Listed below is a summary of last month's home sales activity. I have also listed the activity for the same month last year to show where the markets are headed.
It appears that Woodbridge which has remained steady throughout 2007 is experiencing its second month in home sale price increases. May was also a strong month for the town of Orange, CT showing a strengthening in price here also.
Milford, New Haven and Bethany continue to soften in price showing a drop of 11- 20 per cent from this time last year.
MILFORD
May 2007 v.s. May 2008
|
|
New Listings |
Avg List Price |
No. Sold |
Avg. Sales Price |
|
2007 |
126 |
$500,339 |
47 |
$446,347 |
|
|
|
|
|
|
|
2008 |
119 |
$464,477 |
32 |
$358,144 |
The highest listing in Milford, CT in May 2008 was for a 3500 sq.ft, 4 Bedroom, 3.1 Bath Colonial (to be built) on 460 Gulf Street. It is listed at $2,400,000
The highest sold home in Milford for May 2008 was for a 4099 sq.ft, 9 Room, 5 Bedroom, 4 bath Colonial that was built in 2005 and is on 500 Anderson Avenue. This home was originally listed at $899,999 and sold for $850,000. This home was on the market 50 days.
DOM (Days on Market) has increased from an average of 64 Days in May 2007 to an average of 72 days in 2008.
The average sale price in May 2008 has come down approximately 20%from this time last year.
The average listing price in May 2008 has come down approximately 7.2% since this time last year.
Milford, Connecticut homes are continuing to soften making, Milford a buyer's market. Milford, CT offers a wide range of homes both in price and style making it a very desirable area due to proximity to the shoreline and a variety of commuter options.
ORANGE
May 2007 v.s. May 2008
|
|
New Listings |
Avg List Price |
No. Sold |
Avg. Sales Price |
|
2007 |
32 |
$452,419 |
10 |
$347,690 |
|
|
|
|
|
|
|
2008 |
18 |
$500,261 |
12 |
$465,667 |
In May, 2008, the highest sales price was on 10 Skyview which was listed for 20 Hedgefield which was listed for $995,000 and sold for $865,000 after 50 DOM (Days on Market) This is a 4500 sq.ft, 10 Room, 4 Bedroom, 4.1 Bath Colonial that was built in 2001
DOM in May 2007 averaged 60 days. In 2008, homes are averaging 73 Days on Market.
The average list price for a home in Orange has increased in May 2008 by 10.6%.
The average sale price for a home in Orange has increased in May 2008 from this time last year by approximately 25%
This appears to be the first sign of the Orange housing market picking up. The Amity Regional School District's reputation and more affordable prices make Orange a viable option for buyers especially those coming from Fairfield County.
BETHANY
May 2007 v.s. May 2008
|
|
New Listings |
Avg List Price |
No. Sold |
Avg. Sales Price |
|
2007 |
11 |
$461,845 |
5 |
$455,800 |
|
|
|
|
|
|
|
2008 |
7 |
$421,700 |
2 |
$394,000 |
In Bethany, the highest priced home listed in May 2008 was 378 Downs Road. This home is a Colonial that was built in 2004. It has 3600 sq.ft, 10 Rooms, 4 Bedrooms, and 3 Baths. It is listed for $749,000.
The highest sale was for 205 Bear Hill- a Colonial built in 1994 with 2754 sq. ft, 7 Rooms, 4 Bedrooms and 2.1 Baths. It was listed for $435,900 and sold for $440,000 ($4,100 over asking) in 15 days.
DOM in May 2007 averaged 168 days. In 2008, homes are averaging 67 Days on Market.
The average list price for a home in Orange has decreased in May 2008 by 8.7%.
The average sale price for a home in Orange has decreased in May 2008 from this time last year by approximately 13.6%
WOODBRIDGE
May 2007 v.s. May2008
|
|
New Listings |
Avg List Price |
No. Sold |
Avg. Sales Price |
|
2007 |
18 |
$564,533 |
6 |
$490,000 |
|
|
|
|
|
|
|
2008 |
25 |
$602,901 |
7 |
$565,571 |
In May 2008, the highest priced home listed in Woodbridge, CT was 44 Elderslie Lane. This is a 2003 Colonial with 5400 sq.ft, 13 Rooms, 4 Bedrooms and 3.1 Baths. This home is listed for $1,349,000.
The highest sale in May 2008 was for 50 Penny Lane-a 1994 Colonial that has 3770 sq.ft, 12 Rooms, 5 Bedrooms and 4.1 Baths. It was listed for $875,000 and sold for $830,000 after being on the market only 35 days.
DOM in May 2007 for a home in Woodbridge, CT averaged 24 days. In 2008, homes are averaging 51 Days on Market.
The average list price for a home in Woodbridge has increased in May 2008 from May 2007 by approximately 7%.
The average sale price for a home in Woodbridge has increased in May 2008 from this time last year by approximately 15.4%
For the second month in a row, activity has picked up in Woodbridge
New Haven
May 2007 v.s. May 2008
|
|
New Listings |
Avg List Price |
No. Sold |
Avg. Sales Price |
|
2007 |
86 |
$331,561 |
40 |
$260,588 |
|
|
|
|
|
|
|
2008 |
72 |
$265,140 |
23 |
$226,735 |
In May 2008, 275 West Park was the highest sold home in New Haven, CT. It is a 2840 sq.ft, 10 Room, 5 Bedroom, 2.1 Bath home that listed for $385,000 and sold for $382,500 in 16 Days.
DOM in May 2007 averaged 98 days. In 2008, homes are averaging 67 Days on Market.
The average list price for a home in New Haven decreased in May 2008 by approximately 21%.
The average sale price for a home in New Haven decreased in May 2008 from this time last year by approximately 11%
There continues to be a softening in the housing market in New Haven. However, new FHA guidelines in addition to the Yale Home Buyers program give a good reason for buyers to give New Haven a second look. Close proximity to Yale Hospital, St. Raphael's Hospital and Yale University make New Haven a viable option for those who are employed by these large institutions and looking for a lively, eclectic, urban setting.
If you need any additional information, or have any questions, feel free to contact me @ donna.springer@cbmoves.com
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