2012 Year End Real Estate Market Update for Middlebury CT
For the year 2012, the market sales or absorption rate in Middlebury CT was 4.5 sales per month. Market absorption trends show the rate that properties are selling compared with inventory which enables us to see if it is a sellers’ or buyers’ market.
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An inventory equivalent to a 6 months sale rate is considered a balanced market. Less than 6 months is a sellers’ market, and anything over 6 months is a buyers’ market.
The average value for the homes sold in Middlebury CT for the year was $304,893 with average days on market of 99. There are currently 41 homes available for sale in Middlebury CT, which would be an 8+ month inventory at the absorption rate of 2012.
The list price ratio to sales price ratio was 96.%, which indicates sellers putting the homes on the market near to fair market value, or finally getting them sold at market value.
The highest value home sold in Middlebury CT in 2012 was a 6,500 sq ft, 5-bedroom colonial on 7.5 acres which sold for $1,300,000.
By comparison, for calendar year 2011, the absorption rate was 5 units per month, with an average sales price of $ 381,732 and average days on market of 135. For 2012, there were less homes sold on average per month but at an average of 20% lower than the previous year.
For the previous 5 years, the values in Middlebury CT have shown a fluctuation tendency but the overall values are an average decrease in value of almost 16% during that time period.
The attraction for homes in the town of Middlebury is that the prices are stabilizing, with many fine neighborhoods and an excellent school system.
If you are interested in buying or selling a home in the Middlebury CT area send me an email or call and we can set up a time to meet.
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