2008 Central CT Real Estate Market Year in Review - Money Party Officially Over
January 5th, 2009 categories: Central Connecticut News & Information, Real Estate Market
2008 will be remembered as the year the money party officially came to an end. You’ve read the national headlines - mortgage crisis, bank closings, rising foreclosures, etc.
But how have we fared in Hartford County, Connecticut? Here are the headlines:
Median Home Sales Price Falls to $234,900 in 2008
Median Sales Price Drops 10% and Number of Sales Down Nearly 20%
Median Sales Price Values Drop Below 2005 Values
Number of Homes Sold in 2008 Falls Below 2000 Levels
Building Permits Are Down
Year-to-date building permit data aren’t in yet but according to CERC, the numbers are likely going to be low - 5500 building permits are expected for all of 2008, which is about 20% lower than 2007, 45% lower than 2006 and 54% less than 2004 which holds the record.
Existing Home Inventory Shrinking
At the end of December, there were 3,928 single family homes on the market or 19% fewer than 2007. This shows that sellers are choosing to hold off on selling or to rent their homes. Overall, there is a little less than 6 months of houses on the market which is actually not too bad but I think shows that sellers are very concerned about housing values, rightfully so.
Foreclosures on the Rise…But Hartford County Better Than Most
According to Realtytrac.com, Hartford County ranks 80th out of 100 metropolitan areas for foreclosure filings in the third quarter of 2008.
Stay tuned…I’m rolling out my predictions for 2009 as well as a comprehensive look at how each town in Central Connecticut is doing.
Recommended reading:
Take the Money and Run: Is it time to refinance?
Are Homeowners Clueless About Their Home’s Value
