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South Windsor Real Estate – January 2009 Market Report

South Windsor, Connecticut Real Estate Market Report
January 2009

Welcome to South Windsor, Connecticut!!  Having a better understanding of the current South Windsor real estate market conditions is critical in order to help you make a more informed decision when buying or selling a home in South Windsor.  To keep you up to date, I have included January 2009’s market profile and trends for your consideration.

Property Sales
January Property sales were 15, down -6.3% from 16 in January of 2008 and -28.6% lower than the 21 sales last month. January 2009 sales were at a mid level compared to January of 2008 and 2007.  January YTD sales of 15 are running -6.3% behind last year’s year-to-date sales of 16.

Prices
The Median Sales Price in January was $284,000, down -1.4% from $288,000 in January of 2008 and up 20.3% from $236,000 last month. The Average Sales Price in January was $377,820, up 34.3% from $281,250 in January of 2008 and up 38.8% from $272,218 last month. January 2009 ASP was at the highest level compared to January of 2008 and 2007.

Inventory & MSI
The Total Inventory of Properties available for sale as of January was 134, down -6.9% from 144 last month and down -0.7% from 135 in January of last year. January 2009 Inventory was at a mid level compared with January of 2008 and 2007.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2009 MSI of 8.9 months was at a mid level compared with January of 2008 and 2007.

Market Time
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for January was 65, up 6.6% from 61 days last month and down -3.0% from 67 days in January of last year. The January 2009 DOM was at a mid level compared with January of 2008 and 2007.

Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The January 2009 Selling Price per Square Foot of $148 was down -2.5% from $151 last month and down -11.5% from 167 in January of last year.

Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The January 2009 Selling Price vs Original List Price of 93.0% was down from 93.1% last month and down from 93.4% in January of last year.

Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in January 2009 was 34, up 25.9% from 27 last month and down -12.8% from 39 in January of last year.

 For further information about the South Windsor, CT real estate market or news and events taking place in South Windsor, including current homes for sale, property values and more, I encourage you to visit the most complete real estate website online www.BurkeCTHomes.com.

South Windsor CT Realtor Brian Burke, ABR
RANKED Top 1% Nationally
RANKED Top 10 in CLOSED SALES for 2009 (out of 2,500 agents)
International President’s Circle
Coldwell Banker Residential Brokerage
cell:  (860) 798-3272
email:  burkecthomes@gmail.com

P.S.   Are you considering buying or selling a home in South Windsor, CT?  How about the Hartford County area?  Selecting the most experienced agent dedicated to the South Windsor, CT area is imperative to promoting your home correctly as a seller or bidding on a home aggressively as a buyer.  Call or email me to setup a no obligation consultation, and I’ll outline each of the many strategies I utilize to gain the best results for my clients.

Cell:  (860) 798-3272
Email:  burkecthomes@gmail.com