More numbers today. We’re through April, so it’s time to look back and see how the market fared last month compared to the same timeframe in 2008.
All data comes from the CT Multiple Listing Service, is for single family homes only, and is deemed reliable, but not guaranteed.
My observations…
1. Just like January and February, there were so few transactions in some of the towns that this data is not very statistically relevant, particularly the Median Sale Price and Days on Market columns. I am simply including these two columns because I’ve done so in the past and people like to see the data. Those two buckets are much more relevant on a quarterly basis, so just keep that in mind.
2. The number of closings are down again when comparing April 2009 to April 2008. Aggregating the data for these towns, the number of closed sales was down 18.9% in April 2009 compared to April 2008.
3. Every town presented with the exception of Manchester and Newington is now seen as a Buyer’s market, with more than 6 months of inventory available in each town. Remember, certain price points and neighborhoods may still have an advantage to Sellers, but when aggregating all price points and neighborhoods for a town, most towns are showing an advantage to Buyers right now. Many Sellers are listing right now to time the spring/early summer market, so this is leading to a build up of inventory. By June and July I would expect the Months of Inventory to decrease as Buyers will have made their decisions on the spring market and Sellers will slow down on listing heading into the summer.