Comparing the Glastonbury market median sales prices for the first half of 2009 ($320,000) to the corresponding period for 2008 ($392,300), the 18+% decrease is significant. This does not mean that everyone in town has lost 20% of the value of their houses; there are many indications that buyers in Glastonbury this year are choosing to be conservative, buying more modestly-priced properties. There are also more modestly-priced homes for sale in town.
If we look at the median sales, by price paid, we see that $320,000 in 2009 bought 119 Spring Street, a restored antique colonial with 2,100 sf, 8 rooms, 3 bedrooms and 2.1 baths on a .35 acre lot with a 2-car garage. The median sale price of $392,300 in 2008 bought 310 Eastbury Hill Road, a 2,144 sf colonial with 8 rooms, 4 bedrooms, and 2.1 baths on a .93 acre lot with a 2-car garage.
The number of houses closing decreased by about 14%, from 148 sales in 2008 to 127 sales in 2009 (based on Multiple Listing Service statistics as of August 13, 2009). For the successful sales in 2009, median days-on-market was just 43---(there were more well-priced homes than last year, when median days-on-market was 49)! The range in prices buyers paid to live in Glastonbury in 2009-- $101,500 to $982,000 was a bit narrower than the first half of 2008 ($165,000 to $1,7300,000).
Mid-way through August, there are 176 single-family homes available to purchase (compared to 133 at the end of January). The prices range from a low of $110,000 for a 3-bedroom, 1-bath ranch home at 1899 Chalker Hill to $5,999,000 for a 5 bedroom, 8.1 bath (12,872 sf) home at 392 Woodland Street. The median-priced property is located at 68 Falcon Lane: 6 bedrooms, 4.1 baths & 4,822 sf offered at $499,900.
Currently, there are 53 houses under contract in town. The highest-priced has an asking price of $1,195,000 and the lowest-priced is just $110,000. The median is 168 Kinne Road, priced at $338,876 (4 bedrooms, 2.1 baths, 2,349 sf, with a 2-car garage on a .92 acre lot).
With over 6 months inventory available and a median asking price of available properties $150,000 higher than the median price of properties under deposit, homes in Glastonbury priced over $400,000 may find the market for the balance of 2009 very challenging --- however, a challenge for sellers may mean some great opportunities for buyers in this price range!
For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or by email (email@example.com). You can find this blog directly by visiting www.MyCTRealEstateBlog.com.
If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.MyHartfordAreaRealtor.com . Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!