indicators of a good seller's market in Fitchburg.
- The single family home listing expiration rate through the month of June the lowest on record. Another sign of a great seller's market in Fitchburg.
- New listings are up from last year, but they are still entering the Fitchburg real estate market at a slow pace. Lower levels of new listings are helping sellers in a low inventory market.
- As of 7/12/2018, only 2.3 months of inventory are available in the Fitchburg single family home market. Inventory is especially low for homes priced below $350,000. Just under 30% of all single family listings have an accepted offer and are scheduled to close soon.
- Fitchburg single family home listings are selling quickly. The average days on market through the month of July is only 29 days - the lowest on record.
- Fitchburg home prices through the month of June are significantly lower than 2017, which set the record high.
Fitchburg Single Family Home Sales: June, 2018
Year-to-date, 155 homes have sold in Fitchburg, a significant increase from last year. 2018 year to date is the second highest year on date in terms of home sales for the city of Fitchburg. The latest inventory trends are covered later in this report.
On an annual basis, 246 Fitchburg single family homes sold via the South Central Wisconsin MLS in 2017. As the graph below shows, Fitchburg 2017 home sales were the second highest since 2006.
Fitchburg Single Family Accepted Offers: June, 2018
Year-to-date through the month of July, a total of 162 Fitchburg single family homes received an accepted offer. This year's total is limited by a low supply of single family homes.
A total of 252 Fitchburg single family home listings received an accepted offer in 2017. This was the second highest accepted offer total dating back to 2007.
Fitchburg Expired Single Family Listings: June, 2018
Year-to-date through July, a total of 25 Fitchburg single family home listings expired on the MLS. While this is an increase from this time last year, this is still one of the lowest year-to-date totals on record. It is indicative of a much improved real estate market in Fitchburg.
A total of 72 Fitchburg single family home listings expired in all of 2017. While the number of expired listings increased from 2016 to 2017, the number of annual expired listings is historically very low for Fitchburg.
Fitchburg Single Family Expiration Rate: June, 2018
The year-to-date Fitchburg single family home listing expiration rate through the month of June was 14% - the lowest rate on record. This is another indication of a market that is favorable to sellers.
The annual Fitchburg single family home listing expiration rate in 2017 was 23%. This is tied for the third lowest rate on record, far below the peak levels from 2007 and 2008, when over half of all single family home listings expired without selling.
Fitchburg New Single Family Home Listings: June, 2018
New listings are entering the market at in increasing levels from the past year at this time. A total of 211 new single family home listings entered the Fitchburg real estate market year-to-date through the month of June.
A total of 323 new single family home listings entered the Fitchburg real estate market in 2017. 2017 saw an increase in new listings from 2016, however the annual total of new listings is well below that of the peak year of 2006.
Fitchburg Single Family Home Months of Supply: 7/12/2018
The table below provides a great overview of how the Fitchburg real estate market varies by price range. The price ranges highlighted in yellow (under $350,000) have 2.0 months of supply or less. In addition, a large percentage (42.3%) of these single family home listings are under contract and scheduled to close soon. Right now the market is very strong for single family homes priced below $350,000.
As of 7/12/2018 there are only 2.3 months of inventory available across the entire Fitchburg single family home market. This low level of supply is indicative of a good seller's market. 29.5% of all listings are currently under contract and schedule to close soon.
Fitchburg Single Family Days on Market: June, 2018
The Fitchburg single family home year-to-date days on market through the month of July is 29 days. This is by far the lowest on record. We expect the days on market to maintain record lows through the end of the year.
The average days on market for all of 2017 was only 37 days. This was the lowest days on market on record for the city of Fitchburg.
Fitchburg Price Per Square Foot: June, 2018
The price per square foot is our best statistic for home values because it takes into account the size of each sold home. Year-to-date through July, the single family home price per square foot is $136, the record high in the city of Fitchburg.
On an annual basis, the Fitchburg single family price per square foot in 2016 was $122. This was just below the record high of $127 from the peak years of 2005 and 2006.
Fitchburg Average Home Price: June, 2018
Year-to-date through July, the average Fitchburg single family home price is $290,628. This is a big decrease in average price year to date from 2017, which was the peak year.
The average Fitchburg home price for all of 2017 was $342,149. This annual average was a new high for the city of Fitchburg.
For More on the Fitchburg, Wisconsin Real Estate Market
Get in touch with Dan Miller to discuss your home's market value and the conditions in your neighborhood. Dan's market analysis will help you establish an accurate price tag for your home.