2 New Listings

In about the last week there have been two new listings.  The first is located at 6813 Phil Lewis Way.  It has 2 Bedrooms and 2&1/2 Baths and is listed for $380,000.  The second is at 6805 Aldo Leopold Way.  This one has 3 Bedrooms and 3&1/2 Baths and is listed for $459,900.  One listing has also been withdrawn this week.  3728 Pheasant Branch Rd is no longer on the market.

Accepted Offer at 6920 Frank Lloyd Wright Ave.

There has been an accepted offer on the newly listed home at 6920 Frank Lloyd Wright Ave.  That is two homes recently put on the market that received and accepted offers within a week from when they were listed. 

Single Family May Sales

While there is only one sale to report for the month of May there has been a recent flurry of activity in the neighborhood.  Last month saw 6963 Apprentice Pl receive an offer and close shortly thereafter with a selling price of $370,000.  There was also an accepted offer at 6912 Ramsey Rd and a new listing at 6756 Ramsey Rd that had an accepted offer within 5 days and is now pending.  3314 Glacier Ridge Rd is also still a pending sale.  Lastly, 6916 Frank Lloyd Wright Ave was withdrawn, leaving 4 single family homes for sale (this excludes 6912 Ramsey Rd).

Looking at the stats for this month’s sale; 6963 Apprentice Pl was last listed for $375,000 and received $370,000, 99% of the last asking price.  There were 82 days between the last price change and the accepted offer.  However, it was on the market for a cumulative 332 days and went through several price reductions.  Initially it was put on the market for $429,900, which means it got only 86% of the first price. 

The one sale in May was down from 2 last year and so far there have been 8 sales which is on pace with last year’s 9.  Will the recent pickup in activity carry into June?  It should be interesting to see what happens with the properties that have been on the market longer as we continue into the summer.    

Current Listings

Address	Price	First Price	CDOM	Price/Fin Sq Ft.
6960 Apprentice Pl	$364,900	$380,000	313	$170.67
6920 Frank Lloyd Wright	$400,000	$400,000	6	$150.21
3728 Pheasant Branch	$542,000	$699,000	487	$152.76
3722 Pheasant Branch	$629,900	$735,000	480	$146.76
6912 Ramsey Rd*	$750,000	$750,000	108	$177.01
	AVG	AVG	AVG	AVG
	$537,360	$592,800	279	$159
*has an accepted offer

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.