Monday, June 21, 2010

New Haven Residential Statistics

After I wrote my last blog on the New Haven residential market, I received a call from a reporter who follows the blog, asking whether my assertions were based in fact. Always an interesting question about a blog...Anyway, our office did some statistics for the East Rock market, using last year and this year, with houses in two ranges: $300-500K and houses over $500K.

Even though I had said that that market area was very healthy, even I was surprised at how true it turned out to be. The median number of days on the market was 55 for the first price range, and an amazing 20 days for the second range. The list to sales price ratio was 95% for the 300-500K range, and 94% over that amount.

It's hard to compare numbers when you are looking at larger areas, such as entire cities and towns, or even zip code regions. This analysis was done street by street, in a relatively small area, and so cannot be extrapolated to other places. Translation: Your home in a suburb, or even another part of New Haven, or even in another price range in the same neighborhood, may not sell that quickly or that close to the asking price! Although it's also true that you cannot say that, even in this small subgroup, these figures will necessarily hold, it's good news for the East Rock section.