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.

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.

New Accepted Offer

There has been an accepted offer on the home listed at 6912 Ramsey Rd.

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.    

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.