Brookfield Danbury New Milford Real Estate Market Summary – July 2011

Brookfield Danbury New Milford Real Estate Market Summary – July 2011

As the chart below shows the Brookfield Danbury Real Estate Market for the Greater Danbury area enjoyed the best month of 2011 in June. Volumes were the best since June 2010 and prices the highest since last August. Every month of the second quarter was better than any of the first quarter. In Real Estate that is known as the Spring Market and it did arrive on schedule – that’s the good news.

More sobering is the fact that every month this year has had lower sales than the corresponding month in 2010. Median prices were also mostly lower than 2010. Year to date the Median Price is 2% below 2010. So after something of a rebound in 2010 the local market has slumped back – 19% below last year but still 10% ahead of 2009.

Looking at Brookfield specifically, one sees the same trend, shown below on a quarterly basis. Volume through June 2011 is 26% below last year. The Median Price is down 9%. The curved line on this chart shows actual median prices by quarter. The straight line is a mathematical flattening of that line to accurately reflect the trend since 2005. It is a striking visual representation of Real Estate prices in the whole area from 2005 to 2011. The dark bars on this chart represent volume in the first quarter of the year and the light bars represent the second quarter. These show that the first quarter is usually the weakest while the second and third are usually the best.

The graph below represents the same data for New Milford. Year to date volume is down 24% from 2010 and the median price is down 9%. Similar trends as described for Brookfield are shown by the straight line and the colored bars.

The market quite clearly remains a Buyers Market. Here some closing facts as of July 11, 2011:

Town            Months Supply of Homes; Current Inventory – For Sale;  Sales Rate Homes/Mo.;   Sales + Pending

Brookfield                   15.7                               154                                9.8                                 58

Danbury                      13.5                               350                                26                                 157

New Milford                 16.6                                284                                17.1                              103

Nine Towns                  15.1                             1606                               106.5                              639