Market Statistics for Southington CT October 2016
Currently in Southington CT there are 200 active residential listings for sale, with 32 new listings being added in October. The homes for sale in Southington CT range from a 792 square ft, 2-bedroom mobile home listed at $39,800 to a 8,049 square ft, 4-bedroom, colonial estate listed at $1,900,000.
The average list price of the homes currently available for sale in Southington CT is $350,485. The average days on market for these homes are 134 days. In addition, there are currently 48 homes under contract in Southington CT, with 18 having gone under contract in October.
In October 2016, 34 homes closed in Southington CT. They ranged from a 920 square ft, 3-bedroom mobile home, which sold for $47,000 to a 3,093 square ft, 4-bedroom colonial which sold for $480,000. The average price for the homes that closed in October in Southington CT was $289,853 with an average days on market of 74 days. The closed properties had a Sales price to List price ratio of 97%.
By comparison, there were 37 closings in Southington CT for the month of October 2015, with an average sales price of $282,243 and avg. days on market of 49. This indicates that for October of 2016, there were 3 less homes sold than in October 2015, and at an average price 2% greater than the same period in 2015 with slightly longer time on market.
For the year 2015, the market sales or absorption rate was 37 sales per month, with an average sales value of $294,538 and average days on market of 65.
For the first quarter of 2016, the market sales or absorption rate for Southington CT was 29 sales per month, with an average sales value of $269,579 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 2016, the market sales or absorption rate for Southington CT was 44 sales per month, with an average sales value of $301,189 and average days on market of 63.
For the third quarter of 2016, the market sales or absorption rate for Southington CT was 52 sales per month, with an average sales value of $290,506 and average days on market of 55. This rate with the current inventory would be a 5+ month absorption rate. The current market is considered a seller’s market, which is a strong market for sellers.
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.
October 2016 Real Estate Sales Report for Southington CT