Real Estate Market - 12 Month Review

The National Association of REALTORS announced that a national basis homes sales are now nearly 37 percent above their bottom in January 2009, though still 16 percent below their peak in 2005. So what exactly does this mean? There is a lot of media coverage about the real estate market picking up - "October Sales Gains Lift Hope for Housing Market" "Home Sales Reach Their Highest Level in 2-1/2 years".

Yes, the market has been picking up over the last few months, but let's first look at the last 12 months, which has been a roller coaster ride to see where we've ended up a year later. All the figures compare October 2008 with October 2009. Then we'll take a look at the market since the bottom in January 2009.

NATIONAL - 12 Months

The number of single family homes sold has increased dramatically in the past year. Sales volume is up 21.4%. Prices have continued to decline and are down 6.8%. The median sales price of a single family home is $173,100. Inventory for all existing housing (includes condos/co-ops as well as single family homes) is down 14.9%. There is a 7 month supply, which is the lowest level in 2.5 years.

Source: 11/23/09 Press Release from National Association of REALTORS

FAIRFIELD COUNTY - 12 Months

Single family homes in Fairfield County followed national trends. Sales volume is up 19.4%. Prices have continued to decline and are down 9.4%. The median sales price of a single family home is $431,750.

Condominiums followed a similar pattern with higher sales volume and lower prices.

Source: The Warren Group, November 2009

BRIDGEPORT - 12 Months

Single family homes in Bridgeport followed national trends. Sales volume is up 3%. Prices are the same as a year ago with a median price of $168,000. Inventory has declined by 33%.

Condominium sales volume is up 8%. Prices are down 12%. Inventory has declined by 8%.

Source: Raveis.com

BRIDGEPORT - Progress since market bottom in January 2009

Sales volume is up 21% in Bridgeport for single family homes. Prices are up 4% at a median price of $161,000 to $168,000. Inventory has declined by 25%.

Sales volume for condominums is up 62%, but that is because only 9 condo units sold in all of Bridgeport in January 2009. Sales remained low through May of 2009. Prices are up 10%. Inventory has declined by 6%.

Source: Raveis.com

BLACK ROCK

There are no sources for Black Rock market statistics. I will be compiling these statistics manually at the end of the year for my e-mail newsletter subscribers, but our single family sales volume is not up, fewer homes sold this year than last year. Our median price will be lower, and our inventory is about the same as last year.