[Editors note: It is our pleasure to introduce John E. Miller as a regular contributor to our blog. John is a 10 year real estate veteran and long-time contributor to several top real estate web sites and blogs. He is currently on the senior writing staff of ForeclosureDeals.com and we hope you enjoy his insightful posts each week. Welcome, John!]

Taking a Look at the Greater New Haven Economic Numbers

The health of the housing market in any given area is closely tied to the health of the economy in that area. In the Greater New Haven area, this is especially true. We can take a look at broad economic indicators for the region and use the most recent data to provide a bit of context for the housing market – especially when it comes to what the market may do in the near future.

The number of new housing permits is the final figure we’ll look at, and a 25% drop is not what one wants to see in a healthy real estate market. This means we have an overabundance of supply of existing homes, so people can find a suitable home without having to build their own. Right now, we are seeing a lot of areas with falling home values because there is a substantial inventory of homes in this area – approximately 8 months as was discussed on this blog earlier.

The economic situation in the Greater New Haven area is similar in a lot of ways to many other parts of the country I’ve covered. It will take some time before the underlying economy for the state improves substantially, and when that occurs, expect housing prices to reverse their present trend and rise.  

About the Author:

John E. Miller is a Real Estate Professional who has spent the last 10 years writing for several magazines and online publications. Miller is a regular contributor to Businessinsider.com as well as being the team leader of Content Acquisition and Analysis of new business development for Foreclosure Deals, where he also serves as a real estate agent expert. 

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Greater New Haven Area Economic Numbers at a Glance

CT Magazine Rates the State’s Small Towns (Part 3)

This is the third entry in our three part series highlighting the rating of Connecticut’s small towns by Connecticut Magazine. In our first post, we focused on the largest towns in our state, those with populations between 6,500 and 10,000; in our second post, we highlighted towns between 3,500 and 6,500 residents. To recap, the publication set the following criteria for the rankings:

They first sorted the localities into three groups based on population:

• 6,500 – 10,000
• 3,500 – 6,500
• less than 3,500

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

Then the numbers were crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this third part of the series, we’ll be taking a look at the next population segment, towns with less than 3,500 residents, and specifically those in our market area, if any:

3,500 and Under:

Unfortunately, there were no towns in our market area included in this segment, but there are several excellent representatives dotted throughout New London, Litchfield and Windham counties. Lyme, with a population of about 2,000, is one of Connecticut’s smallest towns, but it’s also one of the most beautiful.  Much of the town is fronted by the Connecticut River, and there are also many salt marshes in the area. A good school system, low crime rate and stab;e economy add to its attractiveness. Norfolk, at number 2, has the distinction of being the only town with above average scores in every category. And number 6 Eastford remains the jewel of Windham County by virtue of its low crime rate, good SAT test scores, and the lowest median home prices of any town in the top ten.

Here are the full set of results for this population segment:

Remember, these rankings are not to be considered the last word in what the quality of life is in a particular city/town; however, they are a starting point and can be used as a point of comparison when making a decision about where to live in the state. There are many reasons for liking – or not liking – a specific city or town that transcend any statistical ranking or report, and only you can decide if a place is right for you and your family.

That wraps up the Connecticut Magazine rankings of Connecticut’s small towns.  To see these results in their entirety, head on over to the Connecticut Magazine web site.

Related articles by Zemanta

• Connecticut Magazine Rates the State’s Small Towns (Part 1) (wallingfordwired.com)
• Connecticut Magazine Rates the State’s Small Towns (Part 2) (wallingfordwired.com)

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Connecticut Magazine Rates the State’s Small Towns (Part 3)

CT Magazine Rates the State’s Small Towns (Part 2)

This is the second in a three part series highlighting the rating of  Connecticut’s small towns by Connecticut Magazine. In our first post, we focused on the towns with a population between 6,500 and 10,000. To recap, the publication set the following criteria for the rankings:

They first sorted the localities into three groups based on population:

• 6,500 – 10,000
• 3,500 – 6,500
• less than 3,500

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

Then the numbers were crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this second part of the series, we’ll be taking a look at the next population segment, between 3,500 and 6,500 residents, and specifically those in our market area, if any:

3,500 – 6,500: Middlefield Hangs In There

Of the 25 towns in this population group, Middlefield is the only town in our market that did well, placing 18th on the strength of its leisure activities, including Peckham Park, Lake Beseck, Lyman Orchards, and 2 local golf courses, as well as a good school system.

Here’s the full set of rankings for this population segment:

Remember, these rankings are not to be considered the last word in what the quality of life is in a particular city/town; however, they are a starting point and can be used as a point of comparison when making a decision about where to live in the state. There are many reasons for liking –or not liking – a specific city or town that transcend any statistical ranking or report, and only you can decide if a place is right for you and your family.

In Part Three of this series, we’ll take a look at the next population size, towns with less than 3,500 residents. To see these results in their entirety, head over to the Connecticut Magazine web site.

Related articles by Zemanta

• Connecticut Magazine Rates the State’s Small Towns (Part 1) (wallingfordwired.com)

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Connecticut Magazine Rates the State’s Small Towns (Part 2)

CT Magazine Rates the State’s Small Towns

Last Winter, we profiled the state’s larger cities and towns as ranked by Connecticut Magazine in their November 2009 issue. The Trumbull-based publication has recently done the same for the state’s smaller towns in its March 2010 issue, the first such ranking since 2007.

As with the previous rankings, several criteria were used and the towns were sorted into three groups based on population:

• 6,500 – 10,000
• 3,500 – 6,500
• less than 3,500

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

The numbers were then crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this three part series of posts, we’re going to highlight how some towns in our market area fared, as well as the rest of the rankings. So, without an further ado, here’s Part One:

6,500 – 10,000 : Durham, Woodbridge Represent!

Out of the 23 towns in this segment, Durham and Woodbridge did very well, placing 9th and 10th respectively. Durham fared well in most all of the criteria, especially Education, Leisure and Housing Costs, with a median home price of $269,000. Woodbridge also did extremely well in Education, plus posted high scores in Leisure and Economy. It’s median home price was on the high end, however, at $406,000 it was the third highest price in the top ten. Here’s the chart of results:

Towns                                Schools         Crime        Economy        Cost                  Leisure           Total

Remember, these rankings are not to be considered the last word in what the quality of life is in a particular city/town; however, they are a starting point and can be used as a point of comparison when making a decision about where to live in the state. There are many reasons for liking –or not liking – a specific city or town that transcend any statistical ranking or report, and only you can decide if a place is right for you and your family.

In Part Two of this series, we’ll take a look at the next population size, towns between 3,500 and 6,500 residents. To see these results in their entirety, head over to Connecticut Magazine’s web site.

Related Posts:

• Connecticut Magazine Rates State Cities and Towns (Part 1)
• Connecticut Magazine Rates State Cities and Towns (Part 2)
• Connecticut Magazine Rates State Cities and Towns (Part 3)
• Connecticut Magazine Rates State Cities and Towns (Part 4)
  

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Connecticut Magazine Rates the State’s Small Towns (Part 1)

CT Magazine Rates State Cities and Towns

This is the fourth in a four part series highlighting the rating of  Connecticut cities and towns by Connecticut Magazine. In our first post, we focused on the largest cities in our state, those with populations of 50,000 or more; in our second post, we highlighted cities between 25,000 and 50,000 residents; and in our third post, we spoke about the locales with a population between 15,000 and 25,000 people. To recap, the publication set the following criteria for the rankings:

They first sorted the localities into four groups based on population:

• 10,000 – 15,000
• 15,000 – 25,000
• 25,000 – 50,000
• 50,000+ (Towns with populations below 10,000 will be featured in their own rankings in the March 2010 issue; see here for the 2007 rankings)

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

Then the numbers were crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this last part of the series, we’ll be taking a look at the next population segment, between 10,000 and 15,000 residents, and specifically those in our market area:

10,000 – 15,000: Cromwell, North Branford Solidly in Mid-pack

Cromwell was solid in the #11 spot, mostly because of its leisure activities and relatively low cost of living. Meanwhile, North Branford was 2 places lower at #13, helped along by a low crime rate and stable economy, and actually fared better in those categories than Cromwell, but it wasn’t enough to move it any higher in the rankings. An interesting note is that the #2 town in this segment, Weston, would likely have been #1 if it wasn’t for a median home price of $830,000 which placed it dead last in that category. And that was still $135,000 LESS than the last time this survey was conducted!

Here are the full results for this population segment:

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Connecticut Magazine Rates State Cities and Towns (Part 4)

CT Magazine Rates State Cities and Towns

This is the second in a four part series highlighting the rating of  Connecticut cities and towns by Connecticut Magazine. In our first post, we focused on the largest cities in our state, those with populations of 50,000 or more. To recap, the publication set the following criteria for the rankings:

They first sorted the localities into four groups based on population:

• 10,000 – 15,000
• 15,000 – 25,000
• 25,000 – 50,000
• 50,000+ (Towns with populations below 10,000 will be featured in their own rankings in the March 2010 issue; see here for the 2007 rankings)

Then, information was collected in the quality-of-life criteria that are most important to residents:

• Schools
• Crime Rate
• Cost of Living
• Local Economy
• Leisure/Cultural Outlets

Then the numbers were crunched and rankings were awarded based on how the towns scored in those criteria, with a “1” being the best score possible. In this second part of the series, we’ll be taking a look at the next population segment, between 25,000 and 50,000 residents, and specifically those in our market area:

25,000 – 50,000: Cheshire and Wallingford Represent!

Of the 24 towns in this population group, Cheshire and Wallingford both did very well, ranking 4th and 6th respectively. Cheshire’s strengths lie in its having the lowest crime rate in the category and a strong educational system; however, it’s high cost of living and lack of leisure activities kept it from ranking higher.

Wallingford really didn’t excel in any one area, but was solid in most categories except cost of living. It was buoyed by its low crime rate (#7) and leisure (#8), fueled by its having a newly-remodeled library, 2 golf courses, many good restaurants and also for being the home of Oakdale Theater.

Here’s the full set of rankings for this population segment:

The most startling disparity revealed by the editor’s commentary was the fact that Westport, the #1 town in this population segment, has a median home price of $970,000, which is larger than that of Glastonbury, Cheshire and New Milford combined! Amazing!

Remember, these rankings are not to be considered the last word in what the quality of life is in a particular city/town; however, they are a starting point and can be used as a point of comparison when making a decision about where to live in the state. There are many reasons for liking –or not liking – a specific city or town that transcend any statistical ranking or report, and only you can decide if a place is right for you and your family.

In Part Three of this series, we’ll take a look at the next population size, cities between 15,000 and 25,000 residents. To see these results in their entirety, pick up a copy of Connecticut Magazine’s November issue, on sale now at your favorite store or newsstand.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Connecticut Magazine Rates State Cities and Towns (Part 2)

The Wallingford housing market continued its downward slide in December. While there were fewer total listings, sales were down over 25% from November and they took 16% longer to sell, and expired listings were at their highest level in months. The average sales price increased again, but this was again due to sales of new construction and some higher end homes.

Condo sales remain depressed, as only 2 sold for the third consecutive month. The absorption rate took a nosedive, dropping about 33%, and the two condos that did sell managed to sell in about 2 months. These stats still are somewhat misleading since so few condos are selling at the moment. Now that mortgage rates are dropping to 5% and below, this may entice many buyers to test the waters before rates start moving upwards again. We have yet to see much effect, if any, from the Fed’s purchase of mortgage backed securities; hopefully as this program gets into full swing we’ll see some positive movement.

Here’s the comparison of the last three months:

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update December 2008

The Wallingford housing market took a downward turn in November, with the fewest number of homes selling in the past 6 months. They also took an average 32% longer to sell at 75 days, the longest since June. It seems that most buyers were leery of the economic situation and were waiting to see what the Feds were going to do about the mortgage industry’s woes. While the average sales price increased, this was due to 6 brand new $500,000+ homes in a new development (The Willows) selling within a few days of each other.

Condos are still difficult to accurately analyze since there are so few selling. The absorption rate jumped by about 50%, but again, with only 2 condos selling in the month there aren’t many meaningful metrics to report on, other than the fact that condos simply aren’t selling right now. Five have sold in the last 3 months, hardly indicative of any kind of demand, and to make matters worse, there is now an even larger number for sale. The coming weeks and months will be interesting to watch as the situations with the economy, the mortgage rate’s possible descent to 4.5%, and the various bailouts that are in the making all begin to have their respective effects on the housing market. Hopefully, we’re seeing the bottom of the slide and the market will rebound soon. Only time will tell. Here’s the comparison of the last three months:

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update November 2008