Market Statistics for Southington CT August 2014
Currently in Southington CT there are 265 active residential listings for sale, with 81 new listings being added in August. The homes for sale in Southington CT range from a 896 square ft, 2-bedroom mobile home listed at $59,900 to a 4,700 square ft, 4-bedroom, colonial estate listed at $1,195,000.
The average list price of the homes currently available for sale in Southington CT is $345,763. The average days on market for these homes are 89 days. In addition, there are currently 54 homes under contract in Southington CT, with 18 having gone under contract in August.
In August, 42 homes closed in Southington CT. They ranged from a 930 square ft, 2-bedroom mobile home, which sold for $70,000 to a 3,728 square ft, 4-bedroom, colonial which sold for $700,000. The average price for the homes that closed in August in Southington CT was $295,615 with an average days on market of 80 days. The closed properties had a Sales price to List price ratio of 97%.
By comparison, there were 47 closings in Southington CT for the month of August 2013, with an average sales price of $299,561 and avg. days on market of 52. This indicates that for August of 2014, there were 5 less homes sold compared to August 2013, at an average price of 2% less with more time on market. Southington CT is demonstrating a stabilizing to improved market for value.
For the year 2013, the market sales or absorption rate was 36 sales per month, with an average sales value of $287,112 and average days on market of 75. This would project that the current inventory of homes is equivalent to a 7 month inventory, which is a slight buyer’s market.
For the first quarter of 2014, the market sales or absorption rate for Southington CT was 28 sales per month, with an average sales value of $294,524 and average days on market of 101.
For the second quarter of 2014, the market sales rate was equivalent to 39 sales per month, with an average sales value of $303,539 and average days on market of 63. Using the second quarter absorption rate, the current inventory of homes is equivalent to a 7+ month inventory. The current market is still considered a buyer’s market but trending in a positive direction.
The graph demonstrates the average monthly sales value in Southington CT for the previous 12 month period with strong fluctuations from month to month for the first half of the year and stability for the second half. The values in Southington CT appear to have stabilized and the market is demonstrating a shift to a seller’s market.
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.
If you would like information on homes for sale in Southington CT please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Southington CT.
August 2014 Real Estate Sales Report for Southington CT