Nestor REALTOR® www.HomesByNestor.com

In one of my previous posts I showed how median selling price of 2 bedroom condos in Danbury behaved during the years of 2007, 2008, and 2009.

And in a more recent post this week I also showed that the median price for 2BR condos sold between Jan and Aug 2009 and 2010 were $200,000 and $212,250 respectively. It is aprox. 25% below the median price in 2008, but it looks promising. Also, the ratio between SellingPrice /ListingPrice in 2009 was higher (6.84%) than in 2010 (4.36%). In other words, back in 2009 buyers were offering a much lower price than the listing price.

It would seem as we are finally seeing an improvement in terms of selling prices for this particular segment of the market in Danbury.

Maybe a sign of hope for better times finally coming?

Comparing the closing of 29 two bedroom units in 2009 between Jan 1 and Aug 30, and sales of 22 units during the same period in 2010 brings some interesting results: the average price for two bedroom condos in Danbury has remain practically the same, and the best part is that the median price has actually increased by almost 6%.

Although the average DOM (days on market) in 2010 was 104, higher than the 86 average number of days in 2009, it is also interesting to see how the SellingPrice /ListingPrice ratio in 2009 was higher (6.84%) than in 2010 (4.36%). In other words, the selling price was closer to the final listing price of those units sold so far this year.

www.HomesByNestor.com

We continue to see an increasing activity in terms of number of new listings, new prices and customers who have been renting who are exploring their new possibilities in the current market.

Although we live times of uncertainty, moving from being a tenant to own one's new home continues to be one of the immediate goals for many new families, and with more adjusted prices plus the lowest interest rates offered in many years, buyers are starting to taking real advantage of the current market.

As you can see in the tables below, the total of homes (single family properties) whose sales closed during the first two months of the year have declined to 36 from 47 units during the same period of time in 2008.

The Median Price came down from $342,500 to $314,875 or a 8.1%.

In average, the number of days these properties stayed on the market have remained very similar.

I will present some results for the towns of Bethel, Brookfield and New Fairfield in the next couple of days.

The table below shows how this segment of the market has behaved in the last three years. I have only selected those sales that occurred between June 1st and September 1st in 2006, 2007, and 2008.

Even though it took almost 40 days more in 2008 than in 2006, only 49 properties (2 bedroom condos) were sold but for a similar median price. It looks like property prices for this segment are recovering from 2007.