Property Q&A in 06712>Question Details

George, Other/Just Looking in 06712

Real Estate value decline in the last 3 years?

Asked by George, 06712 Sun Mar 11, 2012

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George, this is why now is the best time to buy, prices are almost cut in half and the interest rates are at an all time low. Julie Lucia, Showcase Realty, 203-578-5631; julie@julierealestate.com
0 votes Thank Flag Link Mon Mar 12, 2012
There has been approximately a 13% decline in theaverage market price ofsi gle family properties in Prospect in the last 3 years. There was an increase in prices in 2004-2007 fueled by lax lending standards (and speculation) which made it cheaper to buy than put down a security deposit for a rent.. Using today, March 12th, let's look back. These figures do not include condominiums or mobile homes and are courtesy of CTMLS.

3/12/2011- 3/12/2012 56 units sold. average sale price $142.38/per square ft. including land
3/12/2018-3/12/2009 65 units sold average sale price $163.40/per square ft "

3/12/2006-3/12/2007 86 units sold average sale price $183.03 per square foot."

Interestingly enough, Prospect had a boom of sorts in 2001-2002:

3/12/2001-3/12/2001 108 units sold average sale price of $120.61 per square ft.

So, if you've been in your house 10 years, price have actually increased fro the time you bought!
0 votes Thank Flag Link Mon Mar 12, 2012
When we consider the past 21 years history we remember people who bought from 1991 through 1996 realized no appreciation, nor did they lose money if they stayed in their home until at least 1998. Some homebuyers are concerned that values will continue to decrease and are waiting for a defined price reversal. If we look at the last market reversal we saw the stabilization to appreciation process continue from 1990 to 1997.

People who remained in their home through the end of this 1991- 2006 period saw the values increase dramatically due to the sub prime adjustable lending practices of 2003-2006. This dramatic expansion of values has been in a correction since 2006, challenging people who bought in the past 5 years. We now see homes prices around 2003 values or before, depending on transaction variables This is significant when we apply adjusted values of inflation. I can show you neighborhood specific information for your favorite property type and value.

Four-Quarter Percent Change in FHFA MSA-Level House Price Indexes
(All Transactions Index, 2011Q4 Updated Feb,25 2012)
Year Quarter New Haven-Milford, CT
2011 4 -3.22
2011 3 -4.45
2011 2 -4.55
2011 1 -2.99
2010 4 -1.53
2010 3 0.01
2010 2 -4.23
2010 1 -6.89
2009 4 -4.28
2009 3 -5.31
2009 2 -5.39
2009 1 -5.00
2008 4 -6.42
2008 3 -6.65
2008 2 -4.54
2008 1 -2.02
2007 4 -1.15
2007 3 0.05
2007 2 1.23
2007 1 2.06
Web Reference: http://www.ahomeforme.com
0 votes Thank Flag Link Mon Mar 12, 2012
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