CT-Shore-Homes Newsletter
OCT 2009
Congress has now extended the First Time Home buyer credit and increased income levels. Across the board we saw an increase in activity in September and October as buyers looked to take advantage of this credit before the end of the program which had been homes closing by December 1. Activity has begun to bubble up into higher price range as people in the lower price range recieved contracts on their home and could now move forward on the purchase of their next home.
In addition to extending the first time home buyer credit until the end of April, Congress also extended a home buyer credit for people who have owned their current home for the last 5 years. Expectations are that this will further the activity in the higher price ranges.
Tom Burland JoAnn Stirling
203-645-0602 203-671-8072
Tom.Burland@cbmoves.com Joann.Stirling@cbmoves.com
Homes Under Contract
Oct 2009
The data below verifies that the market has stablized with numbers of home under contract in Oct 2008 showing significant growth in Branford, Clinton, Guilford and Westbrook. Madison remains flat in year over year growth.
MLS Data Residential Single Family Homes and Condos
Closed Home Sales
OCT 2009
All towns with the exception of Madison saw either a growth in sales or flat year over year indicating a stability in the market. Madison saw a decline in number of units but an increase in median home sales price which indicates the inventory above 400,000 is begining to move.
|
Town |
Units 2008 |
Median SP 2008 |
Units 2009 |
Median SP 2009 |
ADOM 2009 |
|
Branford |
28 |
$218,500 |
33 |
$208,000 |
78 |
|
Clinton |
16 |
$222,500 |
16 |
$252,500 |
50 |
|
Killingworth |
3 |
$355,000 |
3 |
$344,000 |
14 |
|
Guilford |
16 |
$334,500 |
28 |
$320,00 |
57 |
|
Madison |
25 |
$345,000 |
17 |
$412,500 |
52 |
|
Westbrook |
9 |
$390,000 |
9 |
$520,000 |
106 |
MLS Data Residential Single Family Homes and Condos
Active Home Inventory
November 12, 2009
Inventories remain high relative to homes closing or going under contract. We are ranging between a 7 to 10 month inventory level in each town.
|
Town |
Units |
|
Branford |
244 |
|
Clinton |
149 |
|
Killingworth |
64 |
|
Guilford |
217 |
|
Madison |
246 |
|
Westbrook |
87 |
MLS Data Residential Single Family Homes and Condos |
| Featured Article |
|
Sizing up remodeling returns By Inman News, Wednesday, December 3, 2008. Siding and window replacements and wood decks had among the highest return of project costs upon resale, according to a report prepared by research company Hanley Wood LLC in cooperation with the National Association of Realtors' Realtor Magazine.
The 2008 Remodeling Cost vs. Value Report found that the average upscale fiber-cement siding replacement project cost about $13,177 and recouped about $11,424 of that cost -- or 86.7 percent -- upon resale.
Wood deck additions, which cost an average of $10,601 per project, recovered an average $8,676, or 81.8 percent of the cost upon resale, the report found.
Midrange vinyl siding replacement projects returned about 80.7 percent of project cost, followed by upscale foam-backed vinyl siding replacement at 80.4 percent, minor kitchen remodels at 79.5 percent and upscale vinyl-sided window replacements at 79.2 percent of project costs. Wood and vinyl window replacements and major kitchen remodels followed on the list of projects
NAR noted that it was the second year in a row that exterior projects recouped the highest percentage of project costs.
The report compares construction costs with resale values for 30 midrange and upscale remodeling projects -- including additions, remodels and replacements -- in 79 markets across the country, NAR reported.
The least profitable remodeling projects in terms of recouped costs include home-office remodels, sunroom additions and backup power generators, according to the report, which return from 54.4 percent to 57.1 percent of project costs, on average, according to the report.
In some cities, homeowners can recover all of their costs on projects, the report found -- some projects in Charlotte, N.C., as an example, can net more than they cost at resale, and Seattle, Jackson (Miss.) and Billings (Mont.) also topped the list of cities with a high rate of return. |