Real Estate Market Statistics for Prospect CT August 2014
Currently in Prospect CT there are 83 active residential listings for sale, with 16 new listings being added in August. The homes for sale in Prospect CT range from a 1210 square ft, 2-bedroom mobile home, listed at $63,000 to a 2,736 square ft, 4-bedroom colonial listed at $529,000.
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The average list price of the homes currently available for sale in Prospect CT is $272,017. The average days on market for these homes are 113 days. In addition, there are currently 5 homes under contract in Prospect CT.
In August 2014, 4 homes closed in Prospect CT. The homes that sold in Prospect CT in August 2014 ranged from a 1,393 square ft, 3-bedroom colonial, which sold for $167,000 to a 3,000 square foot, 4 bedroom colonial which sold for $450,000. The average value of the sold homes in Prospect CT in August 2014 was $317,050 with average days on market of 29 days. The length of time can be misleading and may indicate that the homes that closed quickest were those that were aggressively priced for market conditions
By comparison, there were 10 closings in Prospect CT for the month of August 2013, with a median sales price of $254,750 and avg. days on market of 63 This would demonstrate that for August of 2014, the market was significantly weaker.
For the year 2013, the market sales or absorption rate was 7 sales per month, with an average sales value of $248,533 and average days on market of 111. Using the same absorption rate, the current inventory of homes is equivalent to an 11+ month inventory. The current market is still considered a buyer’s market.
For the first quarter of 2014, the market sales rate was equivalent to 4 sales per month, which is 50% lower than the average value for 2013.
For the second quarter of 2014, the market sales rate was equivalent to 4 sales per month, which is 50% less than the average value for 2013. Using the second quarter absorption rate, the current inventory of homes is equivalent to a 12+ month inventory. The current market is still considered a buyer’s market.
The graph demonstrates the average monthly sales value in Prospect CT with strong fluctuations from month to month. The values in Prospect CT still have not found a stabile base and the inventory is still to a buyer’s advantage. However, the trend appears to be moving to a positive in value
For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.
If you would like information on homes for sale in Prospect CT please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Prospect CT.
Real Estate Market Statistics for Prospect CT August 2014
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