Watching the news and reading the paper allows us to get an idea of what is happening at the national, state, and maybe even Dane county and Madison levels. While this can be useful information it may not always tell the story of what is going on in your community. This may be especially true for a community like Middleton Hills. Looking at and analyzing data hyper-locally will present the most relevant information. What's happening in your neighborhood? Let's find out...
About Me
- Jed Hohlbein
- One of the most important things to success in todays real estate market is to make sure the price is right. Getting it right the first time can save time and money. This is why I like to look at and analyze the data on sales. Knowing what has been selling, at what price, and how long its been on the market gives me a special insight into the market in Middleton Hills. With this blog I hope to share some of that insight in a way that's easy to understand. Please share your thoughts and comments and always feel free to contact me with any questions.
Wednesday, May 25, 2011
6756 Ramsey Rd already off the market
After only 5 days on the market there is already an accepted offer at 6756 Ramsey Rd. The listing price was right, matching the average on a square footage basis of other recently sold homes in the neighborhood. This means there are currently 3 pending sales (those with all contingencies removed and just waiting to close) plus one other accepted offer. 5 homes now remain on the market.
Tuesday, May 17, 2011
Another accepted offer and a new listing
There has been an accepted offer on the home at 6963 Apprentice Pl. Also, just listed today is a 4 bedroom, 3 1/2 bath at 6756 Ramsey Rd. The asking price is $559,900. Looks like activity is starting to pick up in Middleton Hills.
Saturday, May 14, 2011
Wednesday, May 11, 2011
A look at the start of 2011
Single family January-April 2011
This year is not off to quite the start we saw at the beginning of 2010. While the number of closings this year is very close to last year (6 vs 7), there were also 6 pending sales last year compared to 1 this year. The average sale price has dipped slightly, going from $459,642 to $455,500, while price per square ft. is up to $159 from $150. Homes are taking about a month longer to sell, up from 131 average days on the market to 162. However, the time from the last price change to an accepted offer is only 60 days, suggesting a house priced correctly will likely sell far more quickly. Below is a detailed look at sold and pending single family homes through April according to the MLS.
2011 Hyper Local Market Study | ||||||||
Jed Hohlbein Middleton Hills | ||||||||
Address | First Price | Last Price | Sold Price | SP/FP | SP/LP | Cum. Days on Market | # Days From Last Price Change Until Offer | |
3322 Glacier Ridge Rd | 445,000 | 389,000 | 380,000 | 85% | 98% | 289 | 57 | |
6740 Aldo Leopold Way | 424,900 | 424,900 | 390,000 | 92% | 92% | 123 | NA | |
6929 Ramsey Rd | 475,000 | 425,000 | 413,000 | 87% | 97% | 191 | 16 | |
6725 Gaylord Nelson Rd | 515,000 | 499,875 | 475,000 | 92% | 95% | 169 | 98 | |
6809 Erdman Blvd | 574,000 | 559,000 | 520,000 | 91% | 93% | 78 | 16 | |
3310 Prairie Glade Rd | 575,000 | 550,000 | 555,000 | 97% | 101% | 123 | 114 | |
Average Total | $501,483 | $474,629 | $455,500 | 91% | 96% | 162 | 60 | |
*pending | 3314 Glacier Ridge Rd | 545,000 | 495,000 | NA | NA | NA | 223 | 60 |
What we can see here is that sellers are getting about 90% of what they are initially asking for their homes. Only once it has been on the market for several months have they realized that the asking price is too high and reduced to a price buyers are willing to pay, suggested by the average sale price being 96% of the list price. Digging a little deeper it is easy to see why some were reluctant to lower their price. While those who have owned in the neighborhood since the early 2000s are still coming out well ahead, those who bought in the middle of the decade are likely going to be taking a loss. The average loss on the three bought between 2005-2007 was about $16,000. The estimated average annual return (based on tax information) for the two bought in 2001 and 2002 was 5%.
*
I would like to point out that the sample size for the data on gains and losses comparing homes bought in the early part of the decade to those bought in the middle and more recently is quite small. It should not be considered as conclusive evidence that all homes bought more recently have lost value. I will post again soon with some numbers I've been looking at from last year to gain some more insight.
Current Listings
Address | Price | First Price | CDOM | Price/Fin Sq Ft. |
6960 Apprentice Pl | $364,900 | $380,000 | 276 | $170.67 |
6963 Apprentice Pl | $375,000 | $429,900 | 319 | $162.13 |
6916 Frank Loyd Wright | $395,000 | $395,000 | 34 | $138.84 |
3728 Pheasant Branch | $542,000 | $699,000 | 458 | $152.76 |
3722 Pheasant Branch | $629,900 | $735,000 | 451 | $146.76 |
6912 Ramsey Rd | $750,000 | $750,000 | 71 | $177.01 |
AVG | AVG | AVG | AVG | |
$509,466 | $564,817 | 268 | $157 |
Currently there are 6 single family homes for sale in Middleton Hills. Four out of the six have been on the market for close to or over a year. However, with price reductions over that time, the average cost per square foot is now more in line with recently sold homes. Does this mean more sales are around the corner? Check back again soon as I will be updating any new activity.
Wednesday, May 4, 2011
Welcome!
Hi, my name is Jed Hohlbein and I am a Realtor with Restaino & Associates. With this blog I will be keeping you up to date on what is happening in the Middleton Hills real estate market. I will be analyzing what is going on each month and keeping current on any new listings, sales, or open houses. If you want to know the latest about Middleton Hills this is the place to be.
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