Joe Soucie and his family took a big step this March, buying their first home. “The prices were fantastic. The interest rates were even better,” Joe Soucie said.
Add the government tax credit and Soucie was able to buy a foreclosed home in Naugatuck for $130,000. “We’re paying less now for mortgage than we were for rent and we have twice as many rooms, twice as much square footage and 500 times the yard,” Soucie said.
Naugatuck has seen a huge boom in home sales so far this year. In the first quarter of 2010, homes sales in Naugatuck were up 96.3% compared to the same period last year. “I think particularly in Naugatuck because of the affordable housing,” said Coldwell Banker 2000 Realtor Rebecca Zandvliet.
The median sale price in Naugatuck was $164,5000. That’s down -16.64% compared to the first quarter last year and down -25.72% compared to five years ago. But Zandvliet said that’s why homeowners bought in Naugatuck.
“They feel like they got in at the bottom and now they’re waiting for it to start moving back up,” said Zandvliet. NBC Connecticut wanted to know which other towns and cities saw a boost. Excluding Fairfield County, we looked at towns with homes sales of 40 or more in the first quarter of 2010. Here’s how the numbers broke down.
Sales up 91.3%
Median sale price $317,000. That’s down -3.94% compared to 2009, but up +2.26% compared to 2005.
Sales were up +80%,
Median sale price $235,000. That’s up +8.29% compared to 2009, but down -2.59% compared to 2005.
#4 East Haven:
Sales were up 63.64%
Median sale price $172,850. That’s down -1.23% compared to last year and down -10.44% compared to 2005.
Sales were up +63.41%.
Median sale price $245,000. That’s down -7.89% compared to last year and down -5.73% compared to 2005.
Despite the low prices, low interest rates and the tax credit, other towns in Connecticut saw a huge drop in home sales. Of the towns that sold at least 20 or more homes in the first quarter, here are the towns that took the biggest dive:
Homes sales were down –21.05%.
Median sale price $220,000. That’s up +4.67% compared to last year and up +1.62% compared to 2005.
Homes sales were down –20%.
Median Sale price was $162,250. That’s up +5.33%, compared to last year, but down -3.94% compared to 2005.
#3 South Windsor:
Homes sales were down –18.75%.
The median sale price was $250,000. That’s down -8.59% compared to last year and -4.67% compared to 2005.