Current Condo Listings

Currently there are 8 Condos on the market which I have listed below.   

Middleton Hills Condos

Address	Price	First Price	CDOM	Price/ Sq Ft
6755 Frank Lloyd Wright Ave	200,000	225,000	63**	160
6767 Frank Lloyd Wright Ave #321	255,000	269,900	372	190
*6767 Frank Lloyd Wright Ave #311	365,000	NA	NA	272
*6767 Frank Lloyd Wright Ave #305	184,900	NA	NA	177
6749 Frank Lloyd Wright Ave	250,000	270,000	256***	163
6745 Frank Lloyd Wright Ave	280,000	280,000	62	170
6751 Frank Lloyd Wright Ave	349,000	349,000	94	138
6846 Frank Lloyd Wright Ave	389,600	389,600	53	139

* Information based on data from FSBO Madison and the South Central Wisconsin MLS

*For Sale By Owners

**Has also been previously listed. Original price was $269,900

***Has also been previously listed. Original price $319,900

(Since the end of May 6846 Frank Lloyd Wright sold for $380,500 and there has been an accepted offer at 6749 Frank Lloyd Wright.)

  

Condo Sales through May

There have been 4 condo sales so far this year in Middleton Hills, putting the number already close to last year’s total of 6.  Prices this year are up 18.4% from last year with the average sale price going from $241,083 to $285,375.  However, comparing sales in within the same condominium association shows that prices are very close to where they were last year when taking square footage into account.  Excluding the outlier of 289 days and one outlier from last year, recently sold condos have been on the market 3 months or less compared to about 2 months in 2010.  Condo owners are getting 95% of their initial asking price and 97% of their last asking price, faring better than single family sales in that respect.

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
	6735 Frank Lloyd Wright Ave #210	199,500	199,500	189,000	95%	95%	93	93
	6767 Frank Lloyd Wright Ave #108	279,900	269,900	265,000	95%	98%	74	57
	6850 Frank Lloyd Wright Ave	374,900	374,900	367,500	98%	98%	64	64
	6747 Diversity Rd	349,500	335,000	320,000	92%	96%	289	197
	Average Total	$300,950	$294,825	$285,375	95%	97%	130	103

*Information is based on data from the South Central Wisconsin MLS

Sales for the last few years have been down from the peak development years from 2004-2006 when new condos were selling at a brisk pace, going from 20-26 down to 5-6 per year.  Was this slowdown due to the poor economy?  Here there are mixed signals as prices have dropped but time on the market has decreased.  Another factor is that most of more recent transactions are re-sales and there are fewer condos for sale.  I will be looking more closely at the data next month when I have a bit more time.

Newly Listed

There is another newly listed home in the neighborhood.  6920 Frank Lloyd Wright Ave just came on the market 2 days ago with an asking price of $400,000.  It has 2663 Sq Ft including 3 bedrooms and 2& 1/2 baths.

*The stats for the month of May will be coming out by the 15th.  Also look for data on both condos and lot sales coming soon.

A good article on New Urbanism

An interesting article on New Urbansim...gives mention to the success and challenges faced in Middleton Hills

Middleton Hills Home Values

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.

6916 Frank Lloyd Wright Withdrawn

The listing at 6916 Frank Llyod Wright Ave has been withdrawn.  This leaves only three current single family listings without an offer in the neighborhood.