Here's an analysis of two of the more sought after, newer, high end neighborhoods in Dane County. Before I get to the numbers I want to give you a brief description of each of these neighborhoods.
BLACKHAWK
Blackhawk is situated on the far west side of Madison west of Pleasant View Rd, between Old Sauk Rd and Greenway Blvd. It was established in 1997 and currently has 485 homes. It has been featured many times in the Madison Area Builder's Association's "Parade of Homes". Some of the highlights include it's proximity to Pleasant View Golf Course, ease of access to many schools in the Middleton-Cross Plains School Disctrict, and it's several acres of parks and green space.
MIDDLETON HILLS
Middleton Hills is located North of Century Ave between Pheasant Branch Rd and High Rd. It was established in the mid-90's as well and consists of approximately 400 homes. It's design concept was to have a sense of the past in modern living. The emphasis in the design was a intimate, friendly scale. Some of the highlights include ample green space and parks as it borders the Pheasant Branch Conservancy as well as the Middleton Hills Neighborhood Parks-North and South. Shops and stores are in close proximity as well as the schools which are also in the Middleton-Cross Plains School District.
The Numbers
Now my analysis is purely just real estate statistic related. I am not comparing them based on desirability to live in or resident satisfaction, however the real estate numbers can reflect some of these points. These numbers reflect single family home sales, and do not include condo's or multi-family units. So here we go (Numbers taken from the South Central MLS):
Blackhawk 2011 Home Sales
Total Listed Number Sold Sold % Sale Price/List Price Ratio Avg Days on Market % Expired
48 24 50% 94.94% 90 25%
Middleton Hills 2011 Home Sales
Total Listed Number Sold Sold % Sale Price/List Price Ratio Avg Days on Market % Expired
21 14 66.67% 96.33% 94 28.57%
Well we could all analyze these numbers differently. The numbers are actually very close, I would almost call this a tie in terms of which neighborhood sells better, and faster. One thing Blackhawk has going for it is more homes were put on the market this year, so it gives itself more opportunities to perform well. However that also could mean the overall turnover of Middleton Hills is less, therefore it is harder to get into and more desirable. Let's look a couple of the numbers objectively:
% of listings sold: Middleton Hills nudges out Blackhawk by 16.67%.
List Price to Sale Price %: If you look at the average sales price compared to the average list price, Middleton Hills nudges Blackhawk again: Middleton Hills-96.33% Blackhawk: 94.94%
Average Days on Market: This is how long it takes from the time the home hits the market until there is a bound contract of sale. Blackhawk edges out Middleton Hills on this one, 90 to 94.
%Expired: Of the listings that are put on the market a number of them expire before a buyer is found. Blackhawk nudges Middleton Hills on this one by 3.57%, the lower the better on this one.
When I look at these numbers I don't see a major significant difference in them to say one neighborhood performs that much better the other. However if you look at them with a small tooth comb, Middleton Hills is the winner. Their numbers on % of listings sold and List Price to Sale Price ratio are more significant than the two areas Blackhawk beats them in. The truth of the matter is that both neighborhoods are great areas and perform much better than the average neighborhood in Dane County, and for that, I'm sure their residants are satisfied:)
Thanks for reading! I'll see you next week.
Joe Marks
Cooper Spransy Realty
608-310-7355
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