Market Report for Middletown for February 2007

Residential

For the month of February 48 new listings came on the market, 36 listings went under deposit and there were 16 closed sales.  The average selling price was $275,012 and the median sale price was $262,500.  Homes were on the market for an average of  78 days and they sold for 97.54% of their final asking price.  There are a total of 142 active listings on the market.

Compared to the January numbers, deposits were up by 5, closings were down by 12.  The average sale price went up from $251,118 to $275,012 and the selling price percent stayed about the same.

 Compared to February 2006 closed sales, sales were down by 3 this year, but the average sale price was up from $250,947 in 2006 to $275,012 in 2007.

Looking at the statistics for the first 2 months of this year compared to the first 2 months of last year, sales were up this year from 37 in 2006 to 44 in 2007 and the average sale price for this first 2 months of 2007 is down slightly from the first 2 months of 2006.  Prices went from $264,845 in 2006 to $263,130 in 2007.  So far the market looks fairly stable although there has been a definite increase in the number of days on the market from 51 last month to 78 this month, indicating a definite leaning towards a Buyers' market.

Condominiums

In the condo market there were 27 new listings, 18 went under deposit and 8 closed.  The average sale price was $178,012 and the median sale price was $170,000.  Condos were on the market for an average of 28 days and they sold for an average of 98.19% of their final asking price.  There are 60 active listings on the market.

Compared to January the number of deposits went from 15 in January to 18 in February, but closings went down from 18 in January to 8 in February.  The average sale price went up slightly from $174,750 in January to $178,012 in February.  Compared to 2006 prices are up about $200.

Overall the condo market is still performing fairly well with no major changes from last year.