Sun Prairie, WI Real Estate Trends: Oct, 2017
This report summarizes the latest single family home market trends in Sun Praririe, Wisconsin. All data comes from the South Central WI MLS. The MLS locations covered by this report include D45 (City of Sun Prairie) and D46 (Town of Sun Prairie). Unless otherwise noted, all statistics are current through the month of October, 2017.
The Sun Prairie real estate market is one of the hottest in Dane County. Demand is very strong. Properties are selling quickly. Prices are rising. Here's a snapshot from our October, 2017 report.
Sun Prairie Real Estate Market Snapshot: Oct, 2017
- Sun Prairie home sales are down 5% year-to-date through the month of October. Growth is being constricted by low levels of supply.
- Accepted offers through October are down from each of the last 2 years due to historically low levels of inventory.
- Expired listings are at a new record low both annually and year-to-date through the first 10 months of the year.
- The Sun Prairie single family listing expiration rate through the month of October is tied for the lowest on record.
- New listings continue to enter the market at a subdued pace.
- As of November 8th, 2017, 34% of all Sun Prairie single family listings were under contract with an accepted offer. Only 1.5 months of supply were available for sale on the MLS. This low number represents a classic sellers' market. Inventory is especially low for houses priced under $300,000.
- The average days on market in Sun Prairie through the month of October is only 35 days - the lowest on record.
- Sun Prairie home prices reached record highs in 2016 and are on track to reach new annual highs once again in 2017. The price per square foot is up 5% through October. The average price is up 6%.
- Competing offers in 2017 were most prevalent in the month of April. We expect a rising percentage of listings to receive competing offers through the rest of 2017.
Our detailed reports follow:
Sun Prairie Home Sales - October, 2017
Year-to-date through October, a total of 486 Sun Prairie single family home listings have sold via the South Central WI MLS, down from the 513 listings sold during the same time period in 2016. Right now the demand for Sun Prairie real estate is very strong, but home sales are being restrained by a lack of supply. Supply trends are covered later in this report.
On an annual basis, a total of 609 Sun Prairie single family listings sold via the MLS in 2016, which was a new record. We expect home sales to decrease in 2017 due to a limited inventory of homes.
Sun Prairie Single Family Accepted Offers - Oct, 2017
A total of 485 Sun Prairie single family home listings received accepted offers year-to-date through the month of October, down from the 517 accepted offers through October of 2016.
A total of 583 Sun Prairie single family listings received accepted offers in 2016. This was the highest annual total on record for Sun Prairie.
Sun Prairie Expired Single Family Listings - Oct, 2017
A total of 72 Sun Prairie single family home listings expired year-to-date through the month of October, which is the lowest total on record.
In 2016, a total of 103 Sun Prairie single family home listings expired on the MLS, which was the lowest expired listing total on record.
Sun Prairie Single Family Expiration Rate - Oct, 2017
The year-to-date listing expiration rate through the month of October is 13%. This is tied for the lowest rate on record. Based on current supply and demand trends we expect the expiration rate to continue to decline throughout the rest of the year and set a new annual record low in 2017.
In 2016, the annual listing expiration rate was 14%. This was the lowest rate ever for the Sun Prairie real estate market.
New Sun Prairie Single Family Home Listings - Oct, 2017
Year-to-date through October, a total of 555 new single family home listings have been posted to the South Central Wisconsin MLS.
A total of 666 new listings entered the Sun Prairie single family home market in 2016 - well below the levels from 2004-2007. New listing activity has been flat for the last 9 years.
Sun Prairie Single Family Home Inventory - 11/8/2017
The table below does a great job of displaying how the Sun Prairie Prairie single family home market varies by price category. The price ranges highlighted in yellow are the best price ranges for sellers. Taking accepted offers into account, all of the price ranges under $300,000 have 1.1 or fewer months of inventory (see the column on the far right). Overall, 34% of all Sun Prairie single family listings have an accepted offer. There are only 1.5 months of inventory available in the Sun Prairie real estate market as of November 8th, 2017.
Sun Prairie Single Family Home Days on Market - Oct, 2017
Year-to-date through October, the average days on market for a single family home in Sun Prairie is 35 days - which is tied for the lowest on record.
The average days on market in Sun Prairie for all of 2016 was 36 days. This annual average was the lowest on record.
Sun Prairie WI Home Prices - October, 2017
Year-to-date in 2017, the average price per square foot through the month of October is $128, a record high for Sun Prairie. Home price are on track to reach an annual record high in 2017.
This graph shows the Sun Prairie single family home price per square foot from the year 2000 through 2016. Sun Prairie home prices have risen for 4 straight years and set a new record in 2016.
Sun Prairie Average Home Price - Oct, 2017
Year-to-date through October, the average Sun Prairie single family home price is $275,896. This is a new high for the Sun Prairie single family home market. We expect prices to keep rising throughout the rest of 2017 based on current supply and demand trends.
The average Sun Prairie home price for all of 2016 was $261,920. This annual average was the highest on record. Prices have established record highs each of the last 2 years.
Sun Prairie Homes - % with Competing Offers Jan, 2016 through Sept, 2017
This statistic measures the percent of MLS listings that receive written offers from multiple parties. As the graph below shows, the spring market tends to have the highest percentage of competing offers. Twenty-three percent of September 2017 listingsreceived competing offers, compared to 22% in September 2016.
About the Author
Dan Miller has been practicing real estate since 2007. Please feel free to get in touch with Dan to discuss your real estate goals in Sun Prairie and throughout Dane County, Wisconsin.