Comparison of the Newtown, CT Real Estate Market: 2000 to 2011 People ask us all the time, "How is the market doing". Many people still believe that the real estate market in our town is in a free fall and some believe that their home has not lost any value at all.
We decided to do a comparison of the average sale price, days on market and number of single family homes sold for each year from 2000 to 2011. All information was pulled from the Greater Fairfield County Multiple Listing Service (GFC MLS). Here is what we found:
|Year||Average Sale Price||Days on Market||# of Homes Sold|
The greatest number of sales in Newtown, CT happened in 2002 and the fewest number of sales ocurred in 2009. Starting in 2006, the days on market increased with 2009 having the most number of days on the market. What surprised us the most? The number of sales in Newtown has increased two years in a row.
So, where are we with prices? The average sale price decreased once again in 2011 by 7.6%. This change puts the average sale price back in the range of 2002! Overall from the high point in 2006, real estate market values have declined almost 30%.
What does this mean to you? If you purchased a home in Newtown, CT after 2002 or have refinanced your home since 2002, there is a good possibility that you could be under water. Under water means that there is more owed on your home than what its current market value is.
Like in life, change is constant and it applies to real estate, as well. The comparison of the Newtown, CT real estate market: 2000 to 2011 clearly shows the ever changing real estate market.
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
Cell - (203) 470-9818