Connecticut Real Estate Blog - Real Real Estate in CT

Everyone is talking about housing prices in Connecticut.  Here’s a look at the numbers for single family homes in Hebron.

Sales Price Is Important, But So Is Square Footage 

The often reported sales prices and the comparison between one month to another or year to year do not take into consideration the size or type of house sold.  For real analysis, I think its important to look at the the sales price, the original list price and the median square footage for homes sold in any given month.

If you look at Hebron’s sales, you’ll see that month to month, there were fluctuations in sales price.  However, is that caused by a softening market or the fact that the median square footage for houses sold was not the same month to month?

 To see how the market in Hebron has fared over time, compare March to September as the median square footage for sales is similar.  In March, the median square footage of homes sold was 2762 square feet for a median price of $378, 500 versus September’s sales where the median square footage was 2610 square feet and the price was $324,500.  So, houses about the same size are selling for less in September than they were in March. 

Another interesting figure to look at is Days on Market. 

The trend for days on market is not upward. It is a reasonable expectation that homes will be on the market longer after the school year has begun, since many people rush to buy homes before September. 

Statistics for the Year, January - October 2007

Median List Price for January - October 2007:  $316,150

Median Sales Price for January - October 2007: $303,768

List vs. Sales Price: 96%

Days on Market: 42

Square Footage: 2007

So, what does it all mean?

Comparing prices from 6 months ago to now, homes are selling for less in Hebron.  Several things are causing this - the season, the number of houses on the market, the credit crunch and my favorite punching bag, the media who have everyone convinced we’re going to be foreclosed on right before the oceans rise and flood our houses. 

But when making decision about buying or selling, it’s important to look at comparables for the type of house, not just broader market statistics.