For this time period, the number of sales (closings) decreased slightly but the absorption rate INCREASED from 10.6 to 17.5 (months to sell existing inventory -- a change of +65.1% compared to the same period last year). We compared MLS data from 22 towns along the shoreline from Branford to New London. As for PRICES (median price) there was only a 2.8 % decrease comparing 2007 with 2008 (from $380,842 to $370,280).
A summary of residential real estate statistics through Nov. 30 2008 for 22 Shoreline towns (from Branford to New London) are shown below:
|
Residential |
2007 |
2008 |
Percent Chg |
|
Closings |
1239 |
873 |
-29.5% |
|
Days on Market |
95 |
100 |
+5.3 |
|
Median Price |
380,842 |
370,280 |
-2.8 |
|
Active Listings At Month's End |
2000 |
2069 |
+3.5% |
|
Absorption Rate* |
10.6 |
17.45 |
+65.1 |
*Number of months to sell existing inventory.
|
Closings: Residential (by home selling price) |
2007 |
2008 |
Percent Chg |
|
0 to $399,999 |
746 |
568 |
-23.9% |
|
$399,999 to $599,999 |
280 |
184 |
-34.3% |
|
$600,000 to $799,999 |
115 |
61 |
-47.0% |
|
$800,000 to $999,999 |
40 |
26 |
-35.0% |
|
$1,000,000 + |
58 |
34 |
-41.4% |
Looking at closings at various price levels, we find that home sales (closings) had the largest decreases in the higher price ranges ($600K to $800K range and above $1 million). These numbers were similar to the October 2008 statistics report.
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