Glastonbury, CT

Glastonbury Market Report for Last Quarter and 2008 Comparison to 2007

Residential

9/1/2007 -12/31/2007 compared to 9/1/2008 - 12/31/2008

Comparing the last quarter of 2007 to 2008 there was not too much change as far as number of sales. There were 94 in 2007 compared to 91 in 2008. Median sale price was down 7.7%, from $370,000 in 2007 compared to $345,000 in 2008. Days on the market went from 39 in 2007 to 34 in 2008. This figure can be deceiving though , since it does not take into account homes that were on the market and expired and then relisted.

1/1/2007 - 12/31/2007 compared to 1/1/2008 - 12/31/2008

Looking at comparisons for the year, sales were down 15.6% from 2007. In 2007 there were 374 closed sales and in 2008 there were only 316 closed sales. Overall prices were only down about 1% from a median price of $391.450 in 2007 to a median price of $388,000 in 2008.

Compared to the rest of the country the residential market does not look too bad for Glastonbury. Right now inventory is way down, probably because of just getting past the holidays. There are 142 homes on the market as of this day.

Condominiums

9/1/2007 - 12/31/2007 compared to 9/1/2008 - 12/31/2008

Comparing the last quarter of 2007 to the last quarter of 2008 there was not a major change as far as number of sales. The last quarter of 2007 had 34 closed sales and in 2008 there were 28 closed sales. The median sale price actually went up about 1% from $199,500 in 2007 to $202,450 in 2008.

1/1/2007 - 12/31/2007 compared to 1/1/2008 - 12/31/2008

Looking at comparisons for the year, in 2007 there were 155 closed sales compared to 96 in 2008, a drop of 31.9% which is pretty major. Median sale price actually went up about 1%, from $197,000 in 2007 compared to $199,950 in 2008. Days on the market were up slightly and overall condos are selling for about 97% of their final asking price.

Do not be fooled reading this report though, since in order to sell your home the correct pricing is still crucial. What this report does not show you is the number of homes that have been on the market for more than 6 months and the number of price adjustments they have gone through. For the homes under deposit right now the median days on the market have risen to 74.

For more information about the Glastonbury market or about Glastonbury, Ct please visit my website at http://www.Ct RealEstateCorner.com.

Glastonbury Market Report for Sept. and 1^st 3 Quarters

Residential

September
Active Listings - 180
New in Sept. - 58
Deposits - 24
Closed - 24
Avg.Sale Price - $421,737
SP/Sq.Ft. - $173.13
Avg.DOM - 43

Closed 1/1/2008 - 9/30/2008
249
Avg. Sale Price - $451,985
SP/Sq.Ft - $176.55
DOM- 60

Closed 1/1/2007 - 9/30/2008
300
Avg.Sale Price - $448,856
SP/Sq.Ft - $181.53
DOM -53

Comparing last year to this year sales are down by 17%, but the average sale price is up very minimally. Looking at September compared to the 1^st 3 quarters the average sale price is down 6.7%. Hopefully this is not a trend.

Condominiums

September
Active Listings - 35
New in September - 11
Deposits - 6
Closed - 7
Avg. Sale Price - $230,771
SP/Sq.Ft. - $158.98
DOM - 66

Closed 1/1/2008 - 9/30/2008
Closed - 75
Avg. Sale Price - $205,743
SP/Sq.Ft. - $161.44
DOM - 62

Closed 1/1/2007 - 9/30/2007
Closed - 129
Avg.Sale Price - $205,415
SP/Sq.Ft - $165.01
DOM - 46

Comparing last year to this year sales are down 42%, but prices remain realtively unchanged.

Glastonbury Market Report: 1^st Quarter 2008 Compared to First Quarter 2007

Residential

Jan.1, 2007 - March 31,2007

Number closed - 74
Average Sale Price - $455,310
Price/Sq.Ft. - $177.92
Average Days on Market - 57

Jan.1,2008 - March 31, 2008

Number Closed - 63
Average Sale Price - $432,051
Price/Sq.Ft. - $173.75
Average Days on Market - 54

Overall prices are down by 5.2%, sales are down 15% comparing the first quarter of 2007 to the first quarter of 2008. There are 161 active listings on the market.

Condominiums

Jan.1, 2007 - March 31, 2007

Number Closed - 29
Average Sale Price - $206,916
Price/Sq.Ft. -$163.63
Average Days on Market - 54

Jan.1, 2008 - March 31, 2008

Number Closed - 20
Average Sale Price - $192,931
Price/Sq.Ft. - $155.22
Average Days on Market - 61

Prices are down 6.8% and sales are down 31% comparing the first quarter of 2007 to the first quarter of 2008.

The snow has stopped, we are shoveled out and ready to go for the morning! I have a new client tomorrow and I am excited to show him homes. He is so excited and enthusiastic, that he just makes me smile. In our buyer client meeting I asked him to list why he wants to buy a home, sense of urgency, and what type of home would he prefer to find. Pretty funny, he said he hated paying rent and was hoping to find a home that was clean and had a garage. Did this buyer just fall from heaven?

The banker has him pre-approved, the weather is cooperating and this weekend, I hope we are able to find him his new home. This young man was referred to me by a client. A client, who was, also, a joy to work for. How nice to continue building my business by referral. I am happy to serve.

Oh, By the Way...if you know of somone who is looking to buy or sell a house, I'd love to help them. So, when you come across these people, just give me a call with their name and business number and I'll be happy to follow up and take care of them for you. I am never too busy for your referrals!

It's a Good Life!

Glastonbury Market Report for December 2007 and Year End Comparison to 2006

Residential Market for December

For the month of December 2007, there were 148 listings on the market, which is a decrease from 178, which has been more the norm. There were 24 new lstings that came on the market in Dec., 19 went under deposit and there were 16 closed sales. Below you can see the comparison to what happened in December 2006:

Closed Dec.2007: 16 Closed Dec.2006: 36
Avg. Sale Price: $394,813 Avg. Sale Price: $443,879
$/Sq.Ft.: 181 $/Sq.Ft.: $183
DOM: 61 DOM: 58

Closed sales were down 56% this December compared to last and average sale prices
were down 11.1%. Some of the change may be because of the weather that we had this December.

Residential Market for 1/1/2007 - 12/31/2007 compared to 1/1/2006 - 12/31/2006

Closed 1/1/2007-12/31/2007: 368 Closed 1/1/2006 - 12/31/2006: 387
Avg.Sale Price: $449,247 Avg. Sale Price: $435,300
$/Sq.Ft: $181 $/Sq.Ft: $185
DOM: 55 DOM: 49

Number of sales were down 4.1%, but prices were up 3.2%. Glastonbury seems to be holding fairly steady and is bucking the trend that you see in some other markets.

Condominium Market for December

For the month of December there were 41 active listings, 6 were new to the market, 3 went under deposit and there were 4 closed sales. Below is the comparison between December 2007 and December 2006:

Closed Dec.2007: 4 Closed Dec. 2006: 14
Avg.Sale Price: $217,125 Avg. Sale Price: $215,108
$/Sq.Ft.: $163 $/Sq.Ft.: $160
DOM: 40 DOM: 50

Although closed sales were down 71.4%, prices were up 1%, which is not too significant.

Condominium Market for 1/1/2007-12/31/2007 compared to 1/1/2006 - 12/31/2006

Closed 1/1/2007 - 12/31/2007: 152 Closed 1/1/2006 - 12/31/2006: 192
Avg. Sale Price: $207,587 Avg.Sale Price: $204,001
$/Sq.Ft.: $164 $/Sq.Ft: $163
DOM: 47 DOM: 47

Number of condominium sales were down significantly, by 20.8% and prices were up by
2%. The condo market does not seem to be faring as well as the residential market, but again prices have not gone down.