Middletown Real Estate Market Outlook 2007

By
Real Estate Agent with William Raveis Real Estate

                                              

 "Buy low, sell high" are the traditional "words of wisdom" in the real estate industry.  Without much explanation, we get the point.  The inference is that the real estate market is never really constant and does, in fact, go through cycles.  For example in 2005, if you asked the typical question: "How's the market?" most real estate agents would have replied (with a big smile on their face!) "We've very busy, houses are moving!"  The same question in 2007 would probably solicit a less enthusiastic response.

It is true that in terms of real estate activity, the year 2005 could probably be viewed as a "peak year."  Fast forward to 2007 and the economic climate in general and the housing market in particular are undoubtedly different.  Some people call it a "softer" market and perhaps that's true (again, by 2005 standards).  However, if you look at the hard numbers over a twelve year period, you'll see that the trend (like the waves in the ocean) follows an upward pattern - with some fluctuation.

The charts below compare the median sales price and the number of home sales in Middletown between 1995 and 2006.  And once again, it's apparent that the trend is the same:  upward movement with some fluctuation. 

 

 

 

 

 

 

 

 

 

   Single-Family - Median Sales Price

Single-Family - Number of Homes Sold

          Middletown, 1995-2006

 

        Middletown 1995-2006

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

2006

$232,000

 

  

2006

451

  

  

2005

$235,000

 

  

2005

508

  

  

2004

$207,000

 

  

2004

482

  

  

2003

$182,000

 

  

2003

457

  

  

2002

$155,000

 

  

2002

495

  

  

2001

$142,000

 

  

2001

521

  

  

2000

$127,000

 

  

2000

438

  

  

1999

$124,000

 

  

1999

528

  

  

1998

$116,000

 

  

1998

499

  

  

1997

$114,000

 

  

1997

412

  

  

1996

$115,000

 

  

1996

388

  

  

1995

$116,000

 

  

1995

390

  

 

 

As for the year 2007, no one can predict with absolute certainty what the trend will be. However, whether prices go up or down in this particular year, I believe it is safe to say that, in retrospect, it will follow the general pattern of "upward movement with some fluctuation." 

 

Comments (1)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Tom, first of all let me congratulate you on your first blog on ActiveRain.  Second, thank you for the information and for you positive out look on things.

May 11, 2007 05:40 AM