Market Report for Middletown for May 2007
Market Report for Middletown for May 2007
Residential
There were 144 active listings on the market in May compared to 140 in April. 48 new listings came on the market, 47 went under deposit and there were 33 closed transactions. The average sale price was $261,035, with a per sq.ft price of $157 and average days on the market of 58. Last month there were 26 closed transactions with an average sale price of $279,955. Compared to May of 2006 the closings went down from 46 last year in May to 33 this year and the average sale price went down from $273,232 last year to $261,035 this year. Prices compared to last year appear to have dropped by about 4.5% and number of sales dropped by 28%. There is about a 3 month supply of homes on the market.
Comparing the first 5 months of 2006 to the first 5 months of 2007, last year there were 146 closings compared to 146 closings this year so there was no change. The average sale price went from $276,314 in 2006 to $265,665 in 2007 showing a drop in price of about 3.9%.
Condominiums
There were 76 active condo listings on the market at the end of May. 21 new listings came on the market, 18 went under deposit and there were 31 closed transactions. The average sale price was $188,971 or about $152/sq.ft and condos were on the market for an average of 51 days. Compared to April closings went up from 20 in April to 31 in May and the average sale price went from $150,435 to $188,971, which was a big jump in average sale price. In May of 2006 there were 24 closed transactions with an average sale price of $177,467, so again this year is up more than last year.
Comparing the first 5 months of 2007 to the first 5 months of 2006, in 2007 there have been 90 closed transactions with an average sale price of $170,369 and in 2006 there were also 90 closed transactions with an average sale price of $159,976. That shows a price increase of 6.5%. Overall the condo market in Middletown still seems to be going strong.
Marabeth Gildersleeve
Coldwell Banker Residential Brokerage
2300 Main St
Glastonbury, Ct. 06033
860-633-3661 Ext.122
Mailto:Marabeth.Gildersleeve@CBMoves.com
Website:http://www.CtRealEstateCorner.com