Real Estate Market Statistics for Cheshire CT May 2014
Currently in Cheshire CT there are 210 active residential listings for sale. They range from a 728 square ft, 1-bedroom ranch listed at $127,500 to a 10,543 square ft, 6-bedroom Tudor listed at $1,495,000. The average list price of the homes currently available for sale in Cheshire CT is $467,944. The average days on market for these homes is 99 days. For the month of May, there were 49 new homes listed for sale in Cheshire CT.
There are currently 36 homes under contract in Cheshire CT. Eight homes went under contract in the month of May. The average list price for the homes under contract is $406,637 with average days on market of 102 days.
In May, 30 homes closed in Cheshire CT. They ranged from a 1,056 sq ft, 2-bedroom ranch which sold for $198,000 to a 2,960 sq ft 4-bedroom,new construction colonial which sold for $599,000. Average sales price of the homes that sold was $336,572. Average DOM of 66 days. The closed properties had a Sales price to List price ratio of 98.4%.
By comparison, there were 19 closings in Cheshire CT for the month of May 2013, with an average price of $273,155 and avg. days on market of 77. This would indicate that in May 2014, the number of homes sold was greater by 11 units and the average value decreased by almost 20% with less days on market. The real estate prices in Cheshire CT appear to be stabilizing and were increased for the current month.
For the year 2013, the market sales or absorption rate for Cheshire CT was 22 sales per month, with an average sales value of $339,150 and average days on market of 79. Using the same absorption rate, the current inventory of homes is equivalent to almost a 9+ month inventory. The current market is still considered a buyer’s market.
The graph demonstrates the average monthly sales value in Cheshire CT with strong fluctuations from month to month. The sales appeared to stabilize towards the end of the year with a monthly increase in value, and then at the end they dropped and have been inconsistent since.
If you are interested in buying or selling a home in the Cheshire Ct area send me an email or call and we can set up a time to meet.
For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.
Real Estate Market Statistics for Cheshire CT for May 2014