Life in Newtown, CT

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:

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
www.connecticuthomesforsale.com
Cell - (203) 470-9818

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%. 

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