Overview of the Newtown, CT Real Estate Market 2012 At 60+ square miles, Newtown, CT is the largest town in Fairfield and is located in the Northeast corner of Fairfield County. For those making the New York City commute, Newtown is the end of the line. It's a great location for commuting to Westchester County. Although Newtown is located in Fairfield County, it has a different feel than lower Fairfield County or Down County as we call it here. Newtown is more rural than lower Fairfield County with many homes on 2 or more acres of land. Our pace of life is a little slower and people tend to know one another. The price range in homes in Newtown runs the gamut with prices running from under $100,000 all the way up into the multi-millions. It's more affordable to live in Newtown than in other areas of Fairfield County.
Since 2006, the real estate market here has been unusual at best. Prices have declined as much as 30% and many sellers were unable to accept this. With current real estate prices being on par with those back in 2002, anyone who purchased a home with little money down or who did a cash out refinance, in the years since 2002, the probability is that they are now under water. Most sellers and Realtors in Newtown have now accepted the change in home values.
We have been fortunate here in Newtown in that the number of foreclosure properties has been relatively low. Since, 2010, the number of sold foreclosure properties on the multiple listing service (MLS) has been under 25 each year with this year being on target to match that.
On the flip side, we’ve had a large number of short sale properties on the market. They have far outweighed the number of foreclosure sales. Many of the short sales tend to sit on the market and either expire or are relisted again for sale. Some are in great need of love and others are in beautiful condition. Short sales here in Newtown appear across the board in all the price ranges and don’t appear to be slowing down. They do sell and can present a tremendous value to buyers.
What has been most unique about the 2012 real estate market in Newtown is that the inventory has been very low. In years past, during the peak Spring Market, there have been over 350 homes actively listed for sale. This year at the peak, the number of homes for sale hovered just around 300. Another unique aspect about the 2012 market is that the buyers came out and have been purchasing homes again. So far in 2012, there is an increase of 18% in the number of homes sold in Newtown as compared to 2011. Now, that is positive real estate news! Overview of the Newtown, CT Real Estate Market 2012
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
Cell - (203) 470-9818