Market Statistics for SE Connecticut Through Oct 2008

By
Real Estate Agent with Page Taft Real Living

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). 

Comments (2)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed we need to put some plus signs in place of those negative signs in 2009.  Thanks for the market update for down there.

Nov 12, 2008 12:45 PM
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Edward,

Thanks for the post. Looks a lot like my area's statistical analysis. I would say this is pretty consistent throughout the region.

Nov 12, 2008 09:26 PM