New Milford CT Defies Real Estate Market "Bad News" from the town crier!!!!
Inspired by Pat Kennedy, a super Realtor® in the metro Washington DC area, I decided to take a look at the real estate stats in New Milford for July, from 2005 (before the bubble burst) though 2010. The media has been screaming doom and gloom, the sky is falling, things are bad bad bad. I can't deny it is a scary time out there, that things are still not as they should be. People are losing their homes and jobs across the country. But fear won't help us out of this situation.
What we need to remember is real estate is hyper local. What is true for one area is not true for another. The statistics were taken across the entire United States, even when the statistics involve the northeast, the averages for Maine are not the same as the averages for Connecticut. And within Connecticut the averages for Roxbury, CT are not the same for the averages for New Milford. Hyper local.
There were some that said the ending of the tax credit had stalled the real estate market. Plausible, especially in some areas.
What to the statistics say? We certainly are off from 2005, we are holding our own, steadily climbing out of the real estate black hole. See for yourself! The charts and graphs are self explanatory.
With interest rates at unbelievably low levels, historically low levels, housing prices lower than they have been in years, this is truly the time to buy.
Andrea Swiedler, Realtor® & Liddy Adams, GRI, Broker Associate
Cell: 203.460.1775 Email: andrea@andreaswiedler.com
Swiedler & Adams, we know real estate!
Prudential Connecticut Realty, New Milford & Litchfield, CT
Swiedler & Adams
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© Andrea Swiedler, 2009 - 2012
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That lowest sale price is pretty telling. It takes a serious price incentive to move some of those bottom of the barrel places.
Julia, the good news is that the amount was not down. I know we have some foreclosures to move, we had not seen many here before the crash. The actual average sale price was up, and that is good news too. Despite what the news says.
Andrea- My post, yesterday, made the same point. All real estate is local. CT certainly appears to be bucking the national trend. In my local market, Westport's July sales were the best since 2005.
Marilyn, I am so tired of the news, it is like they are trying to scare everyone to death. They need to get some good news going on. Our own local stations need to get this word out, instead of all the doom and gloom. Glad to hear it about Westport!!!!
Andrea- love your presentation of your local market facts. And love the year to year numbers since before the "crash"
Tammy, thank you. I was really tired of hearing the bad news ad nauseam. I understand that some markets are so far down, it will take a long time to recover. But when there are pockets of good news, shout it out. Our local stations should be talking this up.
Hi Andrea. What great visuals! Looks like things are improving in your area. Hooray!
Hi Andrea, I like the hyperlocal term, because it is local within local. Very low interest rates now due to the sluggish economy.
Excellent news Andrea and especially perfect for Thankful Thursday!! Glad to hear there really is light at the end of the tunnel!
Hi Andrea ! We have local differences from county to county here - and my county has held up better than the surrounding ones, and even has some towns experiencing higher sales and slightly higher sales prices ! Local local local - so clients should trust their local Realtor and not always the National News !!!
Andrea, you did an excellent job with this report. but that is what we have come to expect from you :)
Andrea, like you I tire of hearing the bad news! I am b not trying to avoid because there are some areas where the markets are so bad it is affecting the overall outlook nationwide. Luckily we are doing well in Texas but the news is still so disheartening at times that it can have a deleterious effect on buyers and sellers even in good markets! It is all LOCAL!
Andrea, 20 miles to your East and we have a very different portrait here. Your area has more of a New York influence, and ours is just terrible as the prices have fallen quite a bit, and the market is very hushed.
Andrea..Prices are down ..interest rates are at an all time low ..It is a Great time to Buy !!!!
HELPFULHANNAH
Andrea, it seems like there is a sign of improvement in your market. I hope it continues going well for you.
Andrea - I somewhat expected us to fall flat on numbers after the tax credit expired. We should know in the next few months, whether the housing market will strengthen enough to fly on its own. I continue to admire your graphs.
Patsy, why thank you. It seems as if we are holding our own at the moment.
Gary, the interest rates defy logic! I also love the term hyperlocal, and real estate is just that.
Al & Peggy, I am so tired of gloom and doom. I needed something good!
Shel, you are so right about that. Look into what is happening where you live, where you want to buy!
George, you are making me blush, thank you!
Russel, I would just love it if the local news would run local stats, they could be running the stats town by town here.
Ed, I know that. And I am sure to the north of me it is the same. But here, because of our proximity to Danbury and I84, because of Candlewood Lake, because people want to live out in the country while still having shopping close by, we seem to be recovering a bit faster, or holding our own at this point.
Hannah, that it is. Thank you!
Rita, I hope that we continue this trend here!
Myrl, I had expected that here also. And it may hold true for August, I would rather look at an overall trend, not a month trend. However..... because of the news coming out recently, pinning everything on July, the sky was falling, I wanted to look at what WE are doing right here in my little corner of paradise.
You are right Andrea all Real Estate is local. Since the market peak most towns in my area have taken a 25% hit. If you look at the city however it is much lower...around 10%.
Bill, our prices have certainly taken a hit, but in all honesty homes are now more affordable and realistic. The good news, homes are selling. We are seeing more foreclosures, more short sales, but we are seeing well priced homes in all price ranges sell. Slower than before, yes, of course. I wanted to see how bad we had dropped from June because of all the press.
Andrea.....Your charts and graphs really provide a great visual on your market. As you note all real estate markets are truly local, and can vary widely from one area to another. I'm glad yours is looking up.