Market Activity Report for Bloomfield CT - July 2011
Welcome to the Bloomfield, CT Real Estate Market Update
presented by The Master's Key Realty for the
Month of JULY 2011.
RESIDENTIAL SINGLE FAMILY HOMES
Currently there are 162 actively listed Residential Homes in Bloomfield, CT. Of these, 21 were listed during the month of March. Also, this inventory is up from 142 just four months ago.
These homes range in price from $49,900 to $1,590,000. (A listing at 77 Darby Street is not included in the active listings price range as it is extensively fire-damaged and not habitable. It is listed at $19,900.)
6 Hillcrest Avenue is the lowest priced home in town at this time, asking $49,900. It is listed as a 1593 sq.ft. home w/9 rooms, 4 bedrooms and 2 baths, built in 1945. The property is being sold in as-is condition, needing a considerable amount of work.
211 Woodland Avenue is the median priced home in Bloomfield CT at this time, asking $212,000. It is a 1974 built Raised Ranch with 2338 sq.ft. of living space, 8 rooms, 3 bedrooms, 1.5 baths, a 1 car attached garage, on a 0.35 acre lot. It also has a fireplace and central air conditioning.
60 Gun Mill Road is currently the highest priced home in Bloomfield, CT, asking $1,590,000. This is a spacious 5577 sq.ft.Historic Colonial on a private road near Penwood State Park. Built in 1772, it offers 15 rooms, 6 bedrooms, 4 full baths and 2 half baths, and storage for 6 cars. This home is on a 9.33 acre lot and has up-to-date restorations.
Market Time: Actively listed homes have been on the market from 1 day to 518 days. It is not uncommon as the number of homes on the market climbs, that the days on the market will often extend if there is not sufficient demand to absorb the inventory of homes on the market. Right now there are 30 homes on the market in Bloomfield that have been on the market for more than six months without selling.
Of interest is that there are currently 29 houses on the market in Bloomfield for under $150,000. This is a great time for buyers to find that affordable home or investment property!
SALES ACTIVITY:
During the month of July, 6 homes went under contract in Bloomfield CT. In comparison, in 2010, 8 homes went under contract in the month of July. This reflects that sales activity for the month of July was off just slightly as compared to this time last year. Sales are also up slightly from last month which saw only three homes go under deposit.
In addition, 10 properties were sold (closed sales) in Bloomfield during the month of July 2011, ranging from $80,000 to $232,000. Closed sales were on the market before going under deposit an average of 194 days. In comparison, in 2010, there were 11 closed sales in the month of July.
With 10 homes selling in one month, and 165 homes on the market, the absorption rate is 16.5. This means that it would take 16-17 months to absorb the current inventory of homes now on the market. If you are thinking about selling your home in Bloomfield, CT, this should help you determine the most suitable pricing on your house for sale to meet your desired selling time.
CONDOMINIUMS
Currently there are 49 actively listed Condominiums in Bloomfield, CT. Of these, 10 were listed during the month of July 2011. These condos range from in price from $50,000 to $775,000. and 4 of the 49 listed condominiums are New Construction units.
The average list price of a condo in Bloomfield CT is $276,755.
1077H Blue Hills Avenue in GasLite condominiums is the lowest price active listed condo in Bloomfield at this time. It is listed for $50,000., and is a 3 room, 1 BR, 1 bath garden flat. The monthly condo fee for this unit is $244 including heat and hot water, and the property is conveniently located on a busline.
7 Font Hill Park in Balbrae Condominiums is the median priced condominium in town, currently listed for $239,900. It is a Wellington model townhouse unit of 2059 sq.ft. w/6 rooms, 3 bedrooms, 3 full baths and a 1 car detached garage. It has a fireplace in the Living Room, a full basement, and a private deck with views. The monthly fee for this unit is listed as $567/month.
11 Schuyler Lane in Bloomfield represents the top of the active condominium market in Bloomfield priced at $775,000. This ranch style detached home was built in 1988 and offers 4177 sq.ft. of living space. With 8 rooms, 3 bedrooms, 3.5 baths and a 2 car attached garage, this unit is listed with a Master Bedroom suite, central air, deck, fully finished basement. The monthly condo fee is listed as $784/month.
SALES ACTIVITY:
There were 2 new deposits on condos taken in Bloomfield CT in July 2011. They were listed at $239,900., and $374,899. In comparison, in July of 2010, there were seven deposits taken on condominium listings, and last month saw four condominiums go under deposit.
There were 5 condominium sales closed in Bloomfield CT in the month of July 2011. Ranging from $143,000 to $355,000. It was on the market for 60 days--10 days longer than the average market time last month.
With an average of 2-3 condominiums selling in one month, and 49 condos on the market, the absorption rate is 16 - 24. This means that it would take between 16 and 24 months to absorb the current inventory of condominium homes now on the market. If you are thinking about selling your condominium home in Bloomfield, CT, this should help you determine the most suitable pricing on your condo for sale to meet your desired selling time.
If you are thinking about buying or selling a home in Bloomfield CT or anywhere in Hartford County, please call me for a personal consultation. I would be more than happy to discuss marketing and pricing strategies, and how absorption rates affect your pricing, or to answer any other questions you may have about real estate.
If you know somebody who is having difficulty in the current economy and struggling with their mortgage payment and doesn't know what to do, I may be able to help them understand their many options, especially if they are facing foreclosure! Please suggest they give me a call. All referrals will be handled professionally and confidentially, just as you would expect!
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