Community Corner
Middletown Home Sales Level Despite Statewide Spike
The number of homes sold in Middletown is steady, compared to a spike across the State
Although the number of houses sold in Rhode Island last month is up over last year's numbers, Middletown's sales are level.
According to the The Re/Max of New England June Monthly Housing Report, Rhode Island home sales spiked 24.2 percent compared to last year, which is the largest increase in New England.
In Middletown, Re/Max reported nine houses sold in June of 2011 and the same number sold this June. The good news for the local market is pending sales jumped. There were 17 Middletown houses in pending status this June, up from 13 last year.
“In Middletown, transactions remain steady and we’re excited to see pending home sales increase, meaning consumers are active in the market. These factors indicate a stabilizing housing market with diminishing inventory, said Dan Breault, Executive Vice President, RE/MAX of New England.
The bad news for sellers is that while more houses sold, the median price decreased 11 percent, which is the largest year-to-year decline in New England.
According to Zillow.com, the median home price Middletown is currently $288,700, compared to the State average of $ 198,400.
