Madison Connecticut Real Estate Market

Tom Burland  tom.burland@Ct-Shore-Homes.com  www.Ct-Shore-Homes.com

Real Estate activity in general declined in October across the region as economic concerns and the Presidential election took center stage and had consumers pausing.  However, the bright spot was that closings in Madison were higher this year verses last year.  In October Home Sales (closings) were 20 verses 14 in 2007.  Median sales price was down also, reflecting primarily the market segment that is moving (more first single family homes) and secondarily the price declines.

The good news for the market was several large financial institutions announced they are launching a program to assist troubled mortgage holders in re-financing to stay in their house and avoid foreclosure, and that is good news for most people in the housing market - as inventories drop because distressed sellers no longer need to sell to get out from under an unaffordable mortgage prices will stabilize and the market will level out.

In the mean time, buyers who can afford to purchase a home sill have the benefit of the lower home prices and great interest rates.

To learn more about the local market visit our website newsletter http://www.ct-shore-homes.com/newsletter.html  and click through to town details.  You can sign up for our e-newsletter which is published each month by clicking http://www.ct-shore-homes.com/newslettersignup.html .

Tom Burland