Shelton CT single family home sales for February 2016 decreased 35% as compared to February 2015 sales.
Listing and closed sales averages INCREASED 9% and 11% respectively and the median went UP 8%.
Inventory went UP 14%, which combined with the low sales rate, pushed the absorption rate VERY deep into a buyers market for the month. Translation: it would take 13.31 months to sell off the present inventory of 173 homes. See the three month trend below for a more accurate absorption rate.
Going forward, there are 43 homes under deposit and 38 homes pending. These numbers are slightly higher than last month.
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Shelton CT February 2016 Homes Sold
as recorded in the Greater Fairfield County MLS
Where was the sweet spot for sales in February? Two ranges shared the top spot. Historically, the $300K - $400K range is the usually the strongest in sales.
February 2016 sales were on par with last month but in the lowest position for the year. No where to go but UP since inventory is on the rise and buyers are out and about shopping while interest rates remain low.
The average sales prices throughout the last year provides buyers and sellers with an even better understanding of Shelton's present and past market. The February sales average with its small data set still held its head above water but was down considerably from the last few months.
The absorption TREND, which shows the number of months it would take to sell the entire inventory at the same pace, came in at 9.44 months for the last three months, in a buyers market statistically. Higher inventory the last two months plus the lower sales contributed to this boost in the absorption rate.
This rate is for ALL houses. If you are selling your home, your agent should calculate the absorption rate for your price point to get a more accurate analysis. Some price points favor sellers; others favor buyers.
Thinking of selling? Get a complimentary free market analysis for your Shelton home.
The success in selling your house in Shelton or any other community is dependent upon accurate pricing, effective preparation, calculating the absorption rate for your particular price point, and having a strong online marketing presence.
Contact me for advice on how to list your home effectively in today's market. Get an exceptional marketing plan for your money.
Sellers: Please read Biggest Home Seller Mistakes if you are thinking of listing your home.
Related posts:
Shelton CT Market Report Archive
Living in Shelton CT - Real Estate and Homes and Condos for Sale
Date Source: Greater Fairfield County Multiple Listing Service -- March 26, 2016. No representation or warranty is made to the accuracy of this information.
Shelton CT Real Estate Market Report and Homes Sold - February 2016
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