Middletown Market Report for December and a Comparison Between 2006 and 2007
Residential
There are 112 active listings on the market in Middletown which means inventory is down. There were 19 new listings that came on the market, 14 homes went under deposit and there were 11 closed sales. Below you will see a comparison between Dec. 2007 and Dec.2006:
Closed Sales 12/2007: 11 Closed Sales 12/2006: 26
Avg. Sale Price: $240,718 Avg. Sale Price: $286,758
$/Sq.Ft: 174 $/Sq.Ft: 163
DOM: 47 DOM: 65
Closed sales were down 52.7% and prices were down 17.1%, yet the price per sq.ft. was up by 6.7%. It looks like some mixed signals, but sales may have been down because of the weather.
1/1/2007 - 12/31/2007 Compared to 1/1/2006 - 12/31/2006
Closed Sales 2007: 376 Closed Sales 2006: 389
Avg Sale Price: $269,880 Avg.Sale Price: $274,629
$/Sq.Ft: 159 $/Sq.Ft: 163
DOM: 61 DOM: 63
Overall comparing last year to this year, sales were down 3.4%, prices were down 1.7% and average price/sq.ft. is down 2.5%. On a whole this is not a bad performance for Middletown.
Condominiums
There are 85 active listings, 12 new listings for December , 11 deposits and 12 closed sales. Below you will see a comparison between December 2007 and December 2006:
Closed Sales 12/2007: 12 Closed Sales: 12/2006: 15
Avg.Sale Price: $143,858 Avg.Sale Price: $223,732
$/Sq.Ft.: 149 $/Sq.Ft.: 156
DOM: 80 DOM: 42
Condo sales seem to be slowing a little and looking at this example it looks as though prices are way down. My opinion is that last year in December there were probably more units closed in Sonoma Woods, which would bring the average price up since they are priced much higher being in an Over 55 complex.
1/1/2007- 12/31/2007 Compared to 1/1/2006 - 12/31/2007
Closed Sales 2007: 219 Closed Sales 2006: 237
Avg.Sale Price: $160,267 Avg.Sale Price: $168,761
$/Sq.Ft: 147 $/Sq.Ft: 148
DOM: 49 DOM: 39
Sales were down 7.6% compared to 2006, prices were down 6.1% and selling time is up by 20%. Overall the condo market is not doing too badly even though there was a slight drop in prices and a slight drop in number of sales. If you are selling, pricing your property correctly from the beginning, is key to guaranteeing a sale, as well as overall condition of your condo.
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Marabeth, thank you for these figures especially since Middletown is where I live. I would have to agree with you that Sonoma Woods would be one of the big difference in Condo Sales Price Average. I do a fair number of Condo Loans in Middletown and the Yearly Average of $160,267 is much closer to what I see than $223,732. I do not think that any of the Condo's in the Westlake section of Middletown, where most of the Condo's are located, come any where near that price.
I was glad to see that there was very little change between 2006 and 2007, certainly not enough for people to feel that they should hold off buying because of prices coming down. I is to bad that the News Media does not report more realistic figures like these, in stead of the doom and gloom that they love to print.
I hope that you have a great 2008, and that when you put this report together in 2009 we are looking at all positive figures again.