2011 Condo Info through June

2011 Condos
Sales through June
	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
	6749 Frank Lloyd Wright Ave	270,000	250,000	225,000	83%	90%	215	107
	6767 Frank Lloyd Wright Ave #108	279,900	269,900	265,500	95%	98%	30	21
	6747 Diversity Rd	349,500	335,000	320,000	92%	96%	289	194
	6850 Frank Lloyd Wright Ave	374,900	374,900	367,500	98%	98%	64	64
	6846 Frank Lloyd Wright Ave	389,600	389,600	380,500	98%	98%	31	31
	Average Total	$310,567	$303,150	$291,250	93%	96%	120	85

There are two sales to report for the month of June.  The first, 6749 Frank Lloyd Wright Ave, is 2 bedrooms, 2 baths with 1530 Sqft and sold for $225,000.  The second is 6846 Frank Lloyd Wright and is 3 bedrooms, 3 baths, with 2813 Sqft and sold for $380,500.  With the new sales that brings this year’s total to six.  With 7 condos still on the market, one sale pending (6767 Frank Lloyd Wright Ave #305), and six months left in the year, condo sales are easily on pace to beat out those of the past three years. 

I tried to look at sale price compared to assessed value for condos as well, but couldn’t come up with enough data from the MLS to make any definite conclusions.  I believe this was due to so many of the sales earlier in the decade being new construction.  However, the limited info I found from 2007 does support the same enthusiastic buying as was happening with single family homes.  Last year that was way down, but condos were still selling on average at 103.5% of assessed value.  This year has so far been down again, with the average being 97.5%.  However, I must point out that 3 of the 6 sales have been for above assessed value. 

The data for condos seems to be sending mixed messages so far this year.  The number of sales is on the rise, with some places going within 1-3 months, but then there are also many that have been on the market for over 6 months to 1 year.  The asking price/sale price ratio is the same as single family at 96% and the time on the market is comparable, but there aren’t as many new listings and they aren’t getting offers as fast.  Lastly, both price per square foot and price to assessed value are lower than those of single family sales.  It may take another couple months for the condo market to come more into focus in Middleton Hills.