The Real Estate Market Report 4TH QUARTER 2011
Prepared by: Candace Adams, President, Prudential Connecticut Realty Terence Beaty, Director, New Homes & Land, Prudential Connecticut Realty
Connecticut Attempts to Rally in 2011
The year got off to a great start by posting the first two strongest quarters for pending sales since the first half of 2010. It was also the first year, out of the last three years, that we did not have the benefit of a federal tax credit for homebuyers; testing us to see if we could thrive under somewhat normal conditions. Predicting the movement of the market is difficult due to many factors that are out of our control. Such was the case with the “Black Swans” of 2011. At the beginning of the year, record breaking snow fell week after week, drastically slowing the market. The spring thaw brought out enthusiastic buyers and the market rallied for a short time. Typically, we see a strong push going into the third quarter, but the devastating hurricane and the unexpected destruction of the Halloween snow storm contributed to a slow finish for the year.
Pending Sales
Total year deposits for single family homes were down only 3.6% in spite of the turbulence in the economy, political environment and unexpected events. While the first two quarters of 2011 were the strongest, the fourth quarter was down only 2.8% from the
PENDING SALES Rolling Eight Quarters
CLOSED SALES Rolling Eight Quarters
4TH QUARTER 2011 MARKET REPORT
same period last year. Pending sales for condominiums paced with single family homes, also with stronger results in the first two quarters of the year. Full year condominium pending sales were down 12.5% over last year, indicating that the condominium market is still struggling to gain forward momentum.
MONTHS SUPPLY OF INVENTORY Rolling Eight Quarters
Closed Sales
Closed sales slowed their pace again in 2011, with sales of single family homes down 7.5% on average statewide, while condominium sales were down 11.8% from a year ago. Despite interest rates being at historic lows and average sale prices at their lowest in two years, consumer confidence hovered at around 40 on a scale of 100 through October, according to DataCore of New Haven. It then shot up in November to 56, but had little effect on overall market performance. The State’s budget woes also kept Connecticut residents from spending until late in the year. According to the State Department of Economic Development, consumer purchases of goods and services in Connecticut rose in the fourth quarter; hopefully setting the stage for continued increases in 2012. Investors also continued to enter the market, thus demonstrating another sign of confidence.
seeing more stability in the market. In fact, condominium inventory ticked down 2% overall from last year and the fourth quarter had the lowest level of supply in 2011.
seasonal differences, but represent a fairly stable pricing environment. Median prices should firm up in 2012 as consumer confidence continues to return to the market.
Current Inventory
Median Prices
Days on Market
The inventory of available homes for sale in the fourth quarter of 2011 fell 13% from the third quarter, but remained 9.1% higher than last year overall. At current levels, it would take 7.2 months to sell off the existing single family inventory. Typically, in a healthy market, it takes about 6 months to achieve this; hinting that we may be
MEDIAN PRICE Rolling Eight Quarters
Single family home prices began to stabilize during the third quarter of 2011. However, median sales prices fell 3.8% to $250,000 from $260,000 in the fourth quarter and condominium median sales prices fell 7%, from $178,000 to $165,500 for the year. Looking at the numbers on a quarterly basis, each of the last two years showed
The average number of days required to sell a single family home rose 6.4% to 150 days, while condominiums took an average of 166 Days to sell. In 2010, single family homes took an average of 141 days to sell and condominiums took an average of 159 days. In a relatively healthy market it generally takes 100 to 120 days for prudentialCT.com
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4TH QUARTER 2011 MARKET REPORT
properties to sell; indicating that the market is still slowly climbing the hill to recovery.
PERMITS ISSUED
Rental Market
The rental market remained strong throughout 2011. There were 12,950 leases signed in Connecticut this year, a 5% increase over 2010. During the same period, median rent prices rose 3.6% to $1,450 per month. The average length of time on the market for rental properties dropped another 7.5% to just 62 days; a further indication of a healthy market. Connecticut’s rental market is expected to remain strong as a component of the overall residential market, as short sales and foreclosures temporarily displace homeowners and newly formed households postpone purchasing their first home. However, lower house prices, combined with low interest rates may incent younger, creditworthy individuals to buy rather than rent during the next few years. Either way, housing affordability for both the sale and rental categories should continue to help the market stabilize during 2012 and 2013.
New Housing Permits
Housing permits issued in Connecticut did not keep up with those reported for the full year of 2010. Permits for 2011 are estimated to finish the year at 2,819, 16.7% behind the 3,385 permits issued in 2010. However, the three months of September, October and November posted a 32% gain of 844 permits over the prior three months, showing positive signs of builder confidence in the market. Towns demonstrating the best results in both single family and multi-family permits included Ellington, Bridgeport,
Cheshire, Milford, Stamford, Vernon, Old Saybrook and West Hartford. Builders and developers have been waiting for signs that it is safe to begin residential construction. Some have already begun development while others need to see consistent gains in housing starts before they join in. The 2011 full year results will be available in January 2012 and the expectation is for continued improvement.
Luxury Market
Statewide sales of luxury homes, considered to be those transactions valued at over two million dollars, rose 2.1% to 431 in 2011. Median prices for luxury homes however, dipped 3.6% to $2,850,000 from $2,955,000 last year. Buyers of luxury homes in Connecticut have been confident in their purchases, but at slightly lower prices in Litchfield, New Haven and Fairfield Counties. In Hartford County, buyers pushed prices
higher by 19.9% in four transactions with a median price of $3,612,000. In fact, the highest sale in Hartford County was in the Town of Avon for $5,000,000. In the affluent community of Greenwich, sales of luxury single family homes rose 10.6% to 229 transactions, while the median price fell 5.2% to $3,175,000. Average days on market fell 10% to 235; a positive sign that luxury buyers are continuing to take advantage of softer prices.
Foreclosures
Foreclosure activity, according to realtytrac.com, the foreclosuretracking organization, is defined as initial filings, auctions and foreclosure proceedings potentially resulting in bank ownership. They report that in Connecticut, there were 3,368 new filings in the three months ending in November. In addition, one in every 1,145 households in the State received a foreclosure filing in December.
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On a positive note, the overall level of foreclosures has been trending lower for the last six months. Connecticut ranks 13th among states with under or non-performing loans nationally, positioning it as a state that still offers a relatively safe market to sell a home. However, short sale transactions promise to be a significant measure of all residential home sales in the next few years.
Summary
Connecticut’s residential real estate market performance is expected to recover slowly in 2012. Some economic indicators show that we will begin to see the benefits of patience and persistence. In November of 2011, the State’s seasonally adjusted unemployment rate fell slightly to 8.4%; the lowest level since 2009.
Business and consumer confidence rose slightly in Connecticut and around the region, and hopefully 2012 will bring us renewed performance in the residential markets. On a national level, the turbulent political and economical environments will continue to have an impact on the housing markets. Today’s real estate market is no longer as predictable and interest rate driven as it has been in the past. While 2012 will most likely present its challenges, there should be many opportunities for both buyers and investors alike to come back to the market due to lower sales prices, low interest rates and improved market confidence.
By Candace Adams President, Prudential Connecticut Realty
By Terence Beaty
Director, New Homes & Land Division Prudential Connecticut Realty
Information herein is based in whole or part on data supplied by area Multiple Listing Services (MLS), for residential property transactions as of December 31st, 2011. Data maintained by an MLS may not reflect all real estate activity in the market. It is deemed reliable but not guaranteed.
COUNTY & STATE ROLL-UP SINGLE-FAMILY County
2010
2011
2010
2011
2010
2011
Days on Market
Days on Market
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
Fairfield
148
153
3.4%
$475,000.00
$465,000.00
-2.1%
5994
5610
-6.4%
Hartford
122
134
9.8%
$230,000.00
$222,500.00
-3.3%
5750
5281
-8.2%
Litchfield
172
182
5.8%
$240,000.00
$225,000.00
-6.3%
1336
1311
-1.9%
Middlesex
154
156
1.3%
$260,000.00
$260,000.00
0.0%
1285
1221
-5.0%
New Haven
138
148
7.2%
$226,000.00
$220,000.00
-2.7%
4876
4490
-7.9%
New London
150
159
6.0%
$220,000.00
$208,000.00
-5.5%
2031
1776
-12.6%
Tolland
139
139
0.0%
$235,000.00
$220,000.00
-6.4%
926
875
-5.5%
Windham
146
161
10.3%
$169,900.00
$158,750.00
-6.6%
902
802
-11.1%
State of CT
141
150
6.4%
$260,000.00
$250,000.00
-3.8%
23100
21366
-7.5%
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4TH QUARTER 2011 MARKET REPORT
FAIRFIELD COUNTY SINGLE-FAMILY 2010
2011
Community
Days on Market
Days on Market
2010
2011
% Change
Median Sales Price
Median Sales Price
2010
2011
% Change
Sales
Sales
% Change
Bethel
145
142
-2.1%
$304,000.00
$322,500.00
6.1%
117
87
-25.6%
Bridgeport
137
153
11.7%
$155,000.00
$130,000.00
-16.1%
465
426
-8.4%
Brookfield
138
162
17.4%
$404,500.00
$361,250.00
-10.7%
150
114
-24.0%
Danbury
142
153
7.7%
$271,250.00
$260,000.00
-4.1%
334
309
-7.5%
Darien
178
173
-2.8%
$1,325,000.00
$1,400,000.00
5.7%
248
227
-8.5%
Easton
174
159
-8.6%
$600,000.00
$671,812.50
12.0%
79
52
-34.2%
Fairfield
130
141
8.5%
$520,000.00
$549,000.00
5.6%
605
523
-13.6%
Greenwich
220
214
-2.7%
$1,741,500.00
$1,655,000.00
-5.0%
482
524
8.7%
Monroe
131
149
13.7%
$409,000.00
$365,000.00
-10.8%
131
141
7.6%
New Canaan
212
184
-13.2%
$1,462,500.00
$1,600,000.00
9.4%
216
214
-0.9%
New Fairfield
144
151
4.9%
$348,000.00
$328,000.00
-5.7%
135
123
-8.9%
Newtown
155
148
-4.5%
$415,000.00
$374,750.00
-9.7%
243
250
2.9%
Norwalk
145
151
4.1%
$440,000.00
$416,710.00
-5.3%
507
441
-13.0%
Redding
162
168
3.7%
$600,000.00
$561,250.00
-6.5%
73
74
1.4%
Ridgefield
147
150
2.0%
$713,500.00
$670,000.00
-6.1%
271
235
-13.3%
Shelton
131
128
-2.3%
$319,000.00
$287,000.00
-10.0%
276
233
-15.6%
Sherman
185
183
-1.1%
$387,500.00
$372,500.00
-3.9%
36
34
-5.6%
Stamford
139
142
2.2%
$588,000.00
$535,000.00
-9.0%
535
527
-1.5%
Stratford
130
135
3.8%
$242,250.00
$220,000.00
-9.2%
392
392
0.0%
Trumbull
128
129
0.8%
$380,000.00
$357,000.00
-6.1%
276
262
-5.1%
Weston
163
158
-3.1%
$830,000.00
$750,000.00
-9.6%
120
107
-10.8%
Westport
145
151
4.1%
$1,140,000.00
$1,085,625.00
-4.8%
352
344
-2.3%
Wilton
144
149
3.5%
$775,000.00
$824,500.00
6.4%
167
185
10.8%
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4TH QUARTER 2011 MARKET REPORT
HARTFORD COUNTY SINGLE-FAMILY 2010
2011
2010
2011
2010
2011
Community
Days on Market
Days on Market
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
Avon
129
139
7.8%
$426,250.00
$465,000.00
9.1%
166
215
29.5%
Berlin
121
125
3.3%
$249,900.00
$255,000.00
2.0%
141
136
-3.5%
Bloomfield
153
171
11.8%
$195,000.00
$184,900.00
-5.2%
161
123
-23.6%
Bristol
126
146
15.9%
$180,000.00
$170,000.00
-5.6%
420
343
-18.3%
Burlington
142
177
24.6%
$319,750.00
$335,000.00
4.8%
101
93
-7.9%
Canton
141
133
-5.7%
$360,000.00
$308,900.00
-14.2%
87
83
-4.6%
East Granby
141
160
13.5%
$262,250.00
$267,750.00
2.1%
58
34
-41.4%
East Hartford
121
136
12.4%
$155,000.00
$145,000.00
-6.5%
343
307
-10.5%
East Windsor
125
141
12.8%
$197,550.00
$211,500.00
7.1%
66
72
9.1%
Enfield
114
124
8.8%
$184,000.00
$165,000.00
-10.3%
287
276
-3.8%
Farmington
140
136
-2.9%
$383,500.00
$353,750.00
-7.8%
200
182
-9.0%
Glastonbury
123
129
4.9%
$360,000.00
$367,000.00
1.9%
319
289
-9.4%
Granby
150
131
-12.7%
$281,250.00
$295,000.00
4.9%
86
84
-2.3%
Hartford
129
150
16.3%
$133,000.00
$139,900.00
5.2%
193
163
-15.5%
Hartland
93
122
31.2%
$201,500.00
$243,000.00
20.6%
14
5
-64.3%
Manchester
119
139
16.8%
$185,000.00
$169,000.00
-8.6%
358
321
-10.3%
Marlborough
118
143
21.2%
$262,500.00
$265,000.00
1.0%
60
49
-18.3%
New Britain
117
129
10.3%
$137,500.00
$126,450.00
-8.0%
293
246
-16.0%
Newington
111
119
7.2%
$220,000.00
$205,000.00
-6.8%
208
215
3.4%
Plainville
112
126
12.5%
$209,500.00
$176,500.00
-15.8%
126
122
-3.2%
Rocky Hill
116
138
19.0%
$290,000.00
$276,500.00
-4.7%
91
86
-5.5%
Simsbury
126
127
0.8%
$324,625.00
$332,500.00
2.4%
218
216
-0.9%
South Windsor
124
118
-4.8%
$274,450.00
$254,900.00
-7.1%
202
195
-3.5%
Southington
125
145
16.0%
$278,500.00
$250,000.00
-10.2%
315
283
-10.2%
Suffield
152
164
7.9%
$285,000.00
$298,450.00
4.7%
103
100
-2.9%
West Hartford
106
116
9.4%
$300,000.00
$302,500.00
0.8%
605
555
-8.3%
Wethersfield
119
131
10.1%
$235,000.00
$225,000.00
-4.3%
216
210
-2.8%
Windsor
116
132
13.8%
$214,500.00
$183,500.00
-14.5%
220
208
-5.5%
Windsor Locks
112
145
29.5%
$190,000.00
$164,500.00
-13.4%
93
70
-24.7%
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4TH QUARTER 2011 MARKET REPORT
LITCHFIELD COUNTY SINGLE-FAMILY 2010
2011
2010
2011
Community
Days on Market
Days on Market
% Change
Median Sales Price
Median Sales Price
% Change
2010
2011
Sales
Sales
% Change
Bantam
204
87
-57.4%
$228,500.00
$104,500.00
-54.3%
4
2
-50.0%
Barkhamsted
123
142
15.4%
$250,000.00
$239,950.00
-4.0%
23
18
-21.7%
Bethlehem
122
158
29.5%
$300,000.00
$249,500.00
-16.8%
25
22
-12.0%
Bridgewater
236
276
16.9%
$542,000.00
$545,000.00
0.6%
13
16
23.1%
Canaan
184
218
18.5%
$213,000.00
$197,500.00
-7.3%
19
10
-47.4%
Colebrook
138
194
40.6%
$172,000.00
$192,000.00
11.6%
17
9
-47.1%
Cornwall
111
320
188.3%
$402,500.00
$631,500.00
56.9%
8
8
0.0%
Goshen
181
230
27.1%
$275,000.00
$320,000.00
16.4%
37
51
37.8%
Harwinton
148
161
8.8%
$209,900.00
$210,000.00
0.0%
45
41
-8.9%
Kent
272
215
-21.0%
$583,925.00
$373,000.00
-36.1%
24
28
16.7%
Litchfield
214
227
6.1%
$253,500.00
$283,000.00
11.6%
58
51
-12.1%
Morris
266
200
-24.8%
$277,250.00
$265,000.00
-4.4%
20
19
-5.0%
New Hartford
147
153
4.1%
$236,000.00
$261,000.00
10.6%
53
48
-9.4%
New Milford
146
164
12.3%
$294,000.00
$275,000.00
-6.5%
223
209
-6.3%
Norfolk
197
178
-9.6%
$323,700.00
$345,000.00
6.6%
12
12
0.0%
North Canaan
225
235
4.4%
$179,000.00
$140,000.00
-21.8%
5
16
220.0%
Plymouth
146
168
15.1%
$182,150.00
$162,000.00
-11.1%
90
95
5.6%
Roxbury
283
295
4.2%
$876,000.00
$552,500.00
-36.9%
27
24
-11.1%
Salisbury
255
234
-8.2%
$586,250.00
$375,000.00
-36.0%
36
42
16.7%
Sharon
225
349
55.1%
$560,000.00
$556,250.00
-0.7%
23
6
-73.9%
Thomaston
192
145
-24.5%
$179,900.00
$184,500.00
2.6%
45
49
8.9%
Torrington
146
165
13.0%
$160,000.00
$148,000.00
-7.5%
220
217
-1.4%
Warren
163
343
110.4%
$447,500.00
$430,556.00
-3.8%
16
9
-43.8%
Washington
265
238
-10.2%
$690,000.00
$742,750.00
7.6%
40
34
-15.0%
Watertown
137
140
2.2%
$192,500.00
$216,500.00
12.5%
131
164
25.2%
Winchester
220
181
-17.7%
$170,000.00
$140,000.00
-17.6%
53
63
18.9%
Woodbury
187
228
21.9%
$365,000.00
$372,500.00
2.1%
69
48
-30.4%
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4TH QUARTER 2011 MARKET REPORT
MIDDLESEX COUNTY SINGLE-FAMILY 2010
2011
Community
Days on Market
Days on Market
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Chester
144
Clinton
178
Cromwell
2010
2011
Sales
Sales
156
8.3%
$312,450.00
$270,000.00
-13.6%
28
29
3.6%
174
-2.2%
$271,000.00
$254,750.00
-6.0%
116
108
-6.9%
136
149
9.6%
$255,000.00
$273,500.00
7.3%
83
89
7.2%
Deep River
175
153
-12.6%
$272,250.00
$241,500.00
-11.3%
42
38
-9.5%
Durham
147
124
-15.6%
$295,000.00
$320,000.00
8.5%
61
43
-29.5%
% Change
East Haddam
152
173
13.8%
$257,000.00
$241,000.00
-6.2%
95
75
-21.1%
East Hampton
142
151
6.3%
$250,000.00
$238,000.00
-4.8%
123
111
-9.8%
Essex
180
195
8.3%
$350,000.00
$375,000.00
7.1%
63
69
9.5%
Haddam
179
181
1.1%
$270,000.00
$289,000.00
7.0%
69
63
-8.7%
Killingworth
169
172
1.8%
$312,250.00
$341,500.00
9.4%
46
47
2.2%
Middlefield
190
179
-5.8%
$267,500.00
$254,900.00
-4.7%
25
31
24.0%
Middletown
134
136
1.5%
$216,750.00
$210,000.00
-3.1%
266
246
-7.5%
Old Saybrook
175
143
-18.3%
$310,500.00
$370,000.00
19.2%
122
141
15.6%
Portland
118
159
34.7%
$235,000.00
$202,000.00
-14.0%
83
75
-9.6%
Westbrook
158
160
1.3%
$340,000.00
$277,500.00
-18.4%
63
56
-11.1%
TOLLAND COUNTY SINGLE-FAMILY 2010
2011
2010
2011
Community
Days on Market
Days on Market
Amston
150
Andover Bolton
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
147
-2.0%
$270,000.00
$250,000.00
-7.4%
17
15
-11.8%
134
102
-23.9%
$228,750.00
118
140
18.6%
$207,900.00
$216,500.00
-5.4%
30
20
-33.3%
$271,000.00
30.4%
35
48
37.1%
Columbia
135
132
-2.2%
$239,500.00
$219,000.00
-8.6%
45
43
-4.4%
Coventry
175
142
Ellington
148
140
-18.9%
$222,000.00
$205,000.00
-7.7%
103
89
-13.6%
-5.4%
$286,000.00
$272,000.00
-4.9%
115
93
-19.1%
Hebron
137
160
16.8%
$297,500.00
$267,450.00
-10.1%
43
50
16.3%
Mansfield
140
148
5.7%
$245,000.00
$197,500.00
-19.4%
76
94
23.7%
Somers
151
171
13.2%
$295,000.00
$290,000.00
-1.7%
70
63
-10.0%
Stafford
145
149
2.8%
$165,000.00
$165,000.00
0.0%
83
64
-22.9%
Tolland
113
132
16.8%
$272,200.00
$260,000.00
-4.5%
104
109
4.8%
Union
185
254
37.3%
$254,750.00
$156,000.00
-38.8%
6
6
0.0%
Vernon
118
123
4.2%
$191,000.00
$170,000.00
-11.0%
170
151
-11.2%
Willington
153
98
-35.9%
$235,571.00
$227,000.00
-3.6%
29
30
3.4%
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4TH QUARTER 2011 MARKET REPORT
NEW HAVEN COUNTY SINGLE-FAMILY 2010
2011
2010
2011
Community
Days on Market
Days on Market
Ansonia
126
Beacon Falls
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
152
20.6%
$199,950.00
$188,950.00
-5.5%
58
66
13.8%
129
150
16.3%
$255,000.00
$225,000.00
-11.8%
33
25
-24.2%
Bethany
139
144
3.6%
$304,000.00
$309,500.00
1.8%
45
40
-11.1%
Branford
157
185
17.8%
$290,000.00
$335,000.00
15.5%
147
136
-7.5%
Cheshire
151
152
0.7%
$320,000.00
$350,950.00
9.7%
210
196
-6.7%
Derby
163
152
-6.7%
$214,900.00
$200,000.00
-6.9%
43
37
-14.0%
East Haven
125
149
19.2%
$178,250.00
$186,500.00
4.6%
208
178
-14.4%
Guilford
162
158
-2.5%
$390,000.00
$399,900.00
2.5%
208
169
-18.8%
Hamden
120
142
18.3%
$219,000.00
$212,000.00
-3.2%
398
354
-11.1%
Madison
162
161
-0.6%
$425,000.00
$422,500.00
-0.6%
213
182
-14.6%
Meriden
124
143
15.3%
$170,000.00
$150,000.00
-11.8%
374
323
-13.6%
Middlebury
166
188
13.3%
$317,500.00
$312,500.00
-1.6%
45
62
37.8%
Milford
131
131
0.0%
$285,000.00
$279,950.00
-1.8%
350
366
4.6%
Naugatuck
137
147
7.3%
$180,000.00
$160,000.00
-11.1%
201
203
1.0%
New Haven
138
149
8.0%
$165,000.00
$160,000.00
-3.0%
329
245
-25.5%
North Branford
158
156
-1.3%
$257,000.00
$242,000.00
-5.8%
71
65
-8.5%
North Haven
131
173
32.1%
$260,000.00
$261,500.00
0.6%
170
170
0.0%
Orange
111
131
18.0%
$365,000.00
$337,500.00
-7.5%
95
83
-12.6%
Oxford
141
143
1.4%
$345,000.00
$339,000.00
-1.7%
67
80
19.4%
Prospect
151
145
-4.0%
$258,900.00
$231,000.00
-10.8%
75
58
-22.7%
Seymour
145
132
-9.0%
$243,000.00
$228,000.00
-6.2%
105
85
-19.0%
Southbury
164
149
-9.1%
$400,000.00
$369,950.00
-7.5%
139
124
-10.8%
Wallingford
127
134
5.5%
$258,000.00
$240,500.00
-6.8%
271
280
3.3%
Waterbury
137
151
10.2%
$115,000.00
$110,000.00
-4.3%
543
479
-11.8%
West Haven
130
143
10.0%
$172,900.00
$160,000.00
-7.5%
283
284
0.4%
Wolcott
140
142
1.4%
$189,950.00
$214,950.00
13.2%
104
112
7.7%
Woodbridge
153
154
0.7%
$440,000.00
$407,625.00
-7.4%
91
88
-3.3%
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4TH QUARTER 2011 MARKET REPORT
NEW LONDON COUNTY SINGLE-FAMILY 2010
2011
2010
2011
Community
Days on Market
Days on Market
Bozrah
181
Colchester
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
187
3.3%
$209,900.00
$201,500.00
-4.0%
13
20
53.8%
138
175
26.8%
$256,000.00
$243,750.00
-4.8%
131
126
-3.8%
East Lyme
154
165
Franklin
143
134
7.1%
$299,000.00
$280,000.00
-6.4%
176
137
-22.2%
-6.3%
$196,000.00
$214,000.00
9.2%
9
3
-66.7%
Griswold
157
144
-8.3%
$174,000.00
$145,000.00
-16.7%
96
76
-20.8%
Groton
154
157
1.9%
$240,250.00
$207,000.00
-13.8%
260
213
-18.1%
Lebanon
172
149
-13.4%
$221,200.00
$197,450.00
-10.7%
62
60
-3.2%
Ledyard
136
155
14.0%
$222,000.00
$212,500.00
-4.3%
147
128
-12.9%
Lisbon
127
130
2.4%
$207,000.00
$174,900.00
-15.5%
39
29
-25.6%
Lyme
222
355
59.9%
$499,000.00
$626,500.00
25.6%
25
28
12.0%
Montville
139
142
2.2%
$190,000.00
$167,950.00
-11.6%
144
132
-8.3%
New London
146
162
11.0%
$160,000.00
$140,000.00
-12.5%
117
109
-6.8%
North Franklin
92
65
-29.3%
$65,000.00
$282,250.00
334.2%
1
2
100.0%
North Stonington
135
159
17.8%
$229,000.00
$234,950.00
2.6%
42
52
23.8%
Norwich
133
151
13.5%
$144,950.00
$133,000.00
-8.2%
228
193
-15.4%
Old Lyme
171
192
12.3%
$356,000.00
$347,000.00
-2.5%
76
84
10.5%
Preston
162
147
-9.3%
$220,000.00
$200,500.00
-8.9%
57
28
-50.9%
Salem
149
156
4.7%
$244,450.00
$250,000.00
2.3%
44
29
-34.1%
Sprague
164
131
-20.1%
$214,000.00
$190,000.00
-11.2%
19
9
-52.6%
Stonington
173
163
-5.8%
$310,000.00
$270,000.00
-12.9%
165
136
-17.6%
Voluntown
144
148
2.8%
$142,500.00
$188,750.00
32.5%
20
12
-40.0%
Waterford
142
139
-2.1%
$235,000.00
$215,000.00
-8.5%
160
170
6.3%
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4TH QUARTER 2011 MARKET REPORT
WINDHAM COUNTY SINGLE-FAMILY 2010
2011
2010
2011
Community
Days on Market
Days on Market
Ashford
119
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
176
47.9%
$222,450.00
$184,400.00
-17.1%
30
32
6.7%
Brooklyn
147
167
13.6%
$210,750.00
$175,500.00
-16.7%
74
78
5.4%
Canterbury
140
155
10.7%
$182,000.00
$192,500.00
5.8%
55
42
-23.6%
Chaplin
238
197
-17.2%
$179,900.00
$159,950.00
-11.1%
15
16
6.7%
Eastford
137
180
31.4%
$200,000.00
$200,000.00
0.0%
10
9
-10.0%
Hampton
212
155
-26.9%
$188,000.00
$182,250.00
-3.1%
15
10
-33.3%
Killingly
156
156
0.0%
$163,500.00
$149,000.00
-8.9%
174
129
-25.9%
Plainfield
130
138
6.2%
$143,750.00
$140,700.00
-2.1%
142
114
-19.7%
Pomfret
176
150
-14.8%
$235,000.00
$200,000.00
-14.9%
24
25
4.2%
Putnam
147
165
12.2%
$145,000.00
$144,900.00
-0.1%
61
51
-16.4%
Scotland
98
136
38.8%
$180,000.00
$183,500.00
1.9%
9
10
11.1%
Sterling
132
154
16.7%
$158,400.00
$158,000.00
-0.3%
23
32
39.1%
Thompson
147
148
0.7%
$159,900.00
$165,000.00
3.2%
71
77
8.5%
Windham
134
169
26.1%
$152,750.00
$123,000.00
-19.5%
124
109
-12.1%
Woodstock
155
196
26.5%
$235,800.00
$218,750.00
-7.2%
75
68
-9.3%
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4TH QUARTER 2011 MARKET REPORT
COUNTY & STATE ROLL-UP CONDOMINIUMS County
2010
2011
2010
2011
2010
2011
Days on Market
Days on Market
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
Fairfield
162
167
3.1%
$270,000.00
$230,000.00
-14.8%
1847
1770
-4.2%
Hartford
148
158
6.8%
$172,000.00
$165,000.00
-4.1%
1706
1410
-17.4%
Litchfield
172
183
6.4%
$125,000.00
$125,000.00
0.0%
211
189
-10.4%
Middlesex
163
162
-0.6%
$150,000.00
$150,000.00
0.0%
287
234
-18.5%
New Haven
159
169
6.3%
$150,000.00
$143,000.00
-4.7%
1618
1326
-18.0%
New London
200
188
-6.0%
$169,950.00
$144,500.00
-15.0%
294
303
3.1%
Tolland
134
153
14.2%
$150,500.00
$145,000.00
-3.7%
160
119
-25.6%
Windham
181
152
-16.0%
$122,950.00
$133,500.00
8.6%
56
60
7.1%
State of CT
159
166
4.4%
$178,000.00
$165,500.00
-7.0%
6179
5411
-12.4%
FAIRFIELD COUNTY CONDOMINIUMS 2010
2011
2010
2011
Community
Days on Market
Days on Market
Bethel
164
Bridgeport Brookfield
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
199
21.3%
$268,000.00
$449,000.00
67.5%
51
48
-5.9%
158
141
-10.8%
134
169
26.1%
$86,500.00
$65,000.00
-24.9%
180
262
45.6%
$161,500.00
$190,000.00
17.6%
24
25
4.2%
Danbury
145
144
-0.7%
$217,500.00
$190,000.00
-12.6%
270
245
-9.3%
Darien
108
122
13.0%
$450,000.00
$491,250.00
9.2%
3
4
33.3%
Fairfield
151
182
20.5%
$368,500.00
$328,625.00
-10.8%
88
75
-14.8%
Greenwich
244
233
-4.5%
$605,000.00
$600,000.00
-0.8%
159
128
-19.5%
Monroe
134
156
16.4%
$193,950.00
$185,250.00
-4.5%
30
26
-13.3%
New Canaan
139
231
66.2%
$575,000.00
$667,500.00
16.1%
43
62
44.2%
New Fairfield
186
113
-39.2%
$255,000.00
$232,500.00
-8.8%
1
5
400.0%
Newtown
274
209
-23.7%
$422,450.00
$275,000.00
-34.9%
24
17
-29.2%
Norwalk
142
184
29.6%
$295,000.00
$255,000.00
-13.6%
230
194
-15.7%
Ridgefield
162
140
-13.6%
$482,500.00
$282,500.00
-41.5%
53
32
-39.6%
Shelton
163
187
14.7%
$260,000.00
$323,500.00
24.4%
89
120
34.8%
Stamford
155
159
2.6%
$300,750.00
$268,000.00
-10.9%
408
394
-3.4%
Stratford
165
160
-3.0%
$170,000.00
$145,000.00
-14.7%
127
108
-15.0%
Trumbull
134
190
41.8%
$317,400.00
$325,000.00
2.4%
56
35
-37.5%
Westport
223
163
-26.9%
$682,450.00
$545,000.00
-20.1%
28
35
25.0%
Wilton
143
163
14.0%
$355,000.00
$335,000.00
-5.6%
26
17
-34.6%
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4TH QUARTER 2011 MARKET REPORT
HARTFORD COUNTY CONDOMINIUMS 2010
2011
2010
2011
Community
Days on Market
Days on Market
Avon
120
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
135
12.5%
$226,500.00
$205,000.00
-9.5%
86
75
-12.8%
Berlin
393
260
-33.8%
$281,367.00
$236,112.50
-16.1%
55
50
-9.1%
Bloomfield
122
147
20.5%
$235,510.00
$228,000.00
-3.2%
51
40
-21.6%
Bristol
158
147
-7.0%
$124,250.00
$110,750.00
-10.9%
110
86
-21.8%
Burlington
261
70
-73.2%
$151,000.00
$145,900.00
-3.4%
2
1
-50.0%
Canton
143
130
-9.1%
$167,000.00
$145,833.50
-12.7%
18
14
-22.2%
East Granby
91
172
89.0%
$148,500.00
$123,000.00
-17.2%
8
8
0.0%
East Hartford
133
174
30.8%
$92,000.00
$75,500.00
-17.9%
29
36
24.1%
East Windsor
159
256
61.0%
$174,000.00
$200,000.00
14.9%
41
33
-19.5%
Enfield
125
165
32.0%
$164,500.00
$159,500.00
-3.0%
68
69
1.5%
Farmington
126
129
2.4%
$215,250.00
$183,900.00
-14.6%
108
104
-3.7%
Glastonbury
129
149
15.5%
$179,450.00
$176,000.00
-1.9%
96
79
-17.7%
Granby
149
142
-4.7%
$205,000.00
$162,000.00
-21.0%
13
11
-15.4%
Hartford
148
188
27.0%
$81,500.00
$82,000.00
0.6%
79
55
-30.4%
Manchester
126
132
4.8%
$146,000.00
$126,150.00
-13.6%
106
76
-28.3%
Marlborough
144
94
-34.7%
$244,000.00
$148,950.00
-39.0%
1
4
300.0%
New Britain
149
197
32.2%
$129,000.00
$75,000.00
-41.9%
45
37
-17.8%
Newington
114
132
15.8%
$178,000.00
$164,000.00
-7.9%
115
85
-26.1%
Plainville
103
185
79.6%
$149,000.00
$125,000.00
-16.1%
39
34
-12.8%
Rocky Hill
128
140
9.4%
$179,000.00
$166,250.00
-7.1%
98
82
-16.3%
Simsbury
137
109
-20.4%
$169,900.00
$162,500.00
-4.4%
69
44
-36.2%
South Windsor
126
108
-14.3%
$142,900.00
$156,500.00
9.5%
105
70
-33.3%
Southington
186
198
6.5%
$212,950.00
$190,000.00
-10.8%
94
100
6.4%
Suffield
139
181
30.2%
$183,000.00
$184,950.00
1.1%
31
24
-22.6%
West Hartford
191
169
-11.5%
$215,000.00
$225,000.00
4.7%
119
101
-15.1%
Wethersfield
120
120
0.0%
$135,000.00
$150,200.00
11.3%
31
29
-6.5%
Windsor
155
154
-0.6%
$210,000.00
$210,000.00
0.0%
64
37
-42.2%
Windsor Locks
145
198
36.6%
$161,000.00
$152,500.00
-5.3%
25
26
4.0%
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4TH QUARTER 2011 MARKET REPORT
LITCHFIELD COUNTY CONDOMINIUMS 2010
2011
2010
2011
Community
Days on Market
Days on Market
Bantam
785
Bridgewater Harwinton
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
-
-100.0%
$355,000.00
-
-100.0%
1
-
-100.0%
-
78
-
-
292
-
-
$228,000.00
-
-
1
-
-
$281,000.00
-
-
1
-
Kent
197
279
41.6%
$215,000.00
$134,500.00
-37.4%
5
6
20.0%
Litchfield
180
447
148.3%
$200,000.00
$202,500.00
1.3%
3
12
300.0%
New Hartford
157
59
-62.4%
$95,250.00
$110,000.00
15.5%
6
6
0.0%
New Milford
156
178
14.1%
$145,500.00
$135,250.00
-7.0%
54
50
-7.4%
North Canaan
260
261
0.4%
$96,500.00
$88,000.00
-8.8%
2
1
-50.0%
Plymouth
163
151
-7.4%
$118,000.00
$80,275.00
-32.0%
10
6
-40.0%
Salisbury
122
-
-100.0%
$410,000.00
-
-100.0%
3
-
-100.0%
Sharon
286
-
-100.0%
$145,000.00
-
-100.0%
1
-
-100.0%
Thomaston
159
157
-1.3%
$115,000.00
$99,950.00
-13.1%
13
18
38.5%
Torrington
183
150
-18.0%
$99,900.00
$99,500.00
-0.4%
59
42
-28.8%
Washington
-
231
-
-
$225,000.00
-
-
5
-
Watertown
230
155
-32.6%
$185,000.00
$235,000.00
27.0%
18
9
-50.0%
Winchester
167
116
-30.5%
$134,250.00
$117,250.00
-12.7%
10
12
20.0%
Woodbury
121
184
52.1%
$152,500.00
$126,500.00
-17.0%
26
20
-23.1%
2010
2011
Sales
Sales
MIDDLESEX COUNTY CONDOMINIUMS 2010
2011
Days on Market
Days on Market
Chester
-
578
Clinton
175
162
Community
2010
2011
Median Sales Price
Median Sales Price
-
-
$279,900.00
-
-
1
-
-7.4%
$144,900.00
$139,000.00
-4.1%
19
20
5.3%
% Change
% Change
% Change
Cromwell
124
126
1.6%
$150,000.00
$145,000.00
-3.3%
69
67
-2.9%
Deep River
185
165
-10.8%
$139,800.00
$95,200.00
-31.9%
8
4
-50.0%
Durham
165
201
21.8%
$215,625.00
$234,000.00
8.5%
5
6
20.0%
East Haddam
57
182
219.3%
$268,400.00
$209,000.00
-22.1%
3
3
0.0%
East Hampton
134
132
-1.5%
$160,000.00
$143,750.00
-10.2%
19
14
-26.3%
Essex
284
225
-20.8%
$215,000.00
$210,000.00
-2.3%
11
9
-18.2%
Haddam
-
395
-
-
$166,000.00
-
-
1
-
Middlefield
729
59
-91.9%
$436,468.00
$127,500.00
-70.8%
3
2
-33.3%
Middletown
153
161
5.2%
$140,000.00
$135,500.00
-3.2%
119
85
-28.6%
Old Saybrook
202
218
7.9%
$317,000.00
$380,000.00
19.9%
16
14
-12.5%
Portland
208
183
-12.0%
$186,750.00
$185,750.00
-0.5%
8
6
-25.0%
Westbrook
212
559
163.7%
$345,000.00
$422,250.00
22.4%
7
2
-71.4%
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4TH QUARTER 2011 MARKET REPORT
NEW LONDON COUNTY CONDOMINIUMS 2010
2011
Community
Days on Market
Days on Market
2010
2011
% Change
Median Sales Price
Median Sales Price
Colchester
231
East Lyme
297
Griswold Groton
2010
2011
% Change
Sales
Sales
% Change
253
9.5%
$206,500.00
217
-26.9%
$224,900.00
$200,000.00
-3.1%
22
14
-36.4%
$189,750.00
-15.6%
45
44
-2.2%
161
143
-11.2%
173
174
0.6%
$134,500.00
$93,750.00
-30.3%
5
12
140.0%
$161,500.00
$129,950.00
-19.5%
56
60
7.1%
Ledyard
122
187
53.3%
$103,900.00
$67,500.00
-35.0%
9
15
66.7%
Montville
138
114
-17.4%
$97,000.00
$105,000.00
8.2%
6
5
-16.7%
New London
237
124
-47.7%
$143,000.00
$135,000.00
-5.6%
22
33
50.0%
Norwich
175
195
11.4%
$157,250.00
$125,000.00
-20.5%
64
64
0.0%
Old Lyme
153
270
76.5%
$230,000.00
$322,500.00
40.2%
3
8
166.7%
Salem
243
79
-67.5%
$50,400.00
$70,000.00
38.9%
1
1
0.0%
Stonington
189
218
15.3%
$375,000.00
$367,000.00
-2.1%
35
18
-48.6%
Waterford
156
196
25.6%
$159,500.00
$154,000.00
-3.4%
26
29
11.5%
TOLLAND COUNTY CONDOMINIUMS 2010
2011
2010
2011
Community
Days on Market
Days on Market
Amston
80
Columbia
2010
2011
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
183
128.8%
$129,000.00
$129,930.00
0.7%
1
3
200.0%
94
-
-100.0%
$237,000.00
-
-100.0%
1
Coventry
179
238
Ellington
76
176
33.0%
$176,900.00
$185,000.00
4.6%
7
9
28.6%
131.6%
$126,000.00
$123,950.00
-1.6%
17
10
-41.2%
-100.0%
Hebron
-
192
-
-
$216,000.00
-
-
6
-
Mansfield
130
129
-0.8%
$170,000.00
$188,500.00
10.9%
32
20
-37.5%
Somers
316
200
-36.7%
$356,000.00
$149,000.00
-58.1%
1
1
0.0%
Stafford
128
164
28.1%
$134,500.00
$114,000.00
-15.2%
14
5
-64.3%
Tolland
109
122
11.9%
$174,000.00
$107,000.00
-38.5%
7
5
-28.6%
Vernon
148
135
-8.8%
$153,950.00
$139,500.00
-9.4%
76
58
-23.7%
Willington
108
285
163.9%
$110,500.00
$123,950.00
12.2%
4
2
-50.0%
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4TH QUARTER 2011 MARKET REPORT
NEW HAVEN COUNTY CONDOMINIUMS 2010
2011
2010
2011
Community
Days on Market
Days on Market
% Change
Median Sales Price
Median Sales Price
% Change
Beacon Falls
141
246
74.5%
$165,900.00
$129,000.00
-22.2%
Branford
163
193
18.4%
$183,000.00
$161,250.00
-11.9%
Cheshire
139
130
-6.5%
$195,500.00
$166,000.00
-15.1%
2010
2011
Sales
Sales
% Change
5
4
-20.0%
149
112
-24.8%
88
62
-29.5%
Derby
105
132
25.7%
$191,000.00
$155,000.00
-18.8%
18
21
16.7%
East Haven
148
168
13.5%
$139,500.00
$148,950.00
6.8%
66
50
-24.2%
Guilford
175
137
-21.7%
$172,500.00
$239,900.00
39.1%
30
37
23.3%
Hamden
185
174
-5.9%
$155,000.00
$125,000.00
-19.4%
126
115
-8.7%
Madison
184
182
-1.1%
$287,000.00
$306,250.00
6.7%
27
24
-11.1%
Meriden
139
130
-6.5%
$112,000.00
$105,000.00
-6.3%
117
77
-34.2%
Middlebury
203
198
-2.5%
$357,500.00
$300,000.00
-16.1%
4
3
-25.0%
Milford
149
174
16.8%
$208,250.00
$212,000.00
1.8%
152
114
-25.0%
Naugatuck
142
176
23.9%
$101,400.00
$68,950.00
-32.0%
62
40
-35.5%
New Haven
194
163
-16.0%
$140,000.00
$125,000.00
-10.7%
161
123
-23.6%
North Branford
107
157
46.7%
$172,000.00
$160,000.00
-7.0%
17
21
23.5%
North Haven
239
172
-28.0%
$246,250.00
$215,000.00
-12.7%
10
11
10.0%
Orange
78
267
242.3%
$507,730.00
$537,605.00
5.9%
17
10
-41.2%
Oxford
191
137
-28.3%
$398,500.00
$404,000.00
1.4%
16
9
-43.8%
Prospect
388
154
-60.3%
$328,065.00
$352,582.00
7.5%
7
11
57.1%
Seymour
155
156
0.6%
$115,000.00
$101,500.00
-11.7%
17
16
-5.9%
Southbury
172
181
5.2%
$116,250.00
$105,000.00
-9.7%
150
151
0.7%
Wallingford
143
208
45.5%
$184,250.00
$191,000.00
3.7%
134
119
-11.2%
Waterbury
137
156
13.9%
$60,000.00
$55,000.00
-8.3%
181
130
-28.2%
West Haven
156
137
-12.2%
$125,000.00
$105,000.00
-16.0%
54
57
5.6%
Wolcott
310
136
-56.1%
$212,500.00
$209,250.00
-1.5%
10
8
-20.0%
Woodbridge
-
498
-
-
$240,000.00
-
-
1
-
2010
2011
WINDHAM COUNTY CONDOMINIUMS 2010
2011
2010
2011
Community
Days on Market
Days on Market
% Change
Median Sales Price
Median Sales Price
% Change
Sales
Sales
% Change
Ashford
100
165
65.0%
$68,500.00
$42,050.00
-38.6%
2
4
100.0%
Brooklyn
244
228
-6.6%
$182,500.00
Chaplin
163
147
-9.8%
$117,500.00
$218,000.00
19.5%
4
3
-25.0%
$60,000.00
-48.9%
1
3
200.0%
Killingly
211
163
-22.7%
$99,900.00
$128,500.00
28.6%
17
10
-41.2%
Plainfield
121
215
Putnam
156
97
77.7%
$122,900.00
$135,000.00
9.8%
9
9
0.0%
-37.8%
$148,500.00
$172,500.00
16.2%
12
14
16.7%
Sterling
496
93
-81.3%
$128,500.00
$150,000.00
16.7%
1
1
0.0%
Thompson
105
109
3.8%
$64,000.00
$134,500.00
110.2%
1
4
300.0%
Windham
176
148
-15.9%
$123,000.00
$124,900.00
1.5%
3
5
66.7%
Woodstock
189
159
-15.9%
$115,666.50
$125,000.00
8.1%
6
7
16.7%
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