I look forward to what 2009 has in store, I am cautiously optimistic that the spring season will usher in the calm. (that would be my crystal ball report!)
But allow me to deal in some real numbers for the 3rd quarter of 2008 as compiled in very factual form by Prudential Connecticut Realty’s own Barry Rosa, I read the whole report and you can too at www.prudentialct.com it is to the right of the main page (eleven pages long, per county separated by residential and condominiums). For the purpose of my blog, I deal in residential sales in New London and Windham Counties:
New London County (Groton, Bozrah and East Lyme all had modest price gains)
For nine months so far in 2008, here are the facts:
Days on Mkt Median Sales Price Total # of unit sold
140 $255,000 1316
For the same nine months in 2007, here are the facts:
Days on Mkt Median Sales Price Total # of units sold
138 $280,000 1903
Notes: Median means just a many above as below, there is an 8.9% drop in house prices in year to year comparison, units sold are 30.8% less in 2008
Windham County (Wauregan and Woodstock both had modest price gains)
So far for 2008:
Days on Mkt Median Sales Prices Total # Units Sold
138 $205,000 613
Same months in 2007
Days on Mkt Median Sales Price Total # of Units sold
143 $230,000 717
Notes: That is a 10.1% drop in house price and a 14.5% drop in total units sold
So, I suspect that now that it is being called a recession, maybe that means we are on our way out? Cross your fingers and read the NAR economic report linked below.
https://www.realtor.org/research/reinsights/economistcommentary
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