Middleton, WI Real Estate Trends - July, 2017
The report below covers the latest price, sales, inventory, expired listing and days on market trends for single family homes in Middleton, Wisconsin. The report covers MLS location W04 (the city of Middleton) and MLS location D31 (the town of Middleton). All data comes from the South Central Wisconsin MLS database. Below is a snapshot from our July, 2017 report.
For our report on the Middleton condo market, click here.
Middleton Single Family Home Market Snapshot
- Middleton home sales through the month of July are down from last year due to lower levels of supply in the 2017 market.
- Accepted offers through July are lower, pointing to lower home sales totals in the months ahead.
- Expired listings are higher during the first 7 months of the year. Over-priced properties have caused the number of expired listings to rise in 2017.
- Similarly, the single family listing expiration rate is also higher due to unrealistic pricing. Even in a hot seller's market, there is a limit to what the market will bear.
- New listings are down from last year, but they are still entering the market at a healthy rate. New construction is helping to maintain the supply of homes in Middleton. However, most of the inventory in Middleton is priced at $400,000 and above. Supply is very limited in the more affordable price ranges.
- As of 8/9/2017, there are 3.3 months of supply for Middleton single family homes. Inventory for homes priced between $150,000-$350,000 is extremely low. This segment of the market is very favorable to sellers. The market for homes priced at $350,000 and above is more favorable to buyers.
- Days on market are trending along low levels - an indication of a seller's market.
- Middleton home prices continue to reflect a high demand/low inventory market. The price per square foot and average price through the month of July are at all-time highs.
Middleton Single Family Home Sales - July, 2017
Middleton home sales are lower in 2017 due to lower supply. Year-to-date through July, a total of 168 Middleton 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 309 Middleton single family listings sold in 2016, a slight decrease from the 322 listings sold in 2015. Middleton home sales have been trending along record high levels for the last 4 years.
Middleton Single Family Accepted Offers - July, 2017
A total of 192 Middleton single family listings received accepted offers year-to-date through the month of July. This year's total through the month of July is markedly lower than last year - due to low levels of supply. These numbers foreshadow fewer closings in the months ahead.
A total of 317 Middleton single family home listings received accepted offers in 2016. This was the second highest annual total on record.
Middleton Expired Single Family Listings - July, 2017
A total of 62 Middleton single family listings expired year-to-date through the month of July. Expired listings are higher because some sellers have been listing their homes for unrealistically high prices.
A total of 112 Middleton single family home listings expired in 2016. Expired listings have been running at low levels for the last 5 years.
Middleton Single Family Expiration Rate - July, 2017
The year-to-date expiration rate for Middleton single family homes through the month of July is 32% . This is a significant increase from last year.
The annual Middleton single family listing expiration rate in 2016 was 27%. This historically low expiration rate is one of many indicators of a strong seller's market in Middleton.
Middleton Single Family New Listings - July, 2017
Year-to-date, a total of 259 new single family home listings entered the market through the month of July, a significant decrease from last year. New construction in emerging neighborhoods has helped to maintain the supply of homes in Middleton. Without this new construction, inventory would be much lower.
A total of 414 new single family home listings entered the Middleton real estate market in 2016.
Middleton Single Family Home Months of Supply - 8/9/2017
The table below paints a good picture of the Middleton real estate market. The price ranges highlighted in yellow represent sellers' markets. As the table below shows, the inventory for these listings is very limited. As of this update there are only 9 listings priced between $150,000-$350,000 which don't have an accepted offer. On the flip side, the price categories above $350,000 have higher inventories and are more favorable to buyers. There are 3.3 months of supply available across the entire Middleton single family home market as of August 9th, 2017.
Middleton Single Family Days on Market - July, 2017
Year-to-date, the average days on market for Middleton homes through the month of July is 63 days. Single family homes are selling relatively quickly due to high demand and low supply.
The average days on market for all of 2016 was only 57 days. This annual average is indicative of a good seller's market in Middleton.
Middleton Home Prices - July, 2017
Year-to-date through July, the price per square foot is $158, a new record high for the Middleton single family home market. Based on current supply and demand trends, we expect the price per square foot to continue rising as more transactions are recorded throughout the year.
On an annual basis in 2016, the Middleton price per square foot was $158. 2016 was the second straight record-setting year for home prices in Middleton.
Average Middleton Home Price - July, 2017
Year-to-date, the average sales price for a Middleton single family home is $482,048, a new record high for the single family home market. The average Middleton home price has increased over $220,000 since the year 2000.
The average single family sales price for all of 2016 was $445,903. This annual average was the highest on record. Middleton home prices have set record highs 2 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.