Middletown, CT - 2011 Year in review and current residential single family real estate market snapshot.

2011 saw 246 closed residential single family sales in Middletown, CT.  Here is a deeper look into the sales numbers:

Overall Sales Numbers - 246 sales

Low sales price - $20,000

High sales price - $590,000

Average Sales price - $226,924

Average days on market - 85

Short Sale Sales Numbers - 16 sales

Low sales price - $49,000

High sales price - $535,000

Average sales price - $189,525

Average days on market - 166

Current active and under deposit inventory levels - 214 listings

Low list price - $10,000

High list price - $1,250,000

Average list price - $260,054

Average days on market- 116

Current short sale inventory - 31 listings

Low list price -$89,000

High list price -$463,500

Average list price - $209,945

Average days on market - 112

Sales / List price           Closed last year            -  Active/under deposit  -   Months of inventory

$500,000 +                              4                                     5                                15

$400,000-$500,000                  12                                    15                               15

$300,000-$400,000                  41                                    42                               12.29

$200,000-$300,000                 83                                     68                                9.83

$100,000-$200,000                 93                                     77                                9.93

Under $100,000                       13                                     7                                 6.46

Important Summary Notes:

Short sale inventory, while up 10% statewide, is up nearly 100% in Middletown.

The first and 2nd time home buyer market ( Homes under $400,000 ) is returning to some semblance of health with a year or less of inventory, while homes above $400,000 are seeing an increased inventory of 15 months.

What to expect from the Middletown, CT real estate market in 2012:

Expect further downward pressure on prices due to excessive inventory in the higher price ranges - $400k+, and inventories under 400k to remain fairly stable, and less downward pressure on prices due to a supply that is approaching healthy levels.

Expect short sales in Middletown, CT to increase this year.  Further price declines combined with stagnant job and wage growth will drive the number of short sales up this year, and short sales  will most likely account for nearly 15% of all 2012 closed sales in Middletown, CT, as opposed to 6.5% of all 2011 closed sales.

Patrick

Need to sell your home? Why settle for less than 5 stars? 2011 and 2012 5 star Connecticut Magazine real estate agent.