The Real Estate Market in Brookfield CT

Snapshot of the Brookfield CT Real Estate Market

McCaffrey Realty Professionals keeps careful track of what is happening in the communities in which we do business.  Here is a snapshot of what is happening to the Real Estate Market.  Many of these statistics were compiled by top agent, Dana Voelzke.

Looking for real estate statistics on Brookfield, CT? You've come to the right place. Here is the market snapshot for the month of October 2010. Our average home price is around $440,000, but starter homes begin around $250,000 and we also have fabulous luxury homes and estates.. In recent months our average home price has shown statistical appreciation simply because more higher priced homes have been selling this year as compared to last year.

Brookfield sold 13 homes last month, about in line with our average for the past year, and the number of pending sales expected to close in the next 45 days is about the same. The inventory of homes on the market is 11.4 months overall, down from its peak, but still a buyer's market, although the inventory in homes priced under $350,000 AND homes in the middle at $450,000 to $550,000 is lower at "only" 8 months (a balanced market is 6 months). The average market time of the homes that sold in the past year was 105 days, but only about one third of the homes that are put on the market sell at all. Two third of the homes expire after their listing contract without selling.

In the last year the first time home buyers dominated the market with the first time home buyer tax credit, but this month we see that the number of pending sales in the $700,000+ highest end of the market is greater than the number of pending sales in the starter home segment. Buyers have been conservative but those with jobs at this point feel that they are "safe" and are moving forward with home purchases. Interest rates continue to be at historical lows below 5% which makes home ownership, for those who are secure about their jobs and their futures, the most affordable time in recent history to buy.  Buyers must remember that you LIVE in the payment not the purchase price and between the 20+% decline in prices and these interest rates the PAYMENT is the number to watch and NOW is the time to consider that move..

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