Condo Sales through May

There have been 4 condo sales so far this year in Middleton Hills, putting the number already close to last year’s total of 6.  Prices this year are up 18.4% from last year with the average sale price going from $241,083 to $285,375.  However, comparing sales in within the same condominium association shows that prices are very close to where they were last year when taking square footage into account.  Excluding the outlier of 289 days and one outlier from last year, recently sold condos have been on the market 3 months or less compared to about 2 months in 2010.  Condo owners are getting 95% of their initial asking price and 97% of their last asking price, faring better than single family sales in that respect.

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
	6735 Frank Lloyd Wright Ave #210	199,500	199,500	189,000	95%	95%	93	93
	6767 Frank Lloyd Wright Ave #108	279,900	269,900	265,000	95%	98%	74	57
	6850 Frank Lloyd Wright Ave	374,900	374,900	367,500	98%	98%	64	64
	6747 Diversity Rd	349,500	335,000	320,000	92%	96%	289	197
	Average Total	$300,950	$294,825	$285,375	95%	97%	130	103

*Information is based on data from the South Central Wisconsin MLS

Sales for the last few years have been down from the peak development years from 2004-2006 when new condos were selling at a brisk pace, going from 20-26 down to 5-6 per year.  Was this slowdown due to the poor economy?  Here there are mixed signals as prices have dropped but time on the market has decreased.  Another factor is that most of more recent transactions are re-sales and there are fewer condos for sale.  I will be looking more closely at the data next month when I have a bit more time.