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Prospect CT February 2022 Real Estate Market Trends

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

What Happened in The Prospect CT Real Estate Market Prospect February 2022?  

 

Prospect CT is a town of App 10,000 residents located in New Haven County. It is bordered by Waterbury, Cheshire, Naugatuck and Bethany.  One noted by Money Magazine as one of the top 300 towns in the Nation, it has since adopted the title of Best small town in CT.

It serves as a predominately residential community whose residents commute to the nearby towns.  It has a well recognized Regional school system shared with Beacon Falls CT.  It is also recognized as a well managed town with taxes under control.

 

 Prospect CT February 2022 Real Estate Market Trends

 Search for homes in Prospect CT

Currently in Prospect CT there are 8 active residential listings for sale, with 4 new listings added in February . The homes for sale in Prospect CT range from a 2,320 square ft, 4-bedroom colonial, listed at $199,900 to a 2,600 square ft, 4-bedroom colonial listed at $599,900. 

The average list price of the homes currently available for sale in Prospect CT is $467,438. The average days on market for these homes are 135 days. In addition, there are currently 9 homes in pending status and 13 homes under hard deposit in Prospect CT. 

 Prospect CT February 2022 Real Estate Market Trends

In February 2022, 8 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from an 1,296 square ft, 4-bedroom ranch, which sold for $180,000 to a 2,082 square ft, 4-bedroom colonial which sold for $385,000. The average value of the sold homes in Prospect CT in February  2022 was $295,375 with average days on market of 134 days.

By comparison, there were also 8 closings in Prospect CT for the month of February 2021 with an average closing sales price of $251,050 and average days on market of 86. This would demonstrate that for Prospect CT in February of 2022, the market sales were same as the previous year's period of 2021 and with an average sales value almost 15% greater than the same period the previous year.  This shows an increase in values and at least for this month with a decidedly lower inventory.

 

For the year 2021, the market sales or absorption rate was 8 sales per month, with an average sales value of $328,690 and average days on market of 49. 

With this absorption rate the current inventory equates to a 1 month inventory.  This is still a seller's market, with little indications of changing in the New Year.

Prospect CT February 2022 Real Estate Market Trends 

The graph demonstrates the average monthly sales value in Prospect CT with strong gains from month to month highly representative of the concerns created by the lower interest rates and for people seeking to have more space around them. The values in Prospect CT have demonstrated an inconsistency in value over the second half of the year.

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.

 Homes for sale in Prospect CT

Prospect CT February 2022 Real Estate Market Trends

 

 

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Comments (16)

Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Ed Silva  Anyone looking to buy or sell a home in Prospect, CT should call you for your expert knowledge and experience 

Mar 11, 2022 02:52 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed that is unusual for the days on the market to be higher this year than last year.

Mar 11, 2022 03:19 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Ed:

You have certainly given buyers a good foundation on the market conditions in Prospect, and you clearly are the person they should be calling. I'm not surprised the average price is higher than 1 year ago but interesting that the number of sales IS the same. As you point out the Prospect housing market still favors sellers!

Enjoy your weekend!

Jeff

Mar 11, 2022 05:09 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Prospect home buyers and sellers are sure to value your real estate market report, Ed.

Mar 11, 2022 05:59 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Ed- excellent information that only a local expert could provide for potential sellers and buyers. 

Mar 11, 2022 06:55 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Prospect sounds like it would be a wonderful place to call home but the white stuff on the ground would deter me, haha.

Mar 12, 2022 05:44 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ed, Prospect does sound like a great place to buy your dream home, and would be a great small town.

Mar 12, 2022 06:23 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Ed... I can't remember the last time I saw homes on the market over 100 days! Are you in the path of that snowstorm? If you are, stay safe please.

Mar 12, 2022 06:42 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Seems that Prospect has a few homes for sale currently. Buyers, if you're looking in this area, Ed Silva is the Agent of choice!

Mar 12, 2022 07:49 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Hannah Williams   It is a fine little town and buyers and sellers are always looking for information.

 

George Souto   There are a couple of properties that have high values and have been on and off market in contracts often which will drive days on market

Mar 12, 2022 08:47 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Jeff Dowler, CRS   The performance of the market would suggest that those that want to sell have sold and the rest are just standing pat, which would explain lack of new inventory and lower sales.

 

Myrl Jeffcoat   Thank you we try to inform as best we can

Mar 12, 2022 08:49 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kathy Streib   Thank you it is a small town and the inventory is getting lower as people decide they do not want to sell.

 

Brian England   I am also losing my joy of the white stuff as well.

Mar 12, 2022 08:51 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Joan Cox   It is a great little town and there are not a lot of dreams available to fill currently.

 

Nina Hollander, Broker  There were a couple of homes that had too high a price and were in and out of contracts and that did impact days on market.  They are almost all gone so the DOM should become more representative

Mar 12, 2022 08:54 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400   The winter effects of cold and snow have hold inventory down but by the end of the month that should change.  Thanks for stopping

Mar 12, 2022 08:54 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ed and thanks for the market report to share with us here in the rain.  Great to see other reports in the country!

Mar 12, 2022 09:39 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate market reports.

Mar 12, 2022 11:33 AM