For this time period, the number of sales (closings) decreased slightly but the absorption rate INCREASED from 10.6 to 17.5 (months to sell existing inventory -- a change of +65.1% compared to the same period last year). We compared MLS data from 22 towns along the shoreline from Branford to New London. As for PRICES (median price) there was only a 2.8 % decrease comparing 2007 with 2008 (from $380,842 to $370,280).
A summary of residential real estate statistics through Nov. 30 2008 for 22 Shoreline towns (from Branford to New London) are shown below:
|
Residential
|
2007
|
2008
|
Percent Chg
|
|
Closings
|
1239
|
873
|
-29.5%
|
|
Days on Market
|
95
|
100
|
+5.3
|
|
Median Price
|
380,842
|
370,280
|
-2.8
|
|
Active Listings At Month's End
|
2000
|
2069
|
+3.5%
|
|
Absorption Rate*
|
10.6
|
17.45
|
+65.1
|
*Number of months to sell existing inventory.
|
Closings: Residential (by home selling price)
|
2007
|
2008
|
Percent Chg
|
|
0 to $399,999
|
746
|
568
|
-23.9%
|
|
$399,999 to $599,999
|
280
|
184
|
-34.3%
|
|
$600,000 to $799,999
|
115
|
61
|
-47.0%
|
|
$800,000 to $999,999
|
40
|
26
|
-35.0%
|
|
$1,000,000 +
|
58
|
34
|
-41.4%
|
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). These numbers were similar to the October 2008 statistics report.
;)
;)
Ed, this goes to prove that Connecticut is not in the same downward spiral that the news media has been trying to paint for the country. But I guess they will continue to try to portray that because that is what increases the ratings.