Below are snapshots of sales activity for Rocky Hill, beginning in 2003, when the market began to rally through the middle of this month.
Single Family Homes as of October 15, 2010
Condo Sales as of October 15, 2010
In Rocky Hill, like Wethersfield, the market peaked in 2005 for single family home sales. Between 2006 and 2009, single family home sales steadily declined from 128 units in 2005 to 72 units in 2009. However, in 2010 single family home sales in Rocky Hill are expected to be higher than they were in 2009, due in large part to the first time home buyer tax credit.
Condominium sales in Rocky Hill also peaked in 2005. Like Wethersfield, the growth of the mortgage crisis and subsequent changes to mortgage underwriting guidelines and FHA condo financing policies, reduced the number of condo sales in Rocky Hill between 2006 and 2008. However, the impact of these underwriting guideline changes were not fully felt until 2010 where condo sales volumes are likely to be between 75% and 80% of 2009 volumes.
Savvy home buyers are expected to re-enter the market shortly to take advantage of today’s historically low interest rates. Stop by next month to view single family and condo sales through November 15.