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 Stoughton, Wisconsin. The report covers MLS location D44 (the city of Stoughton). All data comes from the South Central Wisconsin MLS database. Below is a snapshot from our June, 2018 report.
Stoughton Single Family Home Market Snapshot
- Stoughton home sales have remained unchanged year-to-date from 2016, and 2017 had the same number of sales as 2016.
- Accepted offers through June are down slightly from last year.
- Expired listings are historically low. This is indicative of a strong seller's market in Stoughton.
- The single family listing expiration rate is historically low through June. The annual expiration rate in 2017 was the lowest on record.
- New listings are entering the Stoughton market at a slow pace. Year-to-date new listings are up from last year, but 2017 was the Second lowest annual figure on record.
- As of 7/18/2018, there are 2.6 months of supply for Stoughton single family homes. Inventory for homes priced under $250,000 is extremely low. This segment of the market is very favorable to sellers. The market for homes priced at $250,000 and above is more favorable to buyers.
- Days on market are trending along record low levels on both a year-to-date and annual basis - another indication of a seller's market in Stoughton.
- Stoughton 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 at an all-time high. They are on pace to set record highs in 2018.
Stoughton Single Family Home Sales - June, 2018
Stoughton home sales are lower in 2018 due to lower supply. Year-to-date through July, a total of 99 Stoughton 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 195 Stoughton single family listings sold in 2017, which is no change from the prior year. Stoughton home sales have been trending along high levels for the last 5 years.
Stoughton Single Family Accepted Offers - June, 2018
A total of 119 Stoughton single family listings received accepted offers year-to-date through the month of June. This year's total through the month of June is slightly lower than last year's figure.
A total of 204 Stoughton single family home listings received accepted offers in 2017. This was the third highest annual total on record.
Stoughton Expired Single Family Listings - June, 2018
A total of 28 Stoughton single family listings expired year-to-date through the month of July, although this is an increase in numbers from this time last year, this year-to-date total is historically low.
A total of 41 Stoughton single family home listings expired in 2017. This is the lowest annual total on record. Expired listings have been trending downwards for the last 6 years.
Stoughton Single Family Expiration Rate - June, 2018
The year-to-date expiration rate for Stoughton homes is 22% . While year-to-date there was a 10% increase from this time last year, this years expiration rate is still historically low.
The annual Stoughton single family listing expiration rate was 17% in 2017. This record low expiration rate is one of many indicators of a strong seller's market in Stoughton.
Stoughton Single Family New Listings - June, 2018
Year-to-date, a total of 160 new single family home listings entered the market through the month of June. This is an increase from last year, and the highest number of annual new listings since 2011.
A total of 246 new single family home listings entered the Stoughton real estate market in 2017. This was the second lowest on record.
Middleton Single Family Home Months of Supply - 7/18/2018
The table below paints a good picture of the Stoughton real estate market. The price ranges highlighted in yellow represent sellers' markets. As the table below shows, the number of listings available between $100,000-$250,000 is very limited. As of this update there are only 13 listings in that price range without an accepted offer. Every price category between $100,000-$250,000 has 1.5 months of supply or less. On the flip side, the price categories at $250,000 and above have higher inventories and are more favorable to buyers. Overall, 41.2% of homes on the market have an accepted offer. There are 2.6 months of supply available across the entire Stoughton single family home market as of June 18th, 2018.
Stoughton Single Family Days on Market - June, 2018
Year-to-date through June, the average time on market for Stoughton homes is 31 days. Single family homes are selling quicker than ever before due to high demand and low supply.
The average days on market for Stoughton single family homes in all of 2017 was only 29 days, the lowest on record. This annual average is indicative of a strong seller's market.
Stoughton Home Prices - June, 2018
Year-to-date through June, the price per square foot is $127, the new record high for Stoughton. Based on current supply and demand trends we expect the price per square foot to continue to rise throughout the rest of 2018.
On an annual basis in 2017, the Stoughton price per square foot was $120. 2017 was the highest price per square foot on record for single family homes in Stoughton.
Average Stoughton Home Price - June, 2018
Year-to-date, the average sales price for a Stoughton single family home is $248,804. This average is over $20,000 higher than the average of last years sales at this time. In addition this figure represents a record high for the Stoughton single family home market.
The average single family sales price for all of 2017 was $232,290. This annual average was the highest on record. Stoughton home prices have risen 7 years in a row.
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.