The Naugatuck Valley in Connecticut (consisting of Naugatuck, Beacon Falls, Oxford, Seymour, Ansonia, Derby, and Shelton) is a beautiful place to live in Connecticut. It is a popular area to raise a family not for from New York City and Boston. The current Market Action shows that are home prices are still declining in this area indicating a great time to buy a first home, move on to a larger home, or downsize from your current home. Those who are considering selling may find this news disappointing but the current market is also reflecting a sellers market.
The Market Inventory and MSI are used to determine a buyers vs. sellers market. The current market inventory is down 0.1% from last month and down 15.8% from September 2012 in the Valley. The MSI is simply the number of months it would take to sell of the current inventory at the current monthly sales pace. The MSI in September 2013 is the lowest it has been in the past 2 years! Another indicator we use to determine a buyers vs. sellers market is Market Time; which is the number of days a property is on the market for before selling. A short time on market is more beneficial for sellers because it leaves less inventory for buyers to choose from. The average Days on Market of September 2013 is also the lowest it has been compared to September 2012 and September 2013. The average Days on Market is down 18.3% from last month and down 22.1% from last September.
In Conclusion, buyers and sellers who are on the fence about either purchasing or putting there home on market should take advantage of these market trends. Potential buyers should realize that while sales prices have been dropping the market is beginning to turn to a sellers market. With inventory and days on market declining it is only a matter of time before supply and demand force sales prices to increase. Potential sellers should be aware that while sales prices have been declining many properties offered in today's market are distressed properties (short sales and foreclosures. Many of these properties need a substantial amount of work or lender negotiations which can be a turn off for buyers. This makes your home even more appealing to the potential buyer .... what a great time to list your home!
If you are looking to move on to the next chapter of your life and are considering a active adult community check out Pond Spring Village. We are an active adult community in Beacon Falls. Our spacious duplex style units come in three current floor plans with new and exciting floor plans in the works! As always we how open houses Saturdays and Sundays from 12-3 pm but we are happy to accommodate private showings just contact Linda Mayfield or Ken Shove for details!
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