Brookfield Real Estate Market Looking Up

The market saw a welcoming rise in the sale of single family homes in the first quarter of this year compared to 2009, as well as an unexpected increase in sales of houses in the $450,000 to $600,000 'upper middle' range level [see attached graph]. This particular increase is quite significant in terms of measuring economic growth in our area, as the bulk of home sales last year had been, for the most part, either in the 'entry' ($100,000-$249,000), 'lower middle' ($250,000-$349,000) or 'middle' price range levels ($350,000-$449,000).

Sales of houses in the higher ranges were what Linda McCaffrey of McCaffrey Realty called "dead in the water;" she and sales agent Dana Voelzke both note the market is showing "Positive signs of movement finally, heading forward."

The number of first time home buyers in the market has increased by 6 percentage points over last year, many of them looking to take advantage of the $8,000 first-time buyer tax credit that expires at the end of this month (April 2010). Additionally, job stability has somewhat increased overall and many Connecticut companies have lessened out-of-state recruiting, choosing instead qualified local candidates to fill job openings. This has had the affect of increasing the number of area condo owners and renters seeking to "build a life right here," as McCaffrey put it, and purchase houses in Brookfield. Even many empty nesters, long settled in our town, are downscaling to smaller homes, but opting to remain here in Brookfield as opposed to making more complicated moves. Activity like this, along with a fair amount of customers regularly coming in from the New York area, indicates a sure and positive pattern of market growth for residential real estate.

As for the commercial side of the business, it too has improved 1st quarter numbers according to Daniel DiBuono of Tower Realty, with L.J. Edwards Furniture Store's newly acquired 10,000 square foot accommodations on Federal Road being the most prominent transaction.