Newtown, CT: A Real Estate Comparison 2014 vs 2015 Well, Happy New Year! It's time for our annual comparison of the past 2 years of real estate values in Newtown, CT. As in past years, we are going to start with the median sale price and the number of sales for each year. We added in 2013 for further discussion below.
You can clearly see that the median sale price in Newtown increased by almost 2% in 2015. The overall number of sales for the town was down, but at just 8 fewer, we're not too concerned about that.
Median cumulative days on market decreased by 23 days. Cumulative days on market differs from active days on market in that it shows all the time a house was actively listed for sale. So if a house was on the market for awhile and it was "refreshed" or taken off the market and put back on as new, cumulative days on market includes both the period before it was refreshed and after it was refreshed.
Wow! 2015 had a 50% increase in the number of sold foreclosures. We feel this increase is good for the Newtown, CT real estate market. Short sales and foreclosures are many times tied together. They are both distressed properties and one can lead to the other. The reason being is that if a house is being short sold, inevitably, the bank will start a foreclosure action. If the short sale is not successful, the house will be foreclosed on. Although, the number of sold short sales in Newtown has been pretty consistent since 2010, the number of foreclosure sales has steadily been increasing with 2015 having the most so far.
So in reviewing the data above, we feel that our local real estate is in the early stages of recovery. The median sale had a small increase in price - the first since 2013. The number of foreclosures increased indicating to us the number of distressed properties is starting to wind down. The distressed properties have helped to stall the rebound of home values in not only Newtown, but also the surrounding towns.
As an aside: Click here for an earlier 2015 post about the number of short sales vs foreclosures in Newtown. In that post from August 2015, we reported there were 14 sold short sales in Newtown at that time. Interesting, that the number did not increase by the end of the year.
We hope that you find Newtown, CT: A Real Estate Comparison 2014 vs 2015 to be informative in explaining current market conditions.
* All data was pulled from the Greater Fairfield County Multiple Listing Service (GFC MLS) for single family residential real estate in Newtown, CT. Short sale data and foreclosure data is based on GFC MLS data for short sales and foreclosures. It does not include properties that were not properly identified on the MLS as being short sale or foreclosure.