OVERVIEW OF CURRENT MARKET CONDITIONS

The following charts show the changes that have taken place in the Branford real estate market between 2004 and 2008. The first chart shows the median sale price for a single family home, from 2004 through 2008. (The median sale price is the middle of the range of actual selling prices from the lowest to the highest. The median is used instead of an average because the average gives higher weight to the higher priced properties, the median gives equal weight to all sales.)

The second chart shows the change in the level of assessment for a single-family home from 2004 through 2008. The level of assessment is the assessed value divided by the selling price.

The next chart shows the change in the median selling price for a condominium from 2004 through 2008.

The last chart shows the change in the level of assessment for a condominium from 2004 through 2008.

As we can see from the above charts, market values continued to rise through 2006 (for single family homes) and 2007 for condominiums. The new reassessment program will be based on sales that take place in Branford between 10/1/2008 and 10/1/2009.

State Law sets the level of assessment at 70% of market value. Reassessments are required for each city and town every five years. The last reassessment was completed in Branford as of 10/1/2004.

Single Family Homes by Median Selling Price

Single Family Homes by Level of Assessment

Condominiums by Median Selling Price

Condominiums by Level of Assessment