Overview of Current Market Conditions

The charts below provide information about both current and historical real estate market conditions in Windsor Locks, CT. We hope that an understanding of these market conditions will lead to a better understanding of how new assessed values were derived. This first chart is called the Assessed to Sale Ratio Chart. It is simply a depiction of the median ratio comparing the previous and proposed assessment to sale price for all qualified market sales. The assessed to sale ratio is a common industry measurement that shows how the current Town of Windsor Locks assessments measure up to the current real estate market. If the measurement is below 70%, then the assessments are below current market value. In the chart below, we analyzed the assessments to the current market prices using sales occurring one year prior to 10/01/2008. Sales were compared to the 2007 assessments and to the new proposed 2008 assessments after revaluation. Since CT State Law requires that assessed values following a revaluation be at 70% (+ or – 10%) of sales prices, you will see that values need to increase for the Town.

The next two charts show why values increased as a result of this revaluation. The previous assessed values are based on market conditions from 2003. Although there has been a fluctuation in sales price over the last 5 years, and there have been reports of a recent declining market, statistics show that values are still higher in 2008 than they were in 2003.