Market Report for Middletown for March 2007
Market Report for Middletown for March 2007 and the 1st Quarter
Residential
Total residential listings in Middletown for the end of March was 130. 46 new listings came on the market, 48 went under deposit and there were 29 closed transactions. The average sale price was $253,588 and the median sale price was $240,000. Homes sold for an average of 97.16% of their final asking price and were on the market for an average of 78 days. Compared to February, the number of listings is down from 142 to 130, the average sale price is down from $275,012 to $253,588 and the days on the market were unchanged.
Compared to March of 2006, the number of closed transactions went down from 38 last year to 29 this year. The average sale price went down from $298,660 last year to $253,558 this year. That is a 15% drop in price. Days on the market dropped slightly from 82 to 78.
1st Quarter 2006 vs 1st Quarter 2007
Since we just finished a quarter, I will show you the differences between this year and last. The 1st quarter of 2006, there were 75 closed transactions with an average sale price of $285,100 and a median sale price of $248,000. Homes sold for 95.42% of their final asking price and were on the market for an average of 71 days. The 1st quarter of 2007, there were 81 closed transactions with an average sale price of $257,606 and a median sale price of $250,000. Homes sold for 97.23% of their final asking price and were on the market for an average of 72 days. This indicates an overall price drop of about 9.6%, although overall the number of transactions was up about 8%.
Condominiums
In the condo market there were 59 active listings, 25 new listings came on the market, 30 went under deposit and there were 17 closed transactions. The average sale price was $150,029 and the median sale price was $152,000. Condos sold for an average of 98.04% of their final asking price and were on the market for an average of 57 days. Compared to last month, closed sales rose from 8 to 17, the average sale price went down from$178,012 to $150,029, days on the market went up from 28 to 57. The price drop was about 16%, but sales doubled.
1st Quarter 2006 vs.1st Quarter 2007
In the 1st quarter of 2006, there were 48 closed transactions with an average sale price of $155,279, condos sold for 99.6% of their final asking price and were on the market for an average of 42 days. In the 1st quarter of 2007, there were 46 closed sales with an average sale price of $162,693, condos sold for 98.51% of their final asking price and were on the market for an average of 53 days. This indicates an overall increase in price of 5.3%. The condo market still seems to be stronger than the single family home market, in spite of the price drop of last month. Comparing quarters I think gives a better picture of what is going on.
Marabeth Gildersleeve
Coldwell Banker Residential Brokerage
Contact me with any questions at Mailto: Marabeth@CtRealEstateCorner.com