Market Update for Middletown for January 2007
Market Update for Middletown for January 2007
Residential
At the end of January in Middletown there were 143 active listings, an increase of 20 active listings compared to the end of December. There were 64 new listings that came on the market in January, 31 went under deposit and 28 closed. The average sale price was $251,118 and the median sale price was $252,000. Houses sold on average for 97.2% of the asking price and the average days on the market were 51. Comparing these numbers to December, in December there were 23 new listings, 25 deposits and 22 closed sales with an average closed sale price of $301,259. Right now the inventory is enough for 4 ½ months.
Comparing this January to January 2006, in 2006 there were 18 closed sales with an average sale price of $269,465 and a median price of $253, 950. Homes were on the market for an average of 65 days and sold for 98.17% of their asking price. Comparing last year to this year it appears as though prices are dropping, but I don’t think there is enough data in yet to say for sure that is a fact. We will have to keep an eye on inventory to try to make a prediction as far as where the market is heading.
Condominiums
There were 64 condominiums on the market at the end of January compared to 59 in December. 30 new listings came on the market, 15 went under deposit and 18 closed with an average sale price of $174,750 and a median sale price of $167,000. The average days on the market were 57 and the condos closed for 98.94% of their asking price. Compared to December there were 14 closed sales and the average sale price was $225,071.
In January 2006 there were 16 closed sales with an average sale price of $177,804 and the median sale price was $156,950 and the average days on the market were 31. Comparing this January to last it appears as though there is a slight decrease in sale price and condos are on the market almost twice as long. We will have to see if this trend continues, before making any predictions.