Market Statistics for Southington CT August 2015
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Currently in Southington CT there are 274 active residential listings for sale, with 70 new listings being added in August. The homes for sale in Southington CT range from a 956 square ft, 2-bedroom mobile home listed at $52,900 to a 8,049 square ft, 4-bedroom, colonial estate listed at $3,999,900.
The average list price of the homes currently available for sale in Southington CT is $351,485. The average days on market for these homes are 90 days. In addition, there are currently 38 homes under contract in Southington CT, with 14 having gone under contract in August.
In August 2015, 42 homes closed in Southington CT. They ranged from a 644 square ft, 2-bedroom ranch, which sold for $65,500 to a 4,635 square ft, 4-bedroom colonial which sold for $740,000. The average price for the homes that closed in August in Southington CT was $324,947 with an average days on market of 61 days. The closed properties had a Sales price to List price ratio of 98.4%.
By comparison, there were 42 closings in Southington CT for the month of August 2014, with an average sales price of $295,615 and avg. days on market of 78. This indicates that for August of 2015, there were a comparable number of homes sold as in August 2014, and at an average price 3% higher than the same period in 2014 with comparable time on market.
For the year 2014, the market sales or absorption rate was 37 sales per month, with an average sales value of $295,968 and average days on market of 75. Using the me absorption for the current inventory, the Southington market is a seller's market with a 5 month inventory of homes.
For the first quarter of 2015, the market sales or absorption rate for Southington CT was 23 sales per month, with an average sales value of $265,140 and average days on market of 79. This rate with the current inventory would be a 10+ month absorption rate. The current market is still considered a buyer’s market.
For the second quarter of 2015, the market sales or absorption rate for Southington CT was 41 sales per month, with an average sales value of $298,030 and average days on market of 71. This rate with the current inventory would be a 6+ month absorption rate. The current market would be considered trending to a neutral market.
The graph demonstrates the average monthly sales value in Southington CT for the previous 12 month period with strong fluctuations from month to month for the first half of the year and stability for the second half.
The values in Southington CT appear to have stabilized and the market is demonstrating a shift to greater values.
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 Southington 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 Southington CT.
August 2015 Real Estate Sales Report for Southington CT
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