Overview of Current Market Conditions

The following charts show the changes that have taken place in the Old Lyme real estate market between 2004 and 2009. The first chart shows the median sale price for a single family home, both in 2004 and 2009. (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.)

2004 vs 2009 Median Sale Price Comparison (Single Family Homes)



The second chart shows the level of assessment (2004 assessment measured against the last twelve months of sales through 10/1/2009) for in-town as compared to the Beach Associations along Long Island Sound. Here we can see that the in-town 2004 property assessments are close to the 70% state-mandated levels (66%). For the Beach properties, the old assessments are running considerably below the 70% level (51%) and therefore the Beach properties will be seeing some increases this year. Naturally, these are general trends and do not reflect the changes for all parcels.



Level of Assessment Comparison: In-town and Beach Associations