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Monroe Home Values Down 23 Percent in Q2

In the second quarter, the value of a "mid-tier" single-family home in Monroe fell 23 percent—an extreme example of a downward trend in Fairfield County, analysts say.

 

According to new data from the School of Business’s Center for Real Estate and Urban Economic Studies, the value of a single-family home in Monroe fell 23 percent in the second quarter of 2012.

The year-over-year drop—from $357,281 to $273,799 for a so-called “mid-tier” home—marks a continuing trend in Monroe, which has, according to the UConn center.

The center defines a “mid-tier” home in Monroe as 26 years old and with 2,124 square feet. Each quarter, the center produces “constant quality indices” that track the changing value of homes in Connecticut towns by minimizing variables such as inflation and seasonality, as well as the effect a low-volume sales quarter has on average prices.

Monroe's decrease is an extreme example of a wider trend in Fairfield County.

Among 18 towns in the county whose data is tracked by the center, just five municipalities—Bridgeport, Darien, Greenwich, Stamford and Trumbull—saw single-family home values increase

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Use the search form above to track the change in estimated values of a mid-range home quarter by quarter since 2000. Interested in all things Monroe? Join us to discuss town matters with your neighbors, rate local businesses, and "like" us on Facebook and follow us on Twitter!

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year-over-year for Q2. On average, the value of single-family homes in those 18 towns fell 4.8 percent from 2011 to 2012 in the second quarter, according to the center.

Join a local conversation on real estate value: A , and each story includes a narrative summary of second quarter data.

QWERTY July 30, 2012 at 03:44 PM
We were told that strong schools drive property values! Guess that was a lie...
Paul Sobel July 30, 2012 at 04:39 PM
Very misleading article! The author should correct it and take a refresher course in journalism - maybe math might help too! The referenced report shows the average selling "price" for homes sold during a given period. The report states that, preliminarily, 29 homes sold in Monroe in the second quarter at an average sales price that was 23% lower than the average sales price of the 19 homes that sold in the first quarter. So, let me see, no matter what the mix of house size, location, types, etc., in a sample too small to statistically indicate anything, the change in its average price from the average of another too statistically small sample is a measure of the change in property values in town?
Alex July 30, 2012 at 06:55 PM
So square footage and the age of the house is enough information to determine a house's value alone? While that is part of the picture, like Paul said, that doesn't take into consideration a lot of variables, a big one being location. Is a 26 year old house (same sq. ft) sold under power lines with .5 acres the same as a 26 year old house sold on a cul de sac with 1 acre? I would think not. This article seems very misleading to me.
monroe taxpayer July 30, 2012 at 06:56 PM
Its obvious that property values have decreased and taxes have increased . Homeowners and families are taking a double hit on their biggest investment. My question is this still really an investment or a liability? Until home prices increase for several years in a row, we have a huge problem here. And yet our politicians and officials continue on as if nothing has change at all? The truth is no one can ignore or spin this economic reality away. no matter how hard they try.
Steve Kirsch July 30, 2012 at 08:27 PM
Correct, property values have been decreasing since 2008 or so - no new news here. Our taxes will continue to increase as long as our town spending continues to go up - no new news here either. Now is a bad time to sell your home if you don't have to - also no new news here.
Barney July 30, 2012 at 08:32 PM
Mr. Vavrek be working this. He be understanding that interlopers not be welcome in town. This here be a farming community and education lovers not be welcome. We have a P&Z that gonna make sure no business and families come to town. Sure they be getting into lawsuits but we need to protect our farming. Mr. Vavrek be a natural thinker and he be knowing how to run a town. Don't you be worrying youselves because Mr. Vavrek gonna keep up the good work.
Mansfield July 30, 2012 at 10:16 PM
Didn't Vavrek campaign on this. WHAT UP WITH THAT! Didn't Vavrek say he would concentrate on economic development? WHAT UP WITH THAT! Didn't Vavrek say he wold bring business to town and now he has a anti-business anti-family Czar running P&Z! WHAT UP WITH THAT! The legal bills for Vavrek and P&Z are $700,000 and counting. WHAT UP WITH THAT!
chumbadumba July 30, 2012 at 11:23 PM
Lol dance tax-donkeys, dance!
Mansfield July 30, 2012 at 11:31 PM
Looks like the tax donkeys have been grazing at the hands of the P&Z. The town attorney is laughing all the way to the bank. The cash be flowing at town hall under Steve Vavrek!
monroe taxpayer July 31, 2012 at 01:47 AM
@ Steve Kirsch And Nero played the fiddle... Where is all that concern for the families of Monroe that you and others seem to have when there is talk of a budget increase? That concern doesn't apply to family homes decreasing in value only to government budgets? It seems your solution is to judge others and then just dismiss and ignore the facts. I am sorry but until property values increase for several months, even your dismissal can not sweep away this issue.
Steve Kirsch July 31, 2012 at 03:33 AM
Monroe Taxpayer, of course I'm concerned that property values have decreased as a home is the largest single expense or investment for most people - myself included. I'm not judging anyone, just stating the facts. In fact, I agreed with what you said. What I said is that this is just not new news. New news will be when values stop falling and start increasing.
Walt July 31, 2012 at 11:20 AM
Okay, they'll assess your property lower and raise the mill rate accordingly. Your taxes will NEVER go down.
monroe taxpayer July 31, 2012 at 12:57 PM
So we should just give up before we even try? Ignore being taxed unfairly and spend more forever. Ignore the reality of a change economy and continue on as if nothing has changed.? Sounds like the same logic that brought us "to big to fail". In a government for the people by the people why does it seem the people have so little control over this issue? Do you think the founders of this country and those who died defending it, would agree that would should just give up because there just nothing we can do?
Walt July 31, 2012 at 03:19 PM
I'm merely stating the obvious. Your assessment gets adjusted lower, the towns expenditures don't change, so the mill rate increases accordingly. Voila! You have the assessment you want and your taxes haven't changed. Happy?
monroe taxpayer July 31, 2012 at 05:29 PM
No Walt I am not and neither are most of my neighbors. Many are planning on moving, some have been here for many years. What do you think will happen to home values and sales here if we continue to raise taxes on homes that continue to decrease in value? All of these issues need to be addressed, not ignored and shoved further down the road like we have already done for years. This idea of increasing taxes on something decreasing in value and that we can continue to assess property for more then its market value because we are to afraid to address spending is more then a lame excuse.. Its simply irresponsible not address all of these issue and there is no reason it should not be addressed as much as any issue that face this town or state. If not controlled you end up with more of what we already have high taxes and people leaving to more sensible towns or states.
Walt July 31, 2012 at 05:52 PM
I'm with you taxpayer, I'm planning on getting out of CT as soon as I can. But exactly how is it that you can possibly see a decrease in spending around here? The ED system makes up the vast majority of expenses and that's not going to go down... I think it's more of the fact that there is so little commercial tax base and no real hope of there ever being one here that dooms monroe. We have virtually no services in monroe and I shudder to think what the taxes would be if we had paid fire guys, sewers, street lights and garbage. I'm just telling you it is what it is and lowering your assessment to any real or imagined true market value won't change your taxes one cent.
Michael Dinan (Editor) July 31, 2012 at 06:47 PM
Just a quick note here to emphasize that the UConn Business School's Real Estate Center calculates home *values* — these are not home prices. To get a truer picture of what a home in Monroe is actually worth, the UConn center takes a single-family home of a certain age and square footage and estimates what that home is worth, each quarter. That's what the center refers to as its "constant quality index" -- see the third paragraph of the story above for more specifics, and we've also included a link to the UConn center itself. Post any questions here in this thread, and I'll be happy to run down any answers you need. Thank you!
Myrna Mills Albino July 31, 2012 at 07:35 PM
http://economywatch.nbcnews.com/_news/2012/07/31/13050420-evidence-mounts-that-home-prices-hit-bottom-last-winter?lite
Paul Sobel July 31, 2012 at 08:45 PM
My apologies - "constant quality prices." Nonetheless, it cannot be that the "value of a single-family home in Monroe declined 23% from the first quarter of 2012 to the second quarter of 2012. It also cannot be that home values changed by drastically different percentages from town to town over the same short one quarter year period. UConn says it needs a large enough sample. It's sample size is way too small to be an indicator of the value of a "constant quality" home.
chumbadumba July 31, 2012 at 10:34 PM
Great leader oh!bama will save us! U must beleeeeve!
Jackie T. August 06, 2012 at 03:31 AM
Is Vavrek still the First Selectman? This town is going down the crapper,
Alex August 06, 2012 at 01:07 PM
Except that will only work if every town does the same. If Monroe is sitting with a 40-50 pt mil rate and surrounding towns are in the 30s, how do you plan to convince people to move here? I'd rather take my chance with a real property value assessment, forcing the town to make a mil rate adjustment. They'll be less enthusiastic to push through budget increases if we already have the highest mil rate in the area.
monroe taxpayer August 06, 2012 at 05:41 PM
Alex I totally agree. If assessments were based on current fair market values, mill rate increases and spending would have to be much better justified and much more realistic. I believe that all towns should be compared by mil rates, their current tax base, and services they provide, by all potential buyers and all property owners. That would be more realistic then the current system based on opinion and old data which no longer applies in the current real estate market. Which it seems to me, also helped create the bubble in the first place. Fairness and honesty in government and the market place should be the norm not the exception.

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