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.
Glastonbury Market Report for Last Quarter and 2008 Comparison to 2007
Residential
9/1/2007 -12/31/2007 compared to 9/1/2008 - 12/31/2008
Comparing the last quarter of 2007 to 2008 there was not too much change as far as number of sales. There were 94 in 2007 compared to 91 in 2008. Median sale price was down 7.7%, from $370,000 in 2007 compared to $345,000 in 2008. Days on the market went from 39 in 2007 to 34 in 2008. This figure can be deceiving though , since it does not take into account homes that were on the market and expired and then relisted.
1/1/2007 - 12/31/2007 compared to 1/1/2008 - 12/31/2008
Looking at comparisons for the year, sales were down 15.6% from 2007. In 2007 there were 374 closed sales and in 2008 there were only 316 closed sales. Overall prices were only down about 1% from a median price of $391.450 in 2007 to a median price of $388,000 in 2008.
Compared to the rest of the country the residential market does not look too bad for Glastonbury. Right now inventory is way down, probably because of just getting past the holidays. There are 142 homes on the market as of this day.
Condominiums
9/1/2007 - 12/31/2007 compared to 9/1/2008 - 12/31/2008
Comparing the last quarter of 2007 to the last quarter of 2008 there was not a major change as far as number of sales. The last quarter of 2007 had 34 closed sales and in 2008 there were 28 closed sales. The median sale price actually went up about 1% from $199,500 in 2007 to $202,450 in 2008.
1/1/2007 - 12/31/2007 compared to 1/1/2008 - 12/31/2008
Looking at comparisons for the year, in 2007 there were 155 closed sales compared to 96 in 2008, a drop of 31.9% which is pretty major. Median sale price actually went up about 1%, from $197,000 in 2007 compared to $199,950 in 2008. Days on the market were up slightly and overall condos are selling for about 97% of their final asking price.
Do not be fooled reading this report though, since in order to sell your home the correct pricing is still crucial. What this report does not show you is the number of homes that have been on the market for more than 6 months and the number of price adjustments they have gone through. For the homes under deposit right now the median days on the market have risen to 74.
For more information about the Glastonbury market or about Glastonbury, Ct please visit my website at http://www.Ct RealEstateCorner.com.
Market Report for Middletown for September and 1st 3 Quarters
Residential
September
Active - 152
New Listings - 52
Deposits - 20
Closed - 24
Average Sale Price - $211,372
SP/Sq.Ft - $145.12
DOM - 55
1/1/2008 - 9/30/2008
Closed - 199
Average Sale Price - $253,137 Median Sale Price - $228,000
SP/Sq.Ft. - $155.08
DOM - 65
1/1/2007 - 9/30/2007
Closed - 309
Average Sale Price - $268,082 Median Sale Price - $250,500
SP/Sq.Ft. - $156.91
DOM -60
Number of sales are down 36% compared to last year. Average sale prices are down 5.6% and median sale prices are down 9%. September saw a drop of 16.5%compared to the first 9 months of the year. Hopefully this is not a trend.
Condominiums
September
Active - 76
New Listings - 27
Deposits - 10
Closed - 15
Average Sale Price - $161,533
SP/Sq.Ft - $142.54
DOM - 72
1/1/2008 - 9/30/2008
Closed - 136
Average Sale Price - $169,319 Median Sale Price - $154,000
SP/Sq.Ft. - $149.94
DOM - 82
1/1/2007 - 9/30/2007
Closed 182
Average Sale Price - $161,523 Median Sale Price - $156,100
SP/SqFt - $146.08
DOM - 48
Sales are down 25.3% compared to last year. Average sale price is up 4.8% and median is down by 1.4%. Overall condo sales are faring better than residential.
Portland Market Report for September and 1st 3 Quarters
Residential
September
Active Listings - 60
New Listings - 10
Deposits - 5
Closed - 4
Average Sale Price - $285,500
SP/SqFt - $131.17
DOM -60
1/1/2008 - 9/30/2008
Closed - 63
Average Sale Price - $274,058 Median Sale Price - $255,000
SP/SqFt - $157.91
DOM - 62
1/1/2007 - 9/30/2007
Closed - 72
Average Sale Price - $270-652 Median Sale Price - $258,000
SP/Sq.Ft - $150.84
DOM - 61
Overall sales are down by 12.5%. Average sale prices are up by 1.3%, but median sale prices are down by 1.2 %. Again Portland seems to be holding its own with no major changes in prices.
Glastonbury Market Report for Sept. and 1st 3 Quarters
Residential
September
Active Listings - 180
New in Sept. - 58
Deposits - 24
Closed - 24
Avg.Sale Price - $421,737
SP/Sq.Ft. - $173.13
Avg.DOM - 43
Closed 1/1/2008 - 9/30/2008
249
Avg. Sale Price - $451,985
SP/Sq.Ft - $176.55
DOM- 60
Closed 1/1/2007 - 9/30/2008
300
Avg.Sale Price - $448,856
SP/Sq.Ft - $181.53
DOM -53
Comparing last year to this year sales are down by 17%, but the average sale price is up very minimally. Looking at September compared to the 1st 3 quarters the average sale price is down 6.7%. Hopefully this is not a trend.
Condominiums
September
Active Listings - 35
New in September - 11
Deposits - 6
Closed - 7
Avg. Sale Price - $230,771
SP/Sq.Ft. - $158.98
DOM - 66
Closed 1/1/2008 - 9/30/2008
Closed - 75
Avg. Sale Price - $205,743
SP/Sq.Ft. - $161.44
DOM - 62
Closed 1/1/2007 - 9/30/2007
Closed - 129
Avg.Sale Price - $205,415
SP/Sq.Ft - $165.01
DOM - 46
Comparing last year to this year sales are down 42%, but prices remain realtively unchanged.
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As a 25 year veteran of the real estate business, I specialize in Hartford and Middlesex counties. My clients needs are my #1 priority! Call if you have anyone relocating to my area.
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