In Middleton Hills the first 6 months of 2010 saw far more sales than the first 6 months of 2011. With the Homebuyer Tax Credit enacted over the short time period at the beginning of 2010 there was a rush to buy before it expired. This led to 17 sales from January to June 2010 compared to 10 for same period last year. However, last year sales were more evenly spread out and more in line with a normal market as the final 6 months saw 9 sales. In 2010 the 2nd half of the year only had 5 sales.
Looking at home values, the median sale price for 2011 was up $1,500 to $475,000. The average sale price was up nearly $6,000 over 2010, reaching $494,628. This average price increase was despite the fact that 3 bedroom homes made up over 60% of sales in 2011 compared to only 36% in 2010. So, while sales are down slightly from last year prices seem to have rebounded. The average total time on the market is also down from 137 days to 94.
With the combination of a decrease in time on the market, an increase in prices, and a more normal pattern of sales, it seems the single family housing market in Middleton Hills has continued to rebound from the low reached in 2009. While prices are still down just over 4% from the peak reached in 2007, the past 2 years have seen 1-2% increases. These may be small, but they show the market is headed in the right direction.
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