Middletown Market Report for Last Quarter of 2008 and 2007 Comparison to 2008
9/1/2007 - 12/31/2007 compared to 9/1/2008 - 12/31/2008
The residential market in Middletown showed a drop in sales of 7.7% with 91 sales in the last quarter of 2007 and 84 in the last quarter of 2008. The median sale price dropped 13.4% from $268,453 in 2007 to $232,450 in 2008. There are 160 active listings on the market as of today.
1/1/2007-12/31/2007 compared to 1/1/2008 - 12/31/2008
Looking back at 2007 compared to 2008 there was a drop in sales of 31% with 378 in 2007 compared to 261 in 2008. Overall the median sale price dropped 6%, from $250,000 in 2007 to $235,000 in 2008. Days on the market remained relatively unchanged and homes are selling for about 96% of their final asking price.
9/1/2007-12/31/2007 compared to 9/31/2008 -12/31/2008
The condominium market has fared a little better than the residential market, although sales are still down. Sales in the last quarter of 2008 are down 33.4% with 57 in the last quarter of 2007 compared to 38 in the last quarter of 2008. Sale prices actually rose 4.3% from a median sale price of $149,900 in 2007 compared to $157,000 in 2008.
1/1/2007 -12/31/2007 compared to 1/1/2008 compared to 12/31/2008
Comparing all of 2007 to 2008 number of sales dropped 27% from 223 in 2007 to 163 in 2008. Median sale price rose .7% with the median sale price in 2007 being $153,500 and in 2008 the median price was $154,500. Certainly not a major gain, but at least it is up and not down.
Again don't be fooled by this report. Pricing is still crucial to a sale. Inventory right now is down a little, but if it starts climbing, everything changes. So far Ct seems to be faring better than some parts of the country, mainly because our inventory has not gone up. Since I have been involved in real estate for 27 years, the main difference I see between this market and the last major downturn in the late 80's and early 90's is inventory. Back then we had 3 or 4 years worth of inventory on the market and now it is more like 7 months worth of inventory.