Middletown Market Report

By
Real Estate Agent with Prudential Ct. Realty

Middletown Market Report for Last Quarter of 2008 and 2007 Comparison to 2008

Residential

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. 

Condominiums

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.

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
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Marabeth, thank you for the market report.  A large percentage of my loans in 2008 were to first time home buyers, which might account for the drop in the median price, since first time home buyers are normally purchasing in home in the lower price range.

Jan 08, 2009 12:03 PM #1
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Marabeth Gildersleeve

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