I have looked back at sales of single family homes in Middleton Hills from the first MLS data on the neighborhood in 1997. Below is a table showing what I've found...
Year | # of Sales | Avg Sale Price | Avg Price/Sq Ft |
1997 | 1 | 239,000 | 111 |
1998 | 5 | 237,318 | 110 |
1999 | 3 | 276,100 | 105 |
2000 | 10 | 302,990 | 125 |
2001 | 7 | 363,410 | 127 |
2002 | 7 | 362,125 | 143 |
2003 | 22 | 361,500 | 146 |
2004 | 27 | 462,000 | 159 |
2005 | 22 | 450,000 | 170 |
2006 | 33 | 481,500 | 176 |
2007 | 24 | 515,000 | 167 |
2008 | 23 | 497,000 | 168 |
2009 | 12 | 478,000 | 165 |
2010 | 20 | 484,000 | 154 |
2011 | 7 | 483,285 | 161 |
*2011 numbers are through May 25th.
As you can see, prices increased steadily from 1997 through their peak in 2007, just before the recession. Looking at cost per square foot, prices peaked at $176 in 2006. The demand for homes in 2006 brought the highest price/Sq Ft and led to the highest average sale price the following year. Sales really took off in 2003 and stayed pretty steady up until the impacts of the recession hit in 2009. At that time the average sale price had decreased by about 7% from its peak. Last year price/ Sq Ft was down 12.5% from the high in 2006. So far this year the numbers seem to support a leveling off in drops of price and number of sales. Overall, the data also show that while home values are down from the boom years, they have increased substantially from the late 90s and early 2000s. The neighborhood did not escape the negative effects of the recession but the downturn was not quite as severe as many other places. Home values may also already be on the mend.
Data based on the SCWMLS.
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