Greater New Haven Short Sales
Market Report-August 2011
When the real estate market started its decline back in 2006 and short sales were widespread across many parts of the country it wasn't until late 2008 before they started appearing the in the real estate market in the Greater New Haven area.
While this was the first introduction for most Greater New Haven real estate agents to short sales, many have received the education and training about what a short sale is and how the process works but there are nonetheless many agents who won't work with short sale sellers or short sale buyers.
While short sales are not as dominant here as in some of the states that were hardest hit they do make up approximately 8% of the homes for sale in the Greater New Haven real estate market. According to our MLS there are 2473 total single family homes for sale of which 198 are short sale listings.
In looking at homes under deposit this percentage however increases slightly. With 324 homes currently under deposit 45 Greater New Haven short sales make up 13% of these homes.
To date there have been a total of 1959 homes sold and Greater New Haven short sales make up 5.5% with 107 closed sales. For the month of August 2011 short sales made up 4.7% of the total 277 homes sold which is a 2% increase from July 2011.
Year To Year Closed Greater New Haven Short Sales
Jan. 2008 - Dec. 2008 7
Jan. 2008 - Dec. 2009 116
Jan. 2009 - Dec. 2009 146
Year To Date 2011 107
The lowest list price for a Greater New Haven short sale home is $29,900 and the highest is $835.000. The largest percentage of these home are priced between $100,001 to $200,000.
Greater New Haven Short Sales By Price
$1 - $100,001 18
$100,001 - $200,000 89
$200,001 - $300,000 58
$300,001 - $400,001 21
$400,001 - $500,000 8
$500,001+ 4
Based on the current absorption rate for Greater New Haven short sales it's definitely a buyer's market in terms of the amount of months it will take to absorb the current inventory.
Current Absorption Rate For Greater New Haven Short Sales
| 1 month |
3 months |
6 months |
12 months |
|
| Listings |
198 |
198 |
198 |
198 |
| Sold |
13 |
33 |
76 |
150 |
| Avg. Sold/Month |
13 |
11 |
13 |
13 |
| Month's Inventory |
15.2 |
19 |
15.2 |
15.2 |
If you or someone you care about is facing financial difficulty and feeling the stress of an unaffordable mortgage and owe more on your home than what it's worth please give me a call to discuss your options. Even if you're facing the possibility of forecosure it is not too late to try and sell your Greater New Haven home as a short sale. Call me today for a confidential consultation and let's work together to put you back on the path of financial stability.
This Greater New Haven short sale report is defined geographically to include the towns of Bethany, Branford, Cheshire, East Haven, Guilford, Hamden, Madison, Milford, New Haven, North Branford, North Haven, Orange, Wallingord, West Haven and Woodbridge.
Greater New Haven Short Sale & Pre-Foreclosure Help
Contact Donna Bigda, CDPE, ABR, SRES, e-PRO. RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven or the surrounding Greater New Haven shoreline area.
Want more information about Greater New Haven real estate, the housing market in general, or help in your home search, please contact me by phone or text at (203) 645-7467. If you would you like to have access to properties immediately to beat other buyers to your dream home? Sign up with no obligation at my ShorelineHomeFinder site.
Mortgage Assistance Relief Services Disclosure
Donna Bigda & RE/MAX Alliance is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. RE/MAX Alliance is not engaged in the practice of law nor gives legal or tax advice. It is strongly recommended that you seek appropriate professional legal counsel and tax advice for any real estate transaction.
Copyright © 2011 by Donna Bigda, All Rights Reserved ...*Greater New Haven Short Sales Market Report-August 2011*
