What’s Happening in The Prospect CT Real Estate Market April 2015?
Currently in Prospect CT there are 75 active residential listings for sale, with 25 new listings being added in April. The homes for sale in Prospect CT range from a 938 square ft, 2-bedroom mobile home, listed at $38,900 to a 2,989 square ft, 4-bedroom colonial listed at $499,900.
The average list price of the homes currently available for sale in Prospect CT is $290,453. The average days on market for these homes are 93 days. In addition, there are currently 5 homes under contract in Prospect CT.
In April 2015, 8 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 1,460 square ft, 3-bedroom ranch, which sold for $170,000 to a 3,041 square foot, 4-bedroom colonial which sold for $381,000. The average value of the sold homes in Prospect CT in April 2015 was $266,100 with average days on market of 68 days.
By comparison, there were 2 closings in Prospect CT for the month of April 2014, with an average sales price of $175,000 and days on market of 136. This would demonstrate that for April of 2015, the market was better by 6 sale for units sold with an average sales value almost 50% greater.
For the year 2014, the market sales or absorption rate was 5.5 sales per month, with an average sales value of $258,771 and average days on market of 103. Using the same absorption rate, the current inventory of homes is equivalent to an 9+ month inventory. The current market is still considered a buyer’s market.
For the year first quarter of 2014, the market sales or absorption rate for Prospect CT was almost 6 sales per month, with an average sales value of $247,097 and average days on market of 110. With this rate and the current inventory, there would be a 12+ month absorption rate.
The graph demonstrates the average monthly sales value in Prospect CT with strong fluctuations from month to month. The values in Prospect CT have demonstrated a gradual increase over the past 4 months but the market is still to a buyer's advantage.
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 Prospect CT April 2015