Overview of Current Market Conditions

The following graphs illustrate the changes in Clinton, CT values for residential properties since the last reassessment.

As we can see in the first graph, the median selling price of a single family home as of 10/1/2005 was $305,000. The market continued to increase in value through 2007 when the median price peaked at $345,000. Since 2008 the price has declined to a current value of $289,400.

The second chart shows the level of assessment for single family properties over the same time period. At the time of the last revaluation the level of assessment was 68%. As prices increased the level of assessment declined to a low of 64% in 2007. Since 2008 the level of assessment has increase to the current level of 75%. Naturally, a level of 75% indicated that a decline is necessary to meet the State standard of 70%.

Residential properties are expected to decline between 5% and 10% depending on the type of property, the location of the property or any work done on the property over the last few years. These numbers reflect an overall average, some properties may have declined more or less depending on market values in a specific area.

Anyone wishing to review their new assessment with Vision Appraisal staff will be able to set up an appointment with Vision by following the instructions outlined on your new assessment notice.