Prospect CT 2020 Year End Real Estate Market Analysis
The year 2020 was an unusual year for so many reasons. With the pronouncement of the pandemic back in mid February of the year, the world watched in disbelief as the virus spread at an incredibly fast pace and affected all ages all over the world.
As business ground to a slow halt, it was a matter of where could one go and how safe would we be. In the world of real estate, the exuberance of the business that had started in 2019 started to slow the enthusiasm as people became wary of venturing into homes not knowing who was there or their health. Likewise, sellers were wary of having people come into their homes and possibly bringing in a bacterial issue that would infect their families.
In spite of this, after a brief pause the market in Prospect began its rise and finished the year strong.
For the year 2019, the market sales or absorption rate was 2 sales per month, with an average sales value of $271,678 and average days on market of 52.
For the year 2020, the market sales or absorption rate was almost 10 sales per month, with an average sales value of $272,069 and average days on market of 58. Even though the values saw a mild increase over the year, it should be noted from the graph that there were 2 months where no sales at all were recorded in town.
While sales appear to be consistent and maybe even lag the previous year, it was a decidedly strong market as there were less listings put up and competition for those that were as aggressive.
The New Year will start off with a strong report as there are 14 listings currently going through the closing process and as the weather gets warmer more activity will surely hit the market.
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.
Prospect CT 2020 Year End Real Estate Market Analysis
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