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.

http://www.realtor.org/research/reinsights/economistcommentary

So the 2008 2nd quarter data has been tabulated…again by resident Prudential Connecticut expert Barry Rosa.  What I always find so fascinating is that the numbers just are not as bad as the media reports.

Here are some local town facts:  (real numbers, year over year ’07 to ’08, residential single family facts)

Town   Dom ’07   Dom’08  %change  Median Sale $ 07  Median Sale $ ’08  # sales ’07   # sale ’08

Franklin   88           192       118.2%      $231,000             $315,000                6                   3

Griswold   121        113       -6.6%        $233,000             $217,500                 65                 56

Lisbon      117         164       40.2%        $253,500            $246,000                 20                 21

Voluntown 148        136       -9.6%       $298,000             $250,000                 11                 18

Canterbury 158        150       -5.1%       $340,000             $235,000                 21                 15

The upshot…what I believe is the most important aspect; is there are less total units being sold.  Only 3 towns in New London County are experiencing increased unit traffic; they are Voluntown, Lisbon and the impressive Sprague at 125% increase in unit traffic.  4 towns in Windham County experienced increase unit traffic year over year.

You can view the entire State of Connecticut report, plus condo information at www.prudentialct.com to the right of the home page, rightfully titled “The Market Report”.  Good Stuff!

Real Estate style, of course!

We have officially wrapped up the first quarter of 2008 and the Pru resident expert of such things, Barry Rosa has compiled the data and submitted his report at www.prudentialct.com (to the right of the home page under Market Report).  This is an interesting read on account that it further validates that all real estate is local.

In fact, the following is a list of towns in New London and Windham Counties that have posted increases to the median house prices year over year:  Bozrah, Groton (118%..nice), Lebanon, Ledyard, Salem, Stonington, Brooklyn, Chaplin and Wauregan.  Goes to show us that it is not all gloom and doom out there…some towns are quite perky!

And things are just starting to warm up…the second and third quarters are typically the busiest of the year.   After a lack luster November and December of 2007, the first quarter of this year has struggled to play catch up.  March and the first week of April posted stronger pending numbers. (this will not reflect in closed sales until the 2nd quarter)

The Good News??  Connecticut is outperforming the national numbers!  So please do not believe us a pea in a pod…certainly New London County is holding it own. 

Think locally, not nationally when it comes to your real estate perspective.