Real Estate Market Statistics for Prospect CT October 2015

What’s Happening in The Prospect CT Real Estate Market October 2015?

Currently in Prospect CT there are 64 active residential listings for sale, with 12 new listings being added in October. The homes for sale in Prospect CT range from a 938 square ft, 3-bedroom mobile home, listed at $38,000 to a 3,721 square ft, 3-bedroom colonial listed at $599,900.

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The average list price of the homes currently available for sale in Prospect CT is $329,040. The average days on market for these homes are 150 days. In addition, there are currently 6 homes under contract in Prospect CT. 

In October 2015, 13 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 1,124 square ft, 4-bedroom cape, which sold for $180,000 to a 2,750 square foot, 4-bedroom colonial which sold for $514,500. The average value of the sold homes in Prospect CT in October 2015 was $289,377 with average days on market of 57 days.

By comparison, there were 9 closings in Prospect CT for the month of October 2014, with an average sales price of $287,806 and average days on market of 114.  This would demonstrate that for October of 2015, the market was better by 4 units sold but with an average sales value only slight greater than the same period the previous year.

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 first quarter of 2015, 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 11+ month absorption rate.

For the second quarter of 2015, the market sales or absorption rate for Prospect CT was 9 sales per month, with an average sales value of $254,254 and average days on market of 63. This is a 3% improvement in value over the first quarter with less time on market, which is a positive improvement. 

For the third quarter of 2015, the market sales or absorption rate for Prospect CT was 12 sales per month, with an average sales value of $265,938 and average days on market of 63. This is a 4% improvement in value over the first quarter with less time on market, which is a positive improvement.

The third quarter statistics show a 3% improvement in value over the first quarter and a 5% increase in average value.  With the 3rd quarter rate of 12 sales per month and the current inventory, there would be a 6 month absorption rate or a trend to a neutral market. 

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 and the market is trending to a neutral 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 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 October 2015