The Real Estate Market Report

The Real Estate Market Report 1st quarter 2009 a comprehensive analysis of the residential real estate market in Connecticut 1st quarter 2009 Market rePOrt the Connecticut Real estate Market Report sM Deposits and Online Activity on the Rise in 09 the last few months of 2008 and the start of 2009 have been challenging times for both the economy and the real estate market. Dissecting real estate market indicators is key to understanding the current state of housing and related industries. the number of sales does not tell the complete story, just as a change in median sales prices is not a true reflection of all home values in a community. Over simplifying complex data and interrelationships may be tempting, but the conclusions can often be misleading. The Market is Stirring Looking back at only the first quarter sales alone would not be encouraging. “It is no surprise that the number of sales has decreased,” said Barry rosa, vice president of Prudential Connecticut realty. “the last quarter of 2008 was slow and this shows up in the early 2009 Barry P. Rosa numbers, because it is often 60 to 120 days between a deposit and actual closing.” He added that sales are a moving target. the ones that show up in March sales statistics typically reflect December and January activity. However, there are some measurements that are better predictors of current and future activity. “We know the market is starting to heat up,” said Candace adams, president of Prudential Connecticut realty. “there has been a 45 percent increase in deposits since January. “the first-time homebuyer tax credit is moving buyers off the fence and the lower and mid-priced houses in all markets are moving. We also know first-time buyers are the best stimulus for the housing market,” she said. Other factors influencing buyer activity Candace Adams are lower home prices and record-low interest rates. “For serious buyers who qualify, it would seem the perfect combination of factors,” said Ms. adams. If online search activity is an indication that people are thinking about buying real estate, than it looks as if it may get busy out there. Prudential Connecticut realty shows a significant increase in online activity in the low to mid-price homes in all regions. With 87 percent of homebuyers starting their search on the Internet, online search numbers are worth watching. The Sales Numbers Both single-family and condominium sales decreased in the first quarter of 2009. Condominiums saw a larger decrease in sales, probably due to lenders’ tightened standards for condominium mortgage lending. “When reviewing sales numbers it’s important to understand the relationship between the inventory, rate of sales and the rate of deposit activity. “We only include 70 percent of the deposits, since historically, 30 percent do not actually close.” said Mr. rosa. the supply times represent the time it would take to deplete 100 percent of the inventory. these times are higher than they were in 2008. the important indicator is the supply time based on sales and deposits. With the large increase in deposit activity in the past two months, the supply time drops. In January 2009 there were approximately 3,800 deposits; today there are about 5,500, an increase of 1,700 deposits. prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt sIngLe-FaMILy suPPLy tIMe In MOntHs sales Only Fairfield Hartford Litchfield Middlesex new Haven new London tolland Windham state of Ct 23.5 10.9 25.8 19.7 14.5 17.5 12.5 16.4 16.7 sales & Deposits 12.7 5.6 14 9.5 7.5 7.9 6.7 12,000 12,000 When placed in the context of the prevailing economic condition, it’s not surprising that new home starts are lagging way behind as shown in the last few years of data on new residential housing permits: State CT, New Residential Permits (128 Muncipalities Reporting) State of CT, NewofResidential 2004 to 2008 (128 Muncipalities Reporting) Permits 2004 to 2008 7.5 10,000 10,334 9,965 8.7 10,000 10,334 8,000 9,965 8,073 COnDOMInIuM suPPLy tIMe In MOntHs sales Only Fairfield Hartford Litchfield Middlesex new Haven new London tolland Windham state of Ct 24.9 14.8 37.3 16.0 19.7 26.0 13.3 40.0 20.3 6,619 sales & Deposits 13.1 8,000 6,000 4,910 7.9 9.0 9.9 8,073 4,000 18.2 2,000 6,619 6,000 13.3 7.5 0 2004 2005 2006 2007 2008 13.5 10.6 4,000 Home Values and Median Sales Price the median prices are lower this year. some interpret this 2,000 to mean that sales prices, and in turn, home values, have dropped significantly. But, in fact, more low to mid-priced homes have been selling rather than those in the higher price ranges, resulting in an impact on the overall median 0 2004 sales prices. One should not conclude that the price of a home in this town declined by 20 percent. Single-Fam Sales February Closed Price Single-Fam Sales January Closed Price the decrease from 2007 to 2008 is obvious, and early 2009 data is showing a pattern that will yield about 3,500 permits for the year if the trend prevails. this indicates that builders have been holding back, but this also shows there is not a large inventory backlog of new homes, nor is this going to be an issue in our market. Instead, we may see a lack of new homes available sometime in the near future. 2005 2006 2007 Can We Trust the Indicators? the economy is still in the recession that began over a year ago, but there are clear signs that this cycle may be near its end. 1. the large increase in deposit activity 2. the lowest mortgage interest rates in almost 40 years 3. significant increase in online search activity “For people who want to own their first home, there has never been a better time,” said Ms. adams. “With all those first time buyers knocking on doors, there is a great opportunity for homeowners who want to upsize or downsize.” $ $ $ $ $ $ $ $ $ $ $ $ 220,000 242,000 450,000 532,000 198,000 245,000 700,000 366,000 255,000 175,000 250,000 (Median) 338,300 (Average) $ $ $ $ $ $ $ $ $ $ $ $ 565,000 422,000 318,000 229,000 310,000 444,000 660,000 231,000 214,000 122,000 314,000 (Median) 351,500 (Average) Data is based on closed transactions December 31, 2008 through March 31, 2009. this representation is based in whole or part on data supplied by the Multiple Listing services, for single-family residential property, and multi-families. Data maintained by the MLs may not reflect all real estate activity in the market. Compiled april 22, 2009 prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt FaIrFIeLD COunty single-Family First quarter 2008 Community Bethel Bridgeport Brookfield Danbury Darien easton Fairfield greenwich Monroe new Canaan new Fairfield newtown norwalk redding ridgefield shelton sherman stamford stratford trumbull Weston Westport Wilton 155 165 119 170 144 134 128 137 124 118 93 174 125 161 170 155 135 218 140 108 142 130 152 169 179 108 3.9% 3.0% 30.3% -20.6% 51.4% 4.5% -15.6% 3.6% 4.8% 28.8% 81.7% 2.9% -13.6% Days on Market 144 125 178 136 189 152 134 189 116 First quarter 2009 Days on Market 111 119 141 153 146 232 129 192 138 % Change -22.9% -4.8% -20.8% 12.5% -22.8% 52.6% -3.7% 1.6% 19.0% First quarter 2008 Median sales Price $375,000 $203,000 $436,000 $335,000 $1,322,500 $905,000 $570,000 $1,975,000 $389,750 $1,425,000 $380,000 $427,500 $512,500 $677,500 $755,000 $405,000 $395,000 $653,250 $270,450 $392,500 $977,500 $1,357,000 $899,500 First quarter 2009 Median sales Price $280,000 $158,500 $363,000 $312,750 $1,165,000 $457,500 $480,000 $1,806,250 $430,000 $1,201,000 $305,000 $475,000 $447,500 $505,250 $654,500 $311,000 $490,000 $526,322 $244,000 $350,500 $830,000 $1,275,000 $650,000 % Change -25.3% -21.9% -16.7% -6.6% -11.9% -49.4% -15.8% -8.5% 10.3% -15.7% -19.7% 11.1% -12.7% -25.4% -13.3% -23.2% 24.1% -19.4% -9.8% -10.7% -15.1% -6.0% -27.7% First quarter 2008 sales 19 83 25 72 38 15 100 97 26 24 25 44 62 16 47 51 6 74 95 47 16 43 24 First quarter 2009 sales 18 88 17 53 20 4 61 26 23 10 13 38 68 6 26 33 2 57 64 34 9 28 12 % Change -5.3% 6.0% -32.0% -26.4% -47.4% -73.3% -39.0% -73.2% -11.5% -58.3% -48.0% -13.6% 9.7% -62.5% -44.7% -35.3% -66.7% -23.0% -32.6% -27.7% -43.8% -34.9% -50.0% WInDHaM COunty single-Family First quarter 2008 Community ashford Brooklyn Canterbury Chaplin eastford Hampton killingly Plainfield Pomfret Putnam scotland sterling thompson Windham Woodstock Days on Market 115 158 185 179 174 87 124 130 155 139 91 99 232 138 117 First quarter 2009 Days on Market 85 141 170 78 65 155 139 139 201 176 74 126 144 132 259 % Change -26.1% -10.8% -8.1% -56.4% -62.6% 78.2% 12.1% 6.9% 29.7% 26.6% -18.7% 27.3% -37.9% -4.3% 121.4% First quarter 2008 Median sales Price $216,950.00 $281,500.00 $199,000.00 $241,900.00 $245,000.00 $306,550.00 $209,000.00 $188,000.00 $256,500.00 $200,000.00 $225,950.00 $187,611.00 $172,500.00 $200,000.00 $305,000.00 First quarter 2009 Median sales Price $227,300.00 $192,500.00 $198,000.00 $205,000.00 $182,000.00 $229,000.00 $158,000.00 $146,450.00 $232,500.00 $153,000.00 $164,000.00 $189,950.00 $167,500.00 $150,582.50 $240,000.00 % Change 4.8% -31.6% -0.5% -15.3% -25.7% -25.3% -24.4% -22.1% -9.4% -23.5% -27.4% 1.2% -2.9% -24.7% -21.3% First quarter 2008 sales 8 20 8 7 3 2 45 24 6 10 4 6 8 17 13 First quarter 2009 sales 5 14 7 1 1 6 25 20 5 13 2 10 12 12 13 % Change -37.5% -30.0% -12.5% -85.7% -66.7% 200.0% -44.4% -16.7% -16.7% 30.0% -50.0% 66.7% 50.0% -29.4% 0.0% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt LItCHFIeLD COunty single-Family First quarter 2008 Community Bantam Barkhamsted Bethlehem Bridgewater Canaan Colebrook Cornwall goshen Harwinton kent Litchfield Morris new Hartford new Milford norfolk north Canaan northfield Plymouth roxbury salisbury sharon thomaston torrington Warren Washington Watertown Winchester Woodbury 115 301 211 204 58 121 357 305 123 173 225 134 134 212 126 167 146 53 270 162 227 245 16.5% -55.5% 0.5% -38.2% 187.9% 20.7% -85.2% -11.5% 31.7% 31.2% 8.9% $185,000.00 $945,000.00 $606,250.00 $426,000.00 $315,000.00 $179,250.00 $1,569,630.00 $975,000.00 $293,500.00 $175,000.00 $427,000.00 $150,000.00 $799,950.00 $437,500.00 $489,000.00 $187,750.00 $161,000.00 $260,000.00 $776,500.00 $225,000.00 $185,500.00 $500,000.00 -18.9% -15.3% -27.8% 14.8% -40.4% -10.2% -83.4% -20.4% -23.3% 6.0% 17.1% 20 8 6 3 1 48 2 11 34 18 16 13 2 6 1 6 49 1 3 21 10 6 -35.0% -75.0% 0.0% -66.7% 500.0% 2.1% -50.0% -72.7% -38.2% -44.4% -62.5% 231 212 -8.2% $251,500.00 $198,000.00 -21.3% 2 3 50.0% 212 132 179 197 139 155 185 249 106 107 257 142 91 184 17.5% -19.7% -40.2% 30.5% 2.2% -41.3% -0.5% $395,000.00 $266,000.00 $846,000.00 $375,000.00 $265,000.00 $286,750.00 $361,000.00 $341,000.00 $245,000.00 $330,000.00 $405,000.00 $253,000.00 $198,875.00 $296,249.50 -13.7% -7.9% -61.0% 8.0% -4.5% -30.6% -17.9% 10 2 6 12 3 12 53 3 6 3 9 2 4 30 -70.0% 200.0% -50.0% -25.0% -33.3% -66.7% -43.4% 92 253 175.0% $397,500.00 $264,000.00 -33.6% 2 3 50.0% Days on Market 139 178 106 241 First quarter 2009 Days on Market 184 118 114 192 % Change 32.4% -33.7% 7.5% -20.3% First quarter 2008 Median sales Price $195,000.00 $360,000.00 $400,000.00 $457,450.00 First quarter 2009 Median sales Price $230,000.00 $310,000.00 $277,500.00 $420,000.00 % Change 17.9% -13.9% -30.6% -8.2% First quarter 2008 sales 1 7 5 2 First quarter 2009 sales 1 7 3 2 % Change 0.0% 0.0% -40.0% 0.0% tOLLanD COunty single-Family First quarter 2008 Community amston andover Bolton Columbia Coventry ellington Hebron Mansfield somers stafford tolland union Vernon Willimantic Willington 112 145 120 114 141 223 1.8% -2.8% 85.8% $194,000.00 $173,000.00 $192,000.00 $218,000.00 $130,500.00 $225,000.00 12.4% -24.6% 17.2% 39 12 9 27 16 5 -30.8% 33.3% -44.4% Days on Market 159 102 125 118 137 132 123 139 147 135 134 First quarter 2009 Days on Market 159 229 115 145 124 137 178 145 144 166 120 % Change 0.0% 124.5% -8.0% 22.9% -9.5% 3.8% 44.7% 4.3% -2.0% 23.0% -10.4% First quarter 2008 Median sales Price $285,000.00 $306,750.00 $387,500.00 $233,400.00 $231,000.00 $335,000.00 $245,000.00 $236,900.00 $271,500.00 $224,375.00 $288,000.00 First quarter 2009 Median sales Price $232,500.00 $320,000.00 $254,450.00 $217,500.00 $232,500.00 $288,000.00 $325,000.00 $245,000.00 $309,950.00 $218,500.00 $242,000.00 % Change -18.4% 4.3% -34.3% -6.8% 0.6% -14.0% 32.7% 3.4% 14.2% -2.6% -16.0% First quarter 2008 sales 3 4 8 7 23 23 9 17 18 12 26 First quarter 2009 sales 2 7 6 10 18 15 13 7 14 7 18 % Change -33.3% 75.0% -25.0% 42.9% -21.7% -34.8% 44.4% -58.8% -22.2% -41.7% -30.8% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt neW HaVen COunty single-Family First quarter 2008 Community ansonia Beacon Falls Bethany Branford Cheshire Derby east Haven guilford Hamden Madison Meriden Middlebury Milford naugatuck new Haven north Branford north Haven Orange Oxford Prospect seymour southbury Wallingford Waterbury West Haven Wolcott Woodbridge Days on Market 142 99 114 158 130 117 148 168 143 172 155 133 146 142 150 156 128 132 156 88 179 152 129 163 123 119 173 First quarter 2009 Days on Market 152 219 231 180 136 97 125 120 140 186 142 209 130 143 115 192 165 204 152 91 152 166 145 143 129 159 159 % Change 7.0% 121.2% 102.6% 13.9% 4.6% -17.1% -15.5% -28.6% -2.1% 8.1% -8.4% 57.1% -11.0% 0.7% -23.3% 23.1% 28.9% 54.5% -2.6% 3.4% -15.1% 9.2% 12.4% -12.3% 4.9% 33.6% -8.1% First quarter 2008 Median sales Price $255,000.00 $250,000.00 $391,250.00 $296,500.00 $332,450.00 $212,500.00 $201,000.00 $489,950.00 $247,500.00 $466,750.00 $192,000.00 $342,500.00 $310,000.00 $240,900.00 $191,250.00 $287,000.00 $300,000.00 $375,000.00 $422,500.00 $357,000.00 $270,000.00 $517,500.00 $275,000.00 $138,900.00 $202,500.00 $249,050.00 $350,000.00 First quarter 2009 Median sales Price $185,737.50 $289,625.00 $423,750.00 $381,500.00 $365,000.00 $181,750.00 $175,000.00 $407,450.00 $212,975.00 $575,000.00 $169,900.00 $381,000.00 $285,000.00 $191,500.00 $135,000.00 $236,250.00 $276,000.00 $340,000.00 $340,000.00 $218,000.00 $226,250.00 $476,500.00 $235,000.00 $120,000.00 $165,000.00 $178,250.00 $400,000.00 % Change -27.2% 15.9% 8.3% 28.7% 9.8% -14.5% -12.9% -16.8% -13.9% 23.2% -11.5% 11.2% -8.1% -20.5% -29.4% -17.7% -8.0% -9.3% -19.5% -38.9% -16.2% -7.9% -14.5% -13.6% -18.5% -28.4% 14.3% First quarter 2008 sales 13 5 8 29 30 11 33 34 95 34 80 12 66 52 54 17 29 19 20 9 18 29 49 112 59 22 5 First quarter 2009 sales 12 8 4 19 22 6 39 34 66 33 59 14 58 22 42 14 16 11 10 9 22 11 50 115 53 16 13 % Change -7.7% 60.0% -50.0% -34.5% -26.7% -45.5% 18.2% 0.0% -30.5% -2.9% -26.3% 16.7% -12.1% -57.7% -22.2% -17.6% -44.8% -42.1% -50.0% 0.0% 22.2% -62.1% 2.0% 2.7% -10.2% -27.3% 160.0% MIDDLesex COunty single-Family First quarter 2008 Community Chester Clinton Cromwell Deep river Durham east Haddam east Hampton essex Haddam killingworth Middlefield Middletown Old saybrook Portland Westbrook Days on Market 128 147 184 203 140 163 181 128 161 155 129 118 122 107 152 First quarter 2009 Days on Market 277 165 143 238 172 137 201 168 147 156 95 115 160 110 173 % Change 116.4% 12.2% -22.3% 17.2% 22.9% -16.0% 11.0% 31.3% -8.7% 0.6% -26.4% -2.5% 31.1% 2.8% 13.8% First quarter 2008 Median sales Price $320,500.00 $295,000.00 $294,950.00 $340,000.00 $310,600.00 $300,000.00 $344,000.00 $399,900.00 $405,000.00 $393,400.00 $277,500.00 $230,000.00 $425,000.00 $241,500.00 $372,500.00 First quarter 2009 Median sales Price $330,000.00 $276,500.00 $247,500.00 $185,500.00 $277,750.00 $195,000.00 $266,500.00 $290,000.00 $287,000.00 $410,000.00 $387,000.00 $200,000.00 $298,000.00 $215,000.00 $315,000.00 % Change 3.0% -6.3% -16.1% -45.4% -10.6% -35.0% -22.5% -27.5% -29.1% 4.2% 39.5% -13.0% -29.9% -11.0% -15.4% First quarter 2008 sales 7 22 20 8 16 23 27 13 14 17 12 51 28 16 12 First quarter 2009 sales 5 16 10 4 2 9 30 4 10 7 3 43 17 9 5 % Change -28.6% -27.3% -50.0% -50.0% -87.5% -60.9% 11.1% -69.2% -28.6% -58.8% -75.0% -15.7% -39.3% -43.8% -58.3% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt HartFOrD COunty single-Family First quarter 2008 Community avon Berlin Bloomfield Bristol Burlington Canton east granby east Hartford east Windsor enfield Farmington glastonbury granby Hartford Hartland Manchester Marlborough new Britain newington Plainville rocky Hill simsbury south Windsor southington suffield West Hartford Wethersfield Windsor Windsor Locks Days on Market 149 108 122 119 128 175 116 113 145 117 122 116 127 121 86 128 145 103 94 136 111 104 130 128 185 105 115 135 116 First quarter 2009 Days on Market 159 109 127 138 168 115 187 115 217 109 157 124 256 103 99 118 108 121 106 124 133 125 125 128 118 127 108 135 122 % Change 6.7% 0.9% 4.1% 16.0% 31.3% -34.3% 61.2% 1.8% 49.7% -6.8% 28.7% 6.9% 101.6% -14.9% 15.1% -7.8% -25.5% 17.5% 12.8% -8.8% 19.8% 20.2% -3.8% 0.0% -36.2% 21.0% -6.1% 0.0% 5.2% First quarter 2008 Median sales Price $521,250 $269,900 $206,000 $215,000 $315,000 $358,750 $266,000 $171,500 $177,500 $187,500 $375,150 $382,500 $318,500 $152,500 $470,000 $205,500 $234,058 $148,000 $226,500 $195,000 $268,000 $351,900 $283,000 $285,000 $410,000 $290,800 $259,500 $244,750 $194,000 First quarter 2009 Median sales Price $481,250 $257,800 $168,250 $176,000 $449,900 $311,175 $239,900 $140,000 $261,000 $171,000 $318,500 $310,000 $300,000 $130,000 $165,000 $175,000 $228,250 $129,500 $218,500 $191,000 $233,501 $287,500 $274,500 $280,000 $210,000 $278,950 $243,500 $182,500 $171,000 % Change -7.7% -4.5% -18.3% -18.1% 42.8% -13.3% -9.8% -18.4% 47.0% -8.8% -15.1% -19.0% -5.8% -14.8% -64.9% -14.8% -2.5% -12.5% -3.5% -2.1% -12.9% -18.3% -3.0% -1.8% -48.8% -4.1% -6.2% -25.4% -11.9% First quarter 2008 sales 28 30 25 83 13 18 10 74 11 62 37 64 14 42 1 73 6 57 56 17 13 29 29 73 19 98 50 58 29 First quarter 2009 sales 27 23 30 65 13 16 5 61 15 66 23 43 13 35 2 67 6 47 32 18 10 22 34 44 11 62 18 39 16 % Change -3.6% -23.3% 20.0% -21.7% 0.0% -11.1% -50.0% -17.6% 36.4% 6.5% -37.8% -32.8% -7.1% -16.7% 100.0% -8.2% 0.0% -17.5% -42.9% 5.9% -23.1% -24.1% 17.2% -39.7% -42.1% -36.7% -64.0% -32.8% -44.8% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt neW LOnDOn COunty single-Family First quarter 2008 Community Bozrah Colchester east Lyme Franklin griswold groton Lebanon Ledyard Lisbon Lyme Montville new London north stonington norwich Old Lyme Preston salem sprague stonington Voluntown Waterford Days on Market 175 130 135 68 138 146 123 148 121 213 107 136 229 124 160 163 163 137 178 138 141 First quarter 2009 Days on Market 114 137 135 151 146 146 156 124 102 411 119 141 151 115 224 69 120 130 183 149 123 % Change -34.9% 5.4% 0.0% 122.1% 5.8% 0.0% 26.8% -16.2% -15.7% 93.0% 11.2% 3.7% -34.1% -7.3% 40.0% -57.7% -26.4% -5.1% 2.8% 8.0% -12.8% First quarter 2008 Median sales Price $697,950.00 $260,000.00 $305,000.00 $270,000.00 $212,450.00 $351,500.00 $267,000.00 $257,500.00 $187,500.00 $393,000.00 $200,000.00 $185,000.00 $270,000.00 $191,250.00 $302,500.00 $277,450.00 $459,000.00 $190,750.00 $392,500.00 $192,000.00 $257,000.00 First quarter 2009 Median sales Price $95,500.00 $270,000.00 $245,000.00 $170,000.00 $235,000.00 $280,000.00 $240,000.00 $195,000.00 $177,500.00 $495,000.00 $170,000.00 $147,000.00 $185,000.00 $152,500.00 $470,000.00 $132,500.00 $275,000.00 $152,450.00 $470,900.00 $125,000.00 $222,000.00 % Change -86.3% 3.8% -19.7% -37.0% 10.6% -20.3% -10.1% -24.3% -5.3% 26.0% -15.0% -20.5% -31.5% -20.3% 55.4% -52.2% -40.1% -20.1% 20.0% -34.9% -13.6% First quarter 2008 sales 2 27 27 1 20 52 11 31 10 4 21 21 7 54 13 6 9 6 35 7 28 First quarter 2009 sales 2 33 21 1 18 37 6 29 4 1 17 24 5 40 9 2 7 2 20 3 25 % Change 0.0% 22.2% -22.2% 0.0% -10.0% -28.8% -45.5% -6.5% -60.0% -75.0% -19.0% 14.3% -28.6% -25.9% -30.8% -66.7% -22.2% -66.7% -42.9% -57.1% -10.7% COunty & state rOLL-uP single-Family County First quarter 2008 Days on Market Fairfield Hartford Litchfield Middlesex new Haven new London tolland Windham state of Ct 145 120 170 145 146 142 130 139 139 First quarter 2009 Days on Market 147 128 170 155 145 138 142 153 143 % Change 1.4% 6.7% 0.0% 6.9% -0.7% -2.8% 9.2% 10.1% 2.9% First quarter 2008 Median sales Price $505,000 $240,000 $299,900 $315,000 $250,000 $256,000 $238,400 $215,500 $280,000 First quarter 2009 Median sales Price $375,000 $207,500 $215,000 $262,300 $205,500 $210,000 $229,000 $175,000 $230,000 % Change -25.7% -13.5% -28.3% -16.7% -17.8% -18.0% -3.9% -18.8% -17.9% First quarter 2008 sales 1025 1119 292 286 944 392 211 182 4451 First quarter 2009 sales 700 863 194 174 778 306 165 146 3326 % Change -31.7% -22.9% -33.6% -39.2% -17.6% -21.9% -21.8% -19.8% -25.3% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt FaIrFIeLD COunty Condominiums First quarter 2008 Community Bethel Bridgeport Brookfield Danbury Darien Fairfield greenwich Monroe new Canaan newtown norwalk ridgefield shelton stamford stratford trumbull Westport Wilton 25 109 240 173 169 139 147 62 202 318 136 166 122 159 104 121 130 84 1172.0% 24.8% -30.8% -29.5% -5.9% -25.2% -17.7% 109.7% -58.4% $475,000.00 $310,000.00 $355,000.00 $259,900.00 $375,000.00 $185,000.00 $340,000.00 $350,000.00 $425,500.00 $302,500.00 $269,000.00 $230,000.00 $288,750.00 $278,000.00 $184,500.00 $384,900.00 $481,068.00 $750,000.00 -36.3% -13.2% -35.2% 11.1% -25.9% -0.3% 13.2% 37.4% 76.3% 1 65 5 26 112 25 3 1 2 2 41 5 10 51 20 4 2 1 100.0% -36.9% 0.0% -61.5% -54.5% -20.0% 33.3% 100.0% -50.0% Days on Market 147 130 152 129 155 129 159 85 First quarter 2009 Days on Market 192 149 125 120 78 140 323 85 % Change 30.6% 14.6% -17.8% -7.0% -49.7% 8.5% 103.1% 0.0% First quarter 2008 Median sales Price $225,000.00 $151,500.00 $216,000.00 $253,000.00 $620,000.00 $360,000.00 $707,500.00 $267,000.00 First quarter 2009 Median sales Price $273,500.00 $105,000.00 $190,000.00 $215,000.00 $880,000.00 $410,000.00 $676,250.00 $226,250.00 % Change 21.6% -30.7% -12.0% -15.0% 41.9% 13.9% -4.4% -15.3% First quarter 2008 sales 5 70 8 68 1 17 31 9 First quarter 2009 sales 6 25 5 45 1 15 12 4 % Change 20.0% -64.3% -37.5% -33.8% 0.0% -11.8% -61.3% -55.6% WInDHaM COunty Condominiums First quarter 2008 Community ashford Brooklyn Chaplin killingly Plainfield Putnam thompson Windham Woodstock 255 121 110 157 -56.9% 29.8% $149,900.00 $144,000.00 $117,000.00 $111,000.00 -21.9% -22.9% 5 5 3 4 -40.0% -20.0% 271 436 60.9% $225,000.00 $189,900.00 -15.6% 2 1 -50.0% Days on Market First quarter 2009 Days on Market % Change First quarter 2008 Median sales Price First quarter 2009 Median sales Price % Change First quarter 2008 sales First quarter 2009 sales % Change tOLLanD COunty Condominiums First quarter 2008 Community ellington Hebron Mansfield tolland Vernon Days on Market 105 354 88 141 139 First quarter 2009 Days on Market 119 716 175 183 162 % Change 13.3% 102.3% 98.9% 29.8% 16.5% First quarter 2008 Median sales Price $291,250.00 $138,600.00 $137,500.00 $226,735.50 $140,000.00 First quarter 2009 Median sales Price $142,000.00 $214,600.00 $144,000.00 $216,100.50 $149,625.00 % Change -51.2% 54.8% 4.7% -4.7% 6.9% First quarter 2008 sales 4 3 6 4 25 First quarter 2009 sales 6 2 4 2 20 % Change 50.0% -33.3% -33.3% -50.0% -20.0% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt HartFOrD COunty Condominiums First quarter 2008 Community avon Berlin Bloomfield Bristol Burlington Canton east granby east Hartford east Windsor enfield Farmington glastonbury granby Hartford Manchester Marlborough new Britain newington Plainville rocky Hill simsbury south Windsor southington suffield West Hartford Wethersfield Windsor Windsor Locks 120 114 177 183 150 122 145 104 209 107 192 104 201 138 90 138 147 256 123 119 148 183 173 112 67.5% 21.1% -49.2% -24.6% -2.0% 109.8% -15.2% 14.4% -29.2% 71.0% -9.9% 7.7% $147,000.00 $176,000.00 $157,000.00 $166,000.00 $146,750.00 $175,000.00 $199,900.00 $280,500.00 $288,600.00 $210,750.00 $196,450.00 $166,000.00 $156,500.00 $157,700.00 $143,500.00 $153,500.00 $193,000.00 $242,500.00 $182,650.00 $172,000.00 $199,250.00 $185,500.00 $204,012.50 $182,450.00 6.5% -10.4% -8.6% -7.5% 31.5% 38.6% -8.6% -38.7% -31.0% -12.0% 3.8% 9.9% 15 39 9 20 8 27 21 4 22 8 28 17 6 25 4 13 8 9 12 9 16 6 10 4 -60.0% -35.9% -55.6% -35.0% 0.0% -66.7% -42.9% 125.0% -27.3% -25.0% -64.3% -76.5% Days on Market 105 137 126 120 227 81 166 190 93 134 117 102 98 105 75 First quarter 2009 Days on Market 164 170 296 146 105 114 114 140 152 120 110 100 89 140 137 % Change 56.2% 24.1% 134.9% 21.7% -53.7% 40.7% -31.3% -26.3% 63.4% -10.4% -6.0% -2.0% -9.2% 33.3% 82.7% First quarter 2008 Median sales Price $249,750.00 $185,000.00 $200,000.00 $148,000.00 $130,000.00 $177,000.00 $149,900.00 $147,000.00 $233,500.00 $165,000.00 $227,750.00 $200,000.00 $321,250.00 $110,000.00 $172,500.00 First quarter 2009 Median sales Price $238,000.00 $263,000.00 $287,500.00 $130,600.00 $270,000.00 $136,500.00 $111,000.00 $133,450.00 $166,250.00 $168,500.00 $215,000.00 $200,000.00 $248,000.00 $35,000.00 $165,250.00 % Change -4.7% 42.2% 43.8% -11.8% 107.7% -22.9% -26.0% -9.2% -28.8% 2.1% -5.6% 0.0% -22.8% -68.2% -4.2% First quarter 2008 sales 12 5 7 17 1 7 5 10 5 17 16 21 2 17 21 First quarter 2009 sales 8 7 4 20 1 1 3 10 10 10 25 19 5 11 14 % Change -33.3% 40.0% -42.9% 17.6% 0.0% -85.7% -40.0% 0.0% 100.0% -41.2% 56.3% -9.5% 150.0% -35.3% -33.3% LItCHFIeLD County Condominiums First quarter 2008 Community kent Litchfield new Hartford new Milford Plymouth thomaston torrington Washington Watertown Winchester Woodbury 145 168 214 198 80 121 36.6% -52.4% -43.5% $212,500.00 $134,000.00 $166,750.00 $190,000.00 $135,000.00 $142,000.00 -10.6% 0.7% -14.8% 3 5 6 3 3 1 0.0% -40.0% -83.3% 130 130 102 167 79 129 169 171 -39.2% -0.8% 65.7% 2.4% $178,000.00 $130,000.00 $128,500.00 $133,950.00 $101,900.00 $117,875.00 $119,000.00 $138,250.00 -42.8% -9.3% -7.4% 3.2% 13 3 3 10 5 2 2 8 -61.5% -33.3% -33.3% -20.0% Days on Market First quarter 2009 Days on Market % Change First quarter 2008 Median sales Price First quarter 2009 Median sales Price % Change First quarter 2008 sales First quarter 2009 sales % Change prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt MIDDLesex COunty Condominiums First quarter 2008 Community Chester Clinton Cromwell Deep river Durham east Haddam east Hampton essex Middlefield Middletown Old saybrook Portland Westbrook 179 129 -27.9% $235,500.00 $245,000.00 4.0% 4 1 -75.0% 119 142 19.3% $155,000.00 $150,500.00 -2.9% 45 22 -51.1% 70 176 124 154 77.1% -12.5% $167,500.00 $152,520.00 $227,500.00 $180,000.00 35.8% 18.0% 8 5 2 3 -75.0% -40.0% 116 127 9.5% $167,900.00 $143,000.00 -14.8% 33 23 -30.3% Days on Market First quarter 2009 Days on Market % Change First quarter 2008 Median sales Price First quarter 2009 Median sales Price % Change First quarter 2008 sales First quarter 2009 sales % Change neW LOnDOn COunty Condominiums First quarter 2008 Community Colchester east Lyme griswold groton Ledyard Montville new London norwich salem stonington Waterford 294 125 150 107 274 121 222 154 232 130 254 126 359 213 380 119 -21.1% 4.0% 69.3% 17.8% 31.0% 76.0% 71.2% -22.7% $195,350.00 $126,950.00 $178,000.00 $127,450.00 $198,000.00 $95,000.00 $261,450.00 $185,000.00 $118,000.00 $104,000.00 $190,000.00 $112,575.00 $172,000.00 $56,075.00 $316,250.00 $168,000.00 -39.6% -18.1% 6.7% -11.7% -13.1% -41.0% 21.0% -9.2% 15 10 3 10 25 1 6 7 13 3 4 2 11 2 2 3 -13.3% -70.0% 33.3% -80.0% -56.0% 100.0% -66.7% -57.1% Days on Market 125 128 First quarter 2009 Days on Market 377 459 % Change 202% 258.6% First quarter 2008 Median sales Price $209,500.00 $206,000.00 First quarter 2009 Median sales Price $243,900.00 $275,328.00 % Change 16% 33.7% First quarter 2008 sales 4 9 First quarter 2009 sales 1 7 % Change -23.1% -22.2% prudentialCT.com log on and learn 1st quarter 2009 Market rePOrt neW HaVen COunty Condominiums First quarter 2008 Community ansonia Beacon Falls Branford Cheshire Derby east Haven guilford Hamden Madison Meriden Middlebury Milford naugatuck new Haven north Branford north Haven Orange Oxford seymour southbury Wallingford Waterbury West Haven Wolcott 145 162 126 148 134 262 166 157 105 232 80.7% 2.5% 24.6% -29.1% 73.1% $148,750.00 $155,000.00 $202,500.00 $120,000.00 $123,000.00 $207,050.00 $160,000.00 $187,500.00 $81,000.00 $159,425.00 39.2% 3.2% -7.4% -32.5% 29.6% 8 15 34 53 21 4 11 22 28 10 -50.0% -26.7% -35.3% -47.2% -52.4% 119 146 147 62 159 116 135 176 33.6% -20.5% -8.2% 183.9% $190,500.00 $116,000.00 $144,000.00 $205,750.00 $168,000.00 $100,876.00 $102,900.00 $172,000.00 -11.8% -13.0% -28.5% -16.4% 26 11 20 4 14 8 31 3 -46.2% -27.3% 55.0% -25.0% 128 92 171 305 83 167 145 171 152 152 30.5% 57.6% 0.0% -50.2% 83.1% $160,000.00 $280,000.00 $151,950.00 $305,000.00 $157,000.00 $177,000.00 $320,000.00 $146,750.00 $272,750.00 $118,500.00 10.6% 14.3% -3.4% -10.6% -24.5% 13 7 30 6 40 17 3 28 2 20 30.8% -57.1% -6.7% -66.7% -50.0% 132 146 173 135 141 158 2.3% -3.4% -8.7% $286,450.00 $201,250.00 $223,750.00 $352,500.00 $195,000.00 $212,000.00 23.1% -3.1% -5.3% 2 40 10 3 19 10 50.0% -52.5% 0.0% Days on Market First quarter 2009 Days on Market % Change First quarter 2008 Median sales Price First quarter 2009 Median sales Price % Change First quarter 2008 sales First quarter 2009 sales % Change COunty & state rOLL-uP Condominiums County First quarter 2008 Days on Market Fairfield Hartford Litchfield Middlesex new Haven new London tolland Windham state of Ct 143 133 154 131 137 198 142 185 142 First quarter 2009 Days on Market 147 142 131 135 152 282 190 174 155 % Change 2.8% 6.8% -14.9% 3.1% 10.9% 42.4% 33.8% -5.9% 9.2% First quarter 2008 Median sales Price $290,000.00 $175,000.00 $147,500.00 $165,000.00 $164,800.00 $185,000.00 $139,300.00 $154,000.00 $189,000 First quarter 2009 Median sales Price $245,000.00 $173,000.00 $132,500.00 $151,000.00 $149,000.00 $168,000.00 $145,500.00 $118,500.00 $172,800 % Change -15.5% -1.1% -10.2% -8.5% -9.6% -9.2% 4.5% -23.1% -8.6% First quarter 2008 sales 449 381 43 118 354 97 46 17 1505 First quarter 2009 sales 249 272 28 51 233 49 34 8 924 % Change -44.5% -28.6% -34.9% -56.8% -34.2% -49.5% -26.1% -52.9% -38.6% prudentialCT.com log on and learn