Trumbull CT Real Estate Weekly Market Update January 24, 2012

TRUMBULL CT HOMES: Trumbull's market continues to be one of the hottest around! As of this morning, there are 166 homes that are actively on the market, and expect inventory to start to increase in the coming weeks. Their average market time is 111 days and they are listed at an average price of $428,409. The median list price in Trumbull is $352,400. The highest priced home in town is listed at $1,100,000 and the lowest priced home is available at $169,900.

This week, we saw ten new listings come on the market. One home came back on the market after being under deposit. There were seven properties that had a price change. There were fourteen properties that went under the initial deposit stage, which we call CTS, and three properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average list price was $334,033 and their average market time was 55 days.

TOWNWIDE PENDINGS: There are 34 properties scheduled to close, and their average price is $385,576.

CLOSINGS: There were six properties that were reported as sold in this past week, The average list price was $469,817 and their average time on the market was 87 days. There were 49 status changes in the last week.

TRUMBULL CT CONDOS: The median price of the 26 condominiums that are available in Trumbull is $327,450. These homes have been listed an average of 132 days, and have an average price of $372,001. The highest priced condo in Trumbull is listed at $649,900. The lowest priced home is $131,937.

One new listing came on the market this week, and no homes came back on the market after being under deposit. No condominiums had a price change. In the last week, no condominium went into CTS status, and one property went into pending status that was listed at $550,000.

TOWNWIDE PENDINGS: There is one property scheduled to close.

CLOSINGS: There were no closings reported in the last week. There was three status changes.

RENTALS: If you are looking for a rent in town, there are 27 homes or apartments available, and they are listed at average price of $2,491 per month. These homes have been on the market approximately 57 days. The median price for a rental is $2,075 per month.

Seven Year Annual Trumbull Real Estate Market Recap

2012 Trumbull Real Estate Forecast, Advice and 2011 Recap

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

If you have a question about buying or selling Real Estate in Trumbull, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Trumbull CT Real Estate Market Weekly Update January 17, 2012

TRUMBULL CT HOMES: As of this morning, there are 159 homes that are  actively on the market, and expect inventory to start to increase in the coming weeks. Their average market time is 115 days and they are listed at an average price of $432,045. The median list price in Trumbull is $353,400. The highest priced home in town is listed at $1,100,000 and the lowest priced home is available at $169,900.

This week, we saw six new listings come on the market. Two homes came back on the market after being under deposit. There were six properties that had a price change. There were six properties that went under the initial deposit stage, which we call CTS, and eight properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average list price was $384,138 and their average market time was 95 days.

TOWNWIDE PENDINGS: There are 40 properties scheduled to close, and their average price is $399,157.

CLOSINGS:  There were four properties that were reported as sold in this past week, The average list price was $483,700 and their average time on the market was 94 days. There were 47 status changes in the last week.

TRUMBULL CT CONDOS: The median price of the 27 condominiums that are available in Trumbull is $327,450. These homes  have been  listed an average of 132 days, and have an average price of $375,97. The highest priced condo in Trumbull is listed at $649,900. The lowest priced home is $131,937.

No new listings came on the market this week, and no homes came back on the market after being under deposit. Two condominiums had a price change. In the last week, one condominium went into CTS status, and no properties went into pending status.

TOWNWIDE PENDINGS: There are no properties scheduled to close.

CLOSINGS: There were no closings reported in the last week. There was three status changes.

RENTALS: If you are looking for a rent in town, there are 27 homes or apartments available, and they are listed at average price of $2,339 per month. These homes have been on the market approximately 58 days. The median price for a rental is $2,037 per month.

Seven Year Annual Trumbull Real Estate Market Recap

2012 Trumbull Real Estate Forecast, Advice and 2011 Recap

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

If you have a question about buying or selling Real Estate in Trumbull, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

Trumbull CT Real Estate market Weekly Update for January 10, 2012

TRUMBULL CT HOMES: As of this morning, there are 165 homes that are  actively on the market, and expect inventory to start to increase in the coming weeks. Their average market time is 117 days and they are listed at an average price of $429,073. The median list price in Trumbull is $353,400. The highest priced home in town is listed at $1,149,000 and the lowest priced home is available at $169,500.

This week, we saw seven new listing come on the market. No homes came back on the market after being under deposit. There were five properties that had a price change. There were nine properties that went under the initial deposit stage, which we call CTS, and nine properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average list price was $487,500 and their average market time was 132 days.

TOWNWIDE PENDINGS: There are 38 properties scheduled to close, and their average price is $415,976.

CLOSINGS:  There were six properties that were reported as sold in this past week, The average list price was $424,917 and their average time on the market was 71 days. There were 42 status changes in the last week.

TRUMBULL CT CONDOS: The median price of the 26 condominiums that are available in Trumbull is $329,500. These homes  have been  listed an average of 130 days, and have an average price of $380,924. The highest priced condo in Trumbull is listed at $649,900. The lowest priced home is $131,937.

One new listing came on the market this week, and no homes came back on the market after being under deposit. No condominiums had a price change. In the last week, one condominium went into CTS status, and no properties went into pending status.

TOWNWIDE PENDINGS: There are no properties scheduled to close.

CLOSINGS: There were no closings reported in the last week, There was three status changes.

RENTALS: If you are looking for a rent in town, there are 24 homes or apartments available, and they are listed at average price of $2,390 per month. These homes have been on the market approximately 65 days. The median price for a rental is $2,062 per month.

Seven Year Annual Trumbull Real Estate Market Recap

2012 Trumbull Real Estate Forecast, Advice and 2011 Recap

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

If you have a question about buying or selling Real Estate in Trumbull, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

Trumbull CT Real Estate Market Weekly Update January 3, 2012

TRUMBULL CT HOMES: As of this morning, there are only 162 homes that are  actively on the market. Their average market time is 117 days and they are listed at an average price of $434,407. The median list price in Trumbull is $354,950. The highest priced home in town is listed at $1,149,000 and the lowest priced home is available at $169,500.

This week, we saw two new listing come on the market. No homes came back on the market after being under deposit. There were six properties that had a price change. There were three properties that went under the initial deposit stage, which we call CTS, and five  properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average list price was $318,760 and their average market time was 144 days.

TOWNWIDE PENDINGS: There are 34 properties scheduled to close, and their average price is $398,185.

CLOSINGS:  There were six properties that were reported as sold in this past week, The average list price was $324,583 and their average time on the market was 113 days. There were 39 status changes in the last week.

TRUMBULL CT CONDOS: The median price of the 25 condominiums that are available in Trumbull is $307,450. These homes  have been  listed an average of 128 days, and have an average price of $377,765. The highest priced condo in Trumbull is listed at $649,900. The lowest priced home is $131,937.

Three new listings  came on the market this week, and no homes came back on the market after being under deposit. No condominiums had a price change. In the last week, no condominiums went into CTS status, and no properties went into pending status.

TOWNWIDE PENDINGS: There are no properties scheduled to close.

CLOSINGS: There was one closing reported in the last week, and the home was listed at $359,900. There was seven status changes.

RENTALS: If you are looking for a rent in town, there are 21 homes or apartments available, and they are listed at average price of $2,403 per month. These homes have been on the market approximately 67 days. The median price for a rental is $2,062 per month.

Seven Year Annual Trumbull Real Estate Market Recap

2012 Trumbull Real Estate Forecast, Advice and 2011 Recap

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

If you have a question about buying or selling Real Estate in Trumbull, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

2012 Trumbull CT Real Estate Forecast, Advice and 2011 Recap

The year ahead promises be a good one for Trumbull, as we have hit our stride in the last quarter and continue to be strong. Although unit sales were down about six percent last year, it was primarily due to a very slow start in the first few months of 2011.

There were 276 single family home sales in both 2010 and 2009 and I am expecting that this year will at least bring us back to 2008 sales levels of 284 units.

Historically, presidential elections have brought about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, it should help this market considerably in the coming year. We may even see some price increases this year if things keep going the way they are right now.

We can reasonably anticipate some market instability though,  come spring and early summer when it is expected that we will begin to see Trumbull's shadow inventory come on the market, and competing with owners wishing to sell their homes. Close to 360 properties are on the horizon as upcoming bank owned properties that will be coming on the market at some point in 2012 and early 2013, and that number is more homes than sold in all of 2011.

The year ahead is not so easily predictable because of the amount of distressed properties that seem to already be in the pipeline. It can go one of two ways, and incidentally, bank-owned properties are not always good deals. In Trumbull's case, it may either bring more buyers to town on a perception of a discount, or it will impact the sales of pre-existing owner-occupied properties. It's too early to tell. I'm leaning on the thought that they will bring more buyers in town. Next question- Will the upcoming inventory hurt sales prices? I actually don't think so.

Average sales prices decreased just under 4.5 percent, with an average sale price in 2011 of $389,422. If it weren't for the latter part of the year, 2011 would have been dreadful. As it is, last year's unit sales are lower than they have ever been in the last decade. We're snapping out of it, though. No worries.   

At best, we may very well begin 2013 back at 2010 price levels or above, which would not be a bad thing. To put things in perspective, Trumbull properties lost over 20% of their value since 2005. We just need to catch up on those unit sales which have been hurting quite badly over the last few years, in comparison to the 400-500 sales that have occurred annually in years past. We are not getting close to that in 2012, but I do think we can at least hit the 300 mark.

There are some segments of the market that fared better than others this past year, and by that, I mean those segments lost less value than other parts of the market. Five bedroom homes were the best performing properties in town price-wise, as well as homes that are in the 3001-4000 square foot range.  They actually gained value by about 1.7 percent. Other than that, every conceivable segment of the market experienced a decrease in value from 2010 to 2011.

Smaller homes under 1500 square feet seem to have been the safest bet if you were selling this past year, but I would venture to say that Trumbull is probably one of the BEST places to buy a home right now. It's on its way up. You heard it here, first.

Best bets for selling for top dollar in the year ahead are five bedroom homes and any homes between 3000 and 4000 square feet.

Best bets for buyers are truly anywhere in town, and the sooner, the better.

Bottom Line: Expect prices and sales volume to increase this year. It seems that Trumbull has turned the "proverbial corner".

If you have a question about buying or selling Real Estate in Trumbull, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy