Home values are important whether you are planning to buy a home or sell a home. They are a major topic of conversation and are on the minds of many people. Each day the news media tell us about large double digit declines in real estate values. Basically, the media is telling us that "the sky is falling". Being local Realtors, we thought we should put the rise and fall of Newtown real estate values into perspective.
Real estate is really a "local thing" - values can differ greatly from one town to another. We have made a comparison of the median sales price in Newtown, CT from 2003 to 2008 to see what has happened to real estate values in Newtown.
The table below shows the end of year number of sales, the median sales price and also the percentage of change (+ or -) of the median sales price.
In reviewing the table below, you can see that the median sales price has declined to 2004/2003 values. Real estate values in Newtown peaked in 2006. Between 2003 and 2006, values rose a total of 18.88% and in 2007 and 2008, values declined a total of 15.11%.
| Year End |
# of Sales for the Year |
Median Sales Price |
Percentage of Change |
| 12/31/03 |
506 |
$439,500 |
|
| 12/31/04 |
500 |
$485,000 |
+9.38% |
| 12/31/05 |
459 |
$495,000 |
+2.02% |
| 12/31/06 |
345 |
$535,000 |
+7.48% |
| 12/31/07 |
350 |
$501,000 |
-6.79% |
| 12/31/08 |
229 |
$462,500 |
-8.32% |
Did you notice that in 2008 the number of sales was less than half of the units sold in 2005?
We hope that you find this to be informative information. Please email us if you would like this same information for other towns in the area.
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818
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