Newtown Real Estate: It’s Hot Out There!

By Steve Bigham

A total of 43 homes were sold in Newtown last week, quite possibly an all-time record for one week according to Town Clerk Cindy Simon.

Those 43 homes were sold for a total of $18,595,126. The number of homes and the prices, averaging $432,444, are an indication of just how hot the Newtown real estate market is this summer.

“We had one lawyer in here last week who had eight closings in one day,” Mrs Simon said. “Our last week in June is traditionally our busiest week of the whole year. June is also the month kids get out of school; families move during the summer.”

The state charges a conveyance tax of one half of one percent for every land transaction. On average, the Town of Newtown sends the state about $30,000 a week. Last week, it sent $92,975.

“We’ve had big numbers like that in the past, but that usually included the sale of Sand Hill Plaza or some other large commercial building. Last week was all residential,” Mrs Simon explained.

A few years ago, it was a big deal to surpass a million dollars in conveyance fees. Now it is done every few months.

 Mrs Simon said the first six months of 2002 have been the busiest in terms of land record documents and total receipts (5,627) in the office since she took over in 1988.

Mike Nahoum’s law office is among the busiest in town with closings taking place almost every hour at times.

“I think it’s a good thing. Not just for the lawyers and the real estate agents,” said Mr Nahoum. “This is a beautiful place to live, a wonderful place to raise your kids and more people are being afforded the opportunity to do that,” he said. “The only drawback is you get backed up and you’re not able to provide the kind of service you want to give customers.”

Mr Nahoum said a lot of residents are upset about all the houses being built.

“As long as it’s homes and not McDonald’s and Burger Kings, I think it’s good. That way you maintain the quality of life here,” he said.

Of the 43 homes sold last week, the highest went for $950,000 with the next highest selling for $761,500. A third went for $704,000 with another seven sold in the $600,000 range. Five homes in the $500,000 range were sold, while six were sold between $400,000 and $500,000. A dozen homes were sold in the $300,000s, with the remainder in the $200,000s.