The tables below show how the market behaved during the first 8 months of the year and how it compares to same period in 2007 according to the CT-MLS system.
As you can see, 635 properties were closed in the first 8 months of 2007 while only 463 were sold in 2008.
While in 2007 the diference between the asking price (Listing Price) and the actual selling price for Single Family properties was 7.34%, in 2008 selling prices have been 8.65% lower than asking prices.
The smaller difference between asking price and closing price was observed in Condominiums in 2008, and surprisingly, 2-family properties were sold for 7.72% more than their asking prices.
You can also notice that the average DOM (Days on Market) were higher in 2008, in other words, it is taking slightly longer to close than it was one year ago.
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