Want the truth about the real estate market in Washington, CT? Here it is. Sales are slow, only one listed for September 2012. The absorption rate, or the time it would take to sell the current inventory that is on the market, if no more homes were listed, is 92 months. That is the highest it has been all year. For those selling their homes in Washington, CT this number is very important. If you want to be the one that sells, you must attract the buyer, the marketing must be aggressive and relentless, you must price it right, you must also have the patience of a saint.
Buyers who are thinking about a home in Southern Litchfield County, Washington is certainly a fantastic option. There are magnificent homes available ranging from a modest retreat to a wildly fantastic estate homes. Washington, CT is one of those places I would advise a buyer that pricing is not really the most important search feature you should use, within reason that is. You could probably expect to get a home for around 88% of the current listed price or 80% of the original list price. That makes some of the homes currently on the market very, very attractive. Check out what is currently for sale in Washington, CT.
Washington, CT real estate absorption rate 2012
We have all read how the market is improving. The prognosticators who have spread the news have forgotten one very important detail. Real estate is hyper local. What is true for one state, one county, one town, one area of town is not true for the rest. The averages across the country have told them that real estate is getting better, but ask someone who is trying to sell their home in Washington, CT. The market is not improving in Washington, CT. The market is extremely fragile, Washington has not recovered from the bubble bursting. Can I say the real estate market in Washington, CT is stabilizing? I am afraid I would not even go that far.
Historic real estate statistics for Washington, CT over the past 10 years.
Washington home sales saw a peak in 2003, 2005, then a down down down trend until 2010, then down again. Of course the year is not finished yet, but 2012 doesn't look like it will rebound much at all.
The average sales price for Washington, CT has been over a million dollars since 2005, until this year. Currently we are at an average sales price of $650,000 for 2012, we do have three more months to bring that up.
Washington, CT monthly home sales for 2012
These numbers speak for themselves.
Last but not least, here is the list to sales price ratio. The chart shows you two statistics, one is the original list price to sales price ratio, the other is the last listed price to sale price ratio. Homes in Washington, CT take price reductions in order to sell.
Advice if you want to sell in Washington, CT in the current real estate environment? You need to have the patience of a saint and you need to be realistic about pricing your home. You should be watching the market very, very carefully and making your price adjustments accordingly.
If there is a specific dollar amount you need to get in order to sell, that probably won't happen. If there are concerns that you still need to sell even though your house will not pay off your current mortgage, we can speak to that concern with you. Short sales can and do happen, even in Washington, CT. We just sold a home "short", debt to the tune of $500,000 was forgiven by the lenders. We cannot guarantee it, but it can happen.
If you would like to speak to us about a short sale in Washington, CT, give us a call at 860.946.0686. All information is strictly confidential.
(Statistical information obtained from the Greater Fairfield County CMLS, data considered reliable, but not necessarily accurate.)
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