2012 Year End Real Estate Market Update for Naugatuck CT
For the year 2012, the market sales or absorption rate in Naugatuck CT was 18 sales per month. Market absorption trends show the rate that properties are selling compared with inventory which enables us to see if it is a sellers’ or buyers’ market.
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An inventory equivalent to a 6 months sale rate is considered a balanced market. Less than 6 months is a sellers’ market, and anything over 6 months is a buyers’ market.
The average value for the homes sold in Naugatuck CT for year 2012 was $156,902 with an average days on market of 118. There are currently 151 homes available for sale in Naugatuck CT, which would be a 8 month inventory at the absorption rate of 2012.
The list price ratio to sales price ratio was 94.%, which indicates sellers putting the homes on the market near to fair market value, or finally getting them sold at market value.
The highest value home sold in Naugatuck CT in 2012 was a 2,472 sq ft, 4-bedroom ranch which sold for $ 360,000.
By comparison, for calendar year 2011, the absorption rate was 17 units per month, with an average sales price of $ 163,973 and average days on market of 101. For 2012, there were more homes sold on average per month but at an average of 3% less than the previous year.
For the previous 5 years, the values in Naugatuck CT have shown a tendency to be lower with an average reduction in value of almost 30% during that period.
The attraction for homes in the town of Naugatuck is that the prices are the lowest in the area, with many fine neighborhoods and an abundance of services. First time buyers find this to be a great opportunity to get into a home of their own.
If you are interested in buying or selling a home in the Naugatuck CT area send me an email or call and we can set up a time to meet.
2012 Year End Real Estate Market Update for Naugatuck CT
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