Property Q&A in Glastonbury>Question Details

Nancy, Home Buyer in Glastonbury, CT

How much have housing prices in Glastonbury depreciated since the peak in 05/06?

Asked by Nancy, Glastonbury, CT Tue Jan 27, 2009

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Hi Nancy -

Most communities in Hartford County have gone down about 10%/year. Glastonbury still has a market that is selling but the average days on market appears to be longer then what we were seeing last year. (depending on price range) If you are thinking of selling, homes that are priced correctly for current market conditions are selling. Buyers with good credit are getting mortgage approval and they are out there because the mortgage rates are so low. Don't let the media scare you - they tend to make generalizations and don't focus in on the good - and there is good out there.
0 votes Thank Flag Link Tue Jan 27, 2009
The peak in Glastonbury was actually in 2007 where the median price was $399,000 and the average price per square foot was $181.79. 2008's median sales price was also $399,999 but the price per square foot dropped to 2005 levels or $176.78.

Essentially, if the houses that sold in 2006 and 2008 were exactly the same, expect less than an average of 3% decline. Depends on the price range, though.

My blog post below gives you more info...

Let me know if you have any questions.
0 votes Thank Flag Link Tue Jan 27, 2009
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