Life in Newtown, CT

BOB & RICHELLE WARD have recently sold 18 Kelly Court, Newtown, CT for $482,000

4 Bedrooms - 2.5 Bathroom - 2.17 Acres - cul de sac location

Spacious 10 room Colonial with a front porch located on 2+ acres in the Sandy Hook section of Newtown.  End of cul-de-sac location.  Living Room has moulding and built-ins.  Eat-in-Kitchen with breakfast bar and French Door to private backyard and deck.  Granite countertops.  Large Family Room with fireplace, wet bar and vaulted ceiling.  Master bedroom suite with tray ceiling and luxury bath with whirlpool tub.  Enhanced stonework and landscaping complete the package.

Click here or go to http://www.18KellyCourt.com/ for more information on this home.

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818

Like in many other towns across the US, real estate values in Newtown, CT have been declining over the past year.  Many residents in town know this, but don't know by how much.  The rate of decline has been roughly 1% per month.  So as of August, home values in Newtown had declined approximately 8% since January 2008.

When Realtors evaluate real estate market conditions, there are different factors that we take into consideration.  These factors include:  Median Sale Price, Median List Price, number of units sold, number of days on the market and the Sale Price to List Price Ratio.  I'll do my best to explain each of these items to you. 

Many people confuse the words "median" and "average".  These are different mathmatical computations and the results can vary greatly.  An average is determined by adding up a list of numbers and then dividing the sum by the number of items in the list (example:  10+20+60=90  90/3=30  30 is the average)  To determine the median value, you must find the number that is the middle number in the list of numbers (example: 10,20,60  20 is the median number). 

Here are some relevant Newtown real estate statistics:

The median sale price in Newtown, CT is down 8.57% from this same time last year.  The median list price is down 9.11% from this same time last year.

The number of units sold as of 6/30/08 is down 33.9% from 2007.  One-third fewer homes have been sold in 2008 than were sold in 2007.  There were 171 homes were sold in the first six months of 2007 and 113 homes were sold during the same period in 2008.

The number of days that a home is active on the market has increased from 139 days to 146 days.  This means that it is now taking 7 more days for sellers to get a signed contract for the sale of their home.  Doesn't sound like much, but when you're trying to sell your home, it is a big deal.  It is important to note that if a home has been listed for sale previously, those days do not rollover into the days on market when the home sells.

The Sale Price to List Price ratio is currently 95%.  If the current list price on a home is $100,000 then the seller should expect it to sell for $95,000.  When you break out homes into price ranges (ie, $300,000 to $350,000; $350,000 to $400,000) this ratio does fluxuate a little bit.

The figures used in this post come from The Connecticut Real Estate Market Report (7/22/08) and from Prudential Connecticut Realty's Real Estate Reporter (as of 8/31/08).  The sales price to list price ratio information is courtesy of the Greater Fairfield County MLS (as of 9/17/08).

Short Sale is a term that we hear quite often these days. What does it mean? It's quite simple. A short sale is when there is not enough money in the transaction to satisfy all the obligations of the seller. These obligations can include the payoff of any and all mortgages, any loans collateralized by the property, transfer taxes, legal fees, real estate commissions and any outstanding property taxes or liens against the property. A short sale is often a better alternative for the bank and the seller to avoid the foreclosure process.

Should you purchase a short sale?  Yes!  A home that is a short sale is just as good a home to purchase as one that is not a short sale.  After negotiating with the seller, the transaction will require the bank's approval.  The time it takes for the bank to give their approval varies from bank to bank.  It can take just a few weeks or it can take a few months.

As of 9/21/08, the are seven homes listed on the GFC MLS that are identified as 'Possible Short Sale" in Newtown, CT.  The list price of these homes ranges from $299,000 to $1,355,000.

If you have any questions or if you'd like a list of possible short sale properties, Email us!

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818

BOB & RICHELLE WARD have SOLD 14 Northridge Drive, Newtown, CT for $925,000.

Stately Brick Colonial on a 5.44 private acre estate setting in desirable Newtown Hunt. Cul de Sac location bordering on open space. 15 rooms, 6,594 square feet, 5 Bedrooms, 4.5 Bathrooms, Inground Pool, 3 car garage, Gourmet granite kitchen with high end stainless steel appliances: Viking, Subzero, Thermador, Advantium, Bosch. Breathtaking landscaping. Upgrades galore.  Click here for more information on this home.