Fewer home sales (closings) and a longer absorption rate (number of months to sell existing inventory) are the two statistics that show the largest decrease through October comparing 2007 and 2008. We compared MLS data from 22 towns along the shoreline from Branford to New London and discovered that PRICES (median price) only decreased 2.7 % (from $380,842 to $370,644).
A summary of statistics through October 2008 for 22 Shoreline towns (from Branford to New London) are shown below:
|
Residential
|
2007
|
2008
|
Percent Chg
|
|
Closings
|
1053
|
763
|
-27.5%
|
|
Days on Market
|
97
|
106
|
+9.3%
|
|
Median Price
|
$380,842
|
$370,644
|
-2.7%
|
|
Active Listings
At Month's End
|
2154
|
2251
|
+4.3%
|
|
Absorption Rate*
|
10.3
|
14.16
|
+27.2%
|
*Number of months to sell existing inventory.
|
Closings: Residential (by home selling price)
|
2007
|
2008
|
Percent Chg
|
|
0 to $399,999
|
626
|
487
|
-22.2%
|
|
$399,999 to $599,999
|
238
|
169
|
-28.9%
|
|
$600,000 to $799,999
|
104
|
52
|
-50%
|
|
$800,000 to $999,999
|
34
|
25
|
-26.4%
|
|
$1,000,000 +
|
51
|
30
|
-41.1%
|
Looking at closings at various price levels, we find that home sales (closings) had the largest decreases in the higher price ranges ($600K to $800K range and above $1 million).
;)
;)
Ed we need to put some plus signs in place of those negative signs in 2009. Thanks for the market update for down there.