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Fairfield Co. Home Values Fall 4.8 Percent

In the second quarter of 2012, just five towns—Bridgeport, Darien, Greenwich, Stamford and Trumbull—saw the value of a single-family residence increase, UConn says.

 

Home values for 18 Fairfield County towns tracked by a special program out of the University of Connecticut fell by an average of 4.8 percent in the second quarter, according to new data.

Only five towns in the county—Bridgeport, Darien, Greenwich, Stamford and Trumbull—saw the value of a “mid-tier” home rise from the second quarter of 2011 to 2012, according to the School of Business’s Center for Real Estate and Urban Economic Studies.

Monroe and Newtown saw the steepest drop-offs at more than 20 percent apiece, while Stamford showed the highest increase, at 9.1 percent (see table below).

Each quarter, the UConn center produces “constant quality indices” that track the changing value of homes in Connecticut towns by minimizing variables such as inflation and seasonality, as well as the effect a low-volume sales quarter has on average prices. The center defines a “mid-tier” single family home differently for each town (see attached PDF) and estimates what the value of that home is each quarter.

For a narrative summarizing each town’s Q2 data—and to join a local conversation about that town’s real estate market—click on town name in the table below. Included in each individual article is a searchable database of the UConn center’s data going back to 2000.

 

Town Q2 rate of change -3.3% Bridgeport 0.2% -1.8% 4.1% -2.0% 4.1% -23.4% -9.4% -21.5% -3.9% -10.1% -7.4% 9.1% -4.1% 2.1% -2.0% -6.1% -10.7%
Paul Alexander July 30, 2012 at 02:53 PM
Will your property taxes fall to the same level they were the last time Newtown home prices were 21.5% lower? Nope. The "mill rate" game will keep your property taxes MUCH higher than the last time homes were valued at these levels. The "Mill Rate Game"...rising property values and the town wins. Falling property values and the taxpayer loses. The Mill Rate needs to be fixed for the same number of years between valuations if you ever expect a level playing field with those who take your money.

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