Prospect CT November 2016 Real Estate Market Trends

What’s Happening in The Prospect CT Real Estate Market Prospect 2016?  

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Currently in Prospect CT there are 39 active residential listings for sale, with 7 new listings being added in November. The homes for sale in Prospect CT range from a 1,864 square ft, 3-bedroom colonial, listed at $129,900 to a 3,121 square ft, 4-bedroom colonial listed at $550,000. 

The average list price of the homes currently available for sale in Prospect CT is $304,666. The average days on market for these homes are 133 days. In addition, there are currently 9 homes under contract in Prospect CT.

In November, 3 homes closed in Prospect CT. The homes that sold in Prospect CT were a ranged from a 1,668 square ft, 3-bedroom ranch, which sold for $250,000; a 3,028 square ft, 5-bedroom raised ranch, which sold for $278,500 and a 3,941 square foot, 4-bedroom contemporary which sold for $340,000. The average value of the sold homes in Prospect CT in November 2016 was $289,500 with average days on market of 73 days.

By comparison, there were 6 closings in Prospect CT for the month of November 2015 with an average sales price of $363,417 and average days on market of 73. This would demonstrate that for Prospect CT in November of 2016, the market sales were 3 less than the same period of 2015 and with an average sales value almost 20% less than for same period the previous year.

For the year 2015, the market sales or absorption rate was 9 sales per month, with an average sales value of $264,009 and average days on market of 70.

For the first quarter of 2016, the market sales or absorption rate for Prospect CT was 4 sales per month, with an average sales value of $252,775 and average days on market of 77.

For the second quarter of 2016, the market sales or absorption rate for Prospect CT was 8 sales per month, with an average sales value of $218,647 and average days on market of 95.

For the third quarter of 2016, the market sales or absorption rate for Prospect CT was 9 sales per month, with an average sales value of $250,871 and average days on market of 82. With this rate and the current inventory, there would be a 7 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 an inconsistent variation of prices showing little stabilization.

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.

Prospect CT November 2016 Real Estate Market Trends