What's so great about Brookfield CT? Oct. 2010 Market Report

Yesterday on Trulia, a popular real estate website, a consumer from the area asked what's so great about Brookfield CT? Read the discussion thread here.

Here's some reasons why you might consider relocating to Brookfield, CT:

1) Brookfield is a small town that has lower real estate prices than the area to its south yet is commutable to areas with a wide availability of jobs such as lower Fairfield County and Westchester, and has easier access than many of the other surrounding towns to I-84 and Route 7.

2) More proximity to the Federal Rd./Newtown Rd. shopping hub on the Brookfield/Danbury line with numerous restaurant and entertainment options, and everything from furniture stores to Costco to Stew Leonards.

3) Comparatively low taxes

4) A small town feel

5) A well regarded school system (public, private, religious, etc.)

6) It's picturesque with lots of stone walls and has many opportunities for recreation with Candlewood Lake and Lake Lillinonah within its borders. Many parks, hiking trails, recreation, a senior center under contsruction, and many childrens activities, too.

Looking for real estate statistics on Brookfield, CT? You've come to the right place. Here is the market snapshot for the month of October 2010. Our average home price is around $440,000, but starter homes begin around $250,000 and we also have fabulous luxury homes and estates too. In recent months our average home price has shown statistical appreciation simply because more higher priced homes have been selling this year as compared to last year.

Brookfield sold 13 homes last month, about in line with our average for the past year, and the number of pending sales expected to close in the next 45 days is about the same. The inventory of homes on the market is 11.4 months overall, down from its peak, but still a buyer's market, although the inventory in homes priced under $350,000 AND homes in the middle at $450,000 to $550,000 is lower at "only" 8 months (a balanced market is 6 months). The average market time of the homes that sold in the past year was 105 days, but only about one third of the homes that are put on the market sell at all.

In the last year the first time home buyers dominated the market with the first time home buyer tax credit, but this month we see that the number of pending sales in the $700,000+ highest end of the market is greater than the number of pending sales in the starter home segment.