.

Newtown Home Values Down in Q2

In the second quarter, the value of a "mid-tier" single-family home in Newtown fell 21.5 percent—an extreme example that mirrors a downward area trend, analysts say.

 

According to new data from the School of Business’s Center for Real Estate and Urban Economic Studies, the value of a single-family home in Newtown fell 21.5 percent in the second quarter of 2012.

The year-over-year drop—from $298,370 to $234,285 for a so-called “mid-tier” home—marks a continuing trend in Newtown, which , according to the UConn center.

The center defines a “mid-tier” home in Norwalk as 45 years old and with 1,621 square feet. Each quarter, the 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.

Newtown's decline isn't isolated in Fairfield County.

Among 18 towns in the county whose data is tracked by the center, just five municipalities—Bridgeport, Darien, Greenwich, Stamford and Trumbull—saw single-family home values increase

____________________________________________________________________________________________________

Use the search form above to track the change in estimated values of a mid-range home quarter by quarter since 2000. Interested in all things Newtown? Join us to discuss town matters with your neighbors, rate local businesses, and "like" us on Facebook and follow us on Twitter!

____________________________________________________________________________________________________

year-over-year for Q2. On average, the value of single-family homes in those 18 towns fell 4.8 percent from 2011 to 2012 in the second quarter, according to the center.

Join a local conversation on real estate value: A , and each story includes a narrative summary of second quarter data.

Paul Alexander July 30, 2012 at 03:00 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.
sebastian dangerfield July 31, 2012 at 03:18 AM
With the knowledge that people like sully reside in newtown, there seems to be a firm decision to not move to avoid real estate there.
Celeste July 31, 2012 at 10:31 AM
Perfect!!! Lets keep trashing the BOE budget and see how much lower we can go.
Dee Dee July 31, 2012 at 11:27 AM
Perhaps the decline in property values is because surrounding towns have lower property taxes AND kept their increase to 0 this year - thereby permitting more of a potential buyers payment capacity to go towards purchase price vs the government! The correlation is quality of education to home values NOT the amount spent on education. In addition there is a direct correlation between the amount going towards property taxes vs the amount left to support the purchase price. One could say we are at the point of declining returns for dollars spent on education!
Jack Miller July 31, 2012 at 09:57 PM
From my perspective, I do feel that the primary reason people choose to move to Newtown, and why they will continue to do so, is for the schools. We don’t have a beach, we don’t have a sports complex, ice rink or a museum, and we don’t have a thriving large commercial base—one that attracts large numbers of consumers from far distances or one that contributes significantly to the tax base. I sat in Starbucks one day, and was approached by someone thinking of moving to Newtown. His first question to me when he wanted to learn about living in Newtown? He asked about the schools. He asked the same questions I asked when I was looking into living here. It’s the primary thing we have to attract more people to live here and grow the tax base.
Douglas Brennan August 01, 2012 at 01:03 AM
Anyone that draws any concluions from this meaningless data does not understand numbers.
Jack D August 22, 2012 at 05:32 PM
The Mill Rate Increased Again to 24.54 and they are still compiling their data off of the 2007 Inflated Housing Market. They are screwing us for atleast another year. Oh and by the way we have one of the Highest Mill Rates in the Area. On top of that the property Values are grossly over Inflated. 100% Property assessment is around 500k and the house next door just sold for 365k... This town is loosing its charm fast.
Paul Alexander August 22, 2012 at 05:38 PM
The Mill Rate scam. Heads the Town wins. Tails the Taxpayer looses. Proerty taxes ONLY go up. No matter what drection the value of your prpperty goes in. What a racket! The only fair thing is for the Mill Rate to be FIXED for the same period of time tha valuations are fixed.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something