Verona, WI Real Estate Trends - July, 2017
Our Verona real estate market update provides an objective view of the latest trends for single family homes in Verona, Wisconsin. This report includes MLS location D48 (city of Verona) and MLS location D49 (town of Verona). All statistics are sourced from the South Central Wisconsin MLS database. Below is an overview of our July, 2017 report followed by more detailed statistics, graphs and commentary.
For our report on the Verona condo market, click here.
Verona Real Estate Market - Single Family Homes
- Verona home sales through the month of July are strong and aided by new construction inventory in emerging neighborhoods.
- Accepted offers through the month of July are higher than they were at this time last year.
- Expired listings in Verona remain low by historical standards.
- The single family home listing expiration rate is low by historical standards, a sign of a strong seller's market.
- New listings are entering the Verona real estate market at a similar pace compared to last year and remain average by historical standards.
- As of August 8th, 2017 there are 2.4 months of supply. Inventory for homes priced under $350,000 is especially low - representing a strong sellers' market in this price category.
- Days on market through the month of July have increased slightly from last year's levels, but we expect marketing times to decrease throughout the year based on the latest supply and demand trends.
- Verona home prices continue to climb. The average price and price per square foot set new record highs in July, 2017.
Verona WI Home Sales - July, 2017
Verona home sales are strong and have been bolstered by a new supply of homes in Cathedral Point and Scenic Ridge. Year-to-date through July, a total of 138 Verona single family home listings have sold via the South Central Wisconsin MLS. Last year, 123 single family home listings sold through the month of July.
On an annual basis, a total of 190 Verona single family homes sold via the MLS in 2016, The sales volume in 2016 is above average compared to the historical data.
Verona Single Family Home Accepted Offers - July, 2017
A total of 145 Verona single family home listings received accepted offers year-to-date through the month of July. New construction has created fresh supply that has helped address some of the pent up demand for real estate in Verona.
A total of 184 Verona single family home listings received accepted offers in 2016. Accepted offers are being hindered due to a shortage of available single family home listings.
Verona Expired Single Family Home Listings - July, 2017
A total of 28 Verona single family home listings expired year-to-date through the month of July, one of the lowest totals on record.
A total of 59 Verona single family home listings expired on the MLS in 2016. This represents the fourth lowest expired listing total on record.
Verona Single Family Home Expiration Rate - July, 2017
The year-to-date through July listing expiration rate for Verona single family homes is 17%. This rate is the second lowest on record, an indication of a seller's market.
The annual Verona single family home listing expiration rate in 2016 was 24%. This was the third lowest annual rate on record. The single family home expiration rate has been cut in half over the last 10 years.
New Verona Single Family Home Listings - July, 2017
Year-to-date through July, a total of 171 new single family home listings have entered the Verona real estate market. New listing activity is very similar to last year and remains well below the peak levels from 10 years ago.
A total of 233 new single family home listings entered the Verona real estate market in 2016. This is low by historical standards.
Verona Single Family Home Months of Inventory - 8/8/2017
The table below provides our most insightful view of the Verona real estate market. It shows how the single family home market varies by price range. The price ranges highlighted in yellow represent markets that are most favorable to sellers. View the far right column and you will see that all of the price ranges under $350,000 have low levels of supply and a high percentage of listings under contract. Overall, there were 2.4 months of supply available in the Verona single family home market and 41.4% of active listings have an accepted offer as of August 8th, 2017.
Verona Single Family Home Days on Market - July, 2017
Year-to-date, the average days on market for Verona single family home listings through the month of July is 59 days. Based on current supply and demand trends, we expect this number to trend lower as we progress through the 2017 sales year.
The Verona average days on market for all of 2016 was only 56 days. This is one of the lowest annual averages on record.
Verona WI Home Prices - July, 2017
Year-to-date through the month of July, the average price per square foot increased to $151 - a new record high for the Verona single family home market.
The graph below tracks the same statistic annually. Verona home prices reached record highs in both 2015 and 2016 - and are on track to set a new record once again in 2017.
Verona Single Family Average Price - July, 2017
Year-to-date through the month of July, the average sales price for a Verona single family home is $357,380. This is the highest average on record. We expect the average price to continue to increase as more sales data is accumulated in 2017.
The average Verona home price for all of 2016 was $351,767. This annual average was the highest on record for the city of Verona and a 7% increase from the previous high in 2015.
For More on the Verona Real Estate Market
Contact Dan Miller to discuss your home's value and the market dynamics in your neighborhood. Dan has been helping clients buy and sell real estate since 2007.