Real Estate Market Statistics for Prospect CT September 2014

What’s Happening in The Prospect CT Real Estate Market September 2014? 

Currently in Prospect CT there are 80 active residential listings for sale, with 14 new listings being added in September. The homes for sale in Prospect CT range from a 876 square ft, 2-bedroom mobile home, listed at $46,000 to a 2,736 square ft, 4-bedroom colonial listed at $529,000. 

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 The average list price of the homes currently available for sale in Prospect CT is $276,471. The average days on market for these homes are 110 days. In addition, there are currently 3 homes under contract in Prospect CT.

In September 2014, 9 homes closed in Prospect CT. The homes that sold in Prospect CT in September 2014 ranged from a 888 square ft, 2-bedroom REO ranch, which sold for $121,600 to a 3,150 square foot, 3 bedroom colonial which sold for $480,000. The average value of the sold homes in Prospect CT in September 2014 was $287,484 with average days on market of 123 days. The length of time can be misleading and may indicate that the homes that closed quickest were those that were aggressively priced for market conditions

By comparison, there were 5 closings in Prospect CT for the month of September 2013, with an average sales price of $285,800 and avg. days on market of 68 This would demonstrate that for September of 2014, the market was greater for units sold with an average sales value almost unchanged.

For the year 2013, the market sales or absorption rate was 7 sales per month, with an average sales value of $248,533 and average days on market of 111.  Using the same absorption rate, the current inventory of homes is equivalent to an 11+  month inventory. The current market is still considered a buyer’s market.

For the first quarter of 2014, the market sales rate was equivalent to 4 sales per month, which is 50% lower than the average value for 2013.

For the second quarter of 2014, the market sales rate was equivalent to 4 sales per month, which is 50% less than the average value for 2013.

For the 3rd quarter of 2014, the market sales rate was equivalent to 7 sales per month. Using the third quarter absorption rate, the current inventory of homes is equivalent to a 11+ month inventory. The current market is still considered a buyer’s market.

The graph demonstrates the average monthly sales value in Prospect CT with strong fluctuations from month to month. The values in Prospect CT still have not found a stabile base and the inventory is still to a buyer’s advantage. However, the trend appears to be moving to a positive in value.

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 Prospect 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 Prospect CT.

Real Estate Market Statistics for Prospect CT September 2014