SALES STATISTICS-LITCHFIELD COUNTY

06.11.09

Following up on last week's State statistics, here are single family home statistics for "our" Litchfield County area. They were omitted last week due to space limitations. I have reviewed them from 2002 through 2008.

Numerically sales in 2002 and 2003 were essentially identical at around 1534-1580 units; the $ volume was $383 million for 2002, $416 million for 2003.

Unit sales climbed to a height of 1800 in 2005, then dropped each year to a low (for the period) of 1178 units in 2008. 1570 units sold in 2006, about on par with 2002, however the 2006 $ volume was considerably higher at $574 million, reflecting the increased property values.

The $ volume also peaked in 2005 at $634 million. By 2008, the $ volume fell back to slightly below that of 2003. However there were 400 fewer units sold, so values were still a bit higher, but the fall had started. The last 2 quarters of 2008 are significant in this respect as sales virtually collapsed in most market sectors as the year ended. Statistics for Fairfield County are far more drastic.

Around the NW corner, 2009 is going to tell it all. Sales volume around here is way off; $ volume will also be far lower, as I see it, for the first half. Values have dropped significantly and the demographics of the buyers have also changed significantly.

On the bright side, looking activity has picked up, just in the past 2 weeks, and this could bode well for a much better 2nd half of the year. Buyers are still going to be in control of the $ value of the sales however, as there is a whole new mindset out there about what these "new" buyers are going to want.

©2009 R. Leech features.