2011 Condo Year End Summary

With the exception of the middle of the decade the condo market has been a little unpredictable.  Prices have jumped around quite a bit from year to year.   Looking at prices on a square footage basis there is a general pattern of increasing from 1999 through 2007/8 then dropping off from there to where we are today.  While looking at all condo sales together gives a general pattern, in order to truly understand pricing for a particular unit it would be best to look at the condo association individually. 

The greatest number of sales occurred from 2004-2007 and can be attributed to the construction and completion of the Gardd Parc Condo Association in 2005.  During this time frame about 2/3 of sales were in Gardd Parc.  Also of note during this period was that the length of time on the market peaked at over 1 year.  I suspect this was due to many brand new units coming to market at the same time.  Since then the time on the market has come down to about 4 months for last year.

Most of the condo associations at least saw appreciation in their first several  years.  A few of them even had some major gains.  Tyler’s Place, Founder’s Crossing, and Derwen Glyn had some pretty incredible appreciation from the early part to the middle of the decade.  Derwen Glyn in particular had a run of a few years with over 10% annual appreciation!  Since about 2005/6 it has been a different story.  Some condos have maintained or had a slight increase in value, but many have also lost value.  The bottom line is that the increases seen in the early and middle part of the decade are gone.  When values do start to go back up expect only small increases for at least the next few years.

2011 Condo Sales

Bedrooms	# of Sales	Days on Market	Sale Price	$/SQFT
1	2	151	$176,000	154
2	6	86	$269,250	152
3	1	31	$380,500	127

The difference in prices between 1,2, and 3 bedrooms seen here is pretty consistent with how they have been in past years.  As you can see there is a significant jump in value for each bedroom added.  The more desirable condos (those with more bedrooms) also sell quicker than those with fewer bedrooms.

Number of Sales by Condo Association Since 1999

Condo Assoc	# of Sales	# of Resales	1 Bed	2 Bed	3 Bed
Gardd Parc	67	16	10	41	0
Prairie Park	11	4	0	6	1
Arbor Green	12	5	0	6	1
Middleton Hills Center	8	4	1	3	0
Middleton Hills	9	1	3	5	0
Tyler’s Place	6	2	0	0	4
Founder’s Crossing	10	5	0	3	2
Bennett’s Place	2	0	0	0	2
Derwen Glyn	10	4	0	4	2
Live/Work	1	0	0	1	0

# of resales are condos that were sold multiple times.

As you can see in this chart the vast majority of condos in Middleton Hills have two bedrooms.  The number of one and three bedrooms are fairly equal.

History of Condo Sales

Year	# of Sales	Days on Market	Avg Sale Price	Avg $/SQFT
2011	9	119	$260,888	$150
2010	6	147	$241,083	$168
2009	5	162	$318,500	$145
2008	5	105	$229,820	$184
2007	13	258	$307,270	$187
2006	20	432	$262,635	$188
2005	27	371	$282,568	$190
2004	27	203	$268,614	$177
2003	1	33	$247,000	$123
2002	11	102	$275,443	$145
2001	7	114	$245,921	$137
2000	4	78	$241,950	$139
1999	1	108	$207,000	$105

The very high average price in 2009 was due to 3 of the 5 sales being 3 bedroom condos.

Price Reduction at 6767 Frank Lloyd Wright Ave

Condo unit #218 is now listed for $179,000.  It was previously listed for $189,000 and has 2 bedrooms, 2 bathrooms, and 1261 square feet.

Price Reduction at 3302 Prairie Glade Rd

This 3630 square foot home is now listed for $489,500.  It has 4 bedrooms, 3.5 bathrooms, and was previously listed for $498,000.

Year End Summary

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 2^nd 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.    

Annual Sales Info

Year	# of Sales	Avg Sale Price	Avg Price/Sq Ft
1997	3	251,000	104
1998	5	237,318	110
1999	4	269,550	117
2000	13	304,565	127
2001	13	323,567	132
2002	15	339,511	144
2003	22	359,974	148
2004	31	453,949	164
2005	25	452,945	170
2006	36	479,265	179
2007	26	515,968	169
2008	25	506,133	174
2009	12	479,562	171
2010	22	488,636	156
2011	19	494,628	164