Middletown Home Sales Drop in Early 2012

It's the first uptick in real estate sales in five months, but it came with a catch.

Sales of single-family homes in Connecticut went up 4.5 percent in January, while median prices dropped 12.5 percent, according to a report released on Tuesday by The Warren Group.

Middletown, however, bucked the sales upswing trend. Last January 15 homes sold in town, compared with 13 this January. Median home prices also dropped here, from $210,000 in the first month of 2011 to $180,000 this January.

On the upside, the town saw an increase in condo sales. Only three sold in January of 2011 compared to five this year. The median sale price of condos in Middletown, however, dropped significantly during the same time period in each year, from $160,000 to $115,500.

Boston-based Warren publishes The Commercial Record and is a major tabulator of real estate statistics in New England.

Sales of single-family homes in Connecticut increased to 1,322 in January, up from 1,264 in January 2011, according to the report. It marked the first time monthly sales posted an increased since August and represents the highest monthly sales volume for the month since January 2008, when there were 1,653 sales, according to the report.

"Sales in Connecticut have been weak in recent months, so it's promising to see a strong start to the year," said Timothy M. Warren Jr., CEO of The Warren Group. "The mild winter will only help boost the spring selling season."

The median price for Connecticut single-family homes sold in January was $210,000, a 12.5 percent drop from $240,000 in January 2011, according to the report. It is the lowest median price recorded statewide since March 2003, according to the report.

"As sales volume bumped along the bottom, buyers apparently made good deals and drove down median prices across the state," Warren said.

A total of 357 Connecticut condominiums were sold in January, a 6 percent increase from January 2011 when 336 sales were recorded, according to the report.

Condo median prices decreased in January. The median price dropped more than 12 percent to $154,900, down from $176,950 in January 2011, according to the report. It is the lowest median price recorded statewide since March 2004, when the median sale price of a condo was $148,950, according to the report.

Attached are town-by-town charts for single-family home and condo sales.