Bolton Home Sales rebounded
Bolton rebounded in February after a Zero sale in January. But first, here are some facts and opinions about this charming town.
Bolton is a beautiful town offering the amenities of both the rustic and city living being a close neighbor to Manchester city. It is an easy commute to downtown Hartford, normally takes only 15-20 minutes as it is easily accessible through I-384 and Route 44 and Route 6.
This town houses 180+ acre non-recreational Lower Bolton, Middle Bolton Lake which it shares with the town of Vernon, and Upper Bolton Lake.
Lower Bolton Lake is a sought after lake in this town. It allows 6HP motor boats. A state boat launch is located in Rt. 44 or Boston Turnpike.
Homes for Sale in Bolton CT Real Estate as of March 20, 2020
- 14 Single Family Homes are currently for sale. 15 last month. Down by 1 unit
- Average List Price is $330,450 with total living space of 2,396 square feet, 4 bedrooms and 3 bathrooms
- Median List Price is $289,950 with total living space of 2,362 square feet, 4 bedrooms and 3 bathrooms
- Most Expensive Home List Price is $549,900 with total living space of 3,994 square feet, 5 bedrooms and 2 and 1/2 bathrooms
- Least Expensive Home List Price is $140,000 with total living space of 1,146 square feet, 3 bedrooms and 2 bathrooms
Homes Under Contract in Bolton CT Real Estate for the month of February 2020
- 4 Units. Last month is Zero.
- Average List Price is $169,875 with total living space of 1,531 square feet, 3 bedrooms and 2 bathrooms
- Median List Price is $153,350 with total living space of 1,566 square feet, 3 bedrooms and 2 bathrooms
- Most Expensive Home List Price is $242,900 with total living space of 1,676 square feet, 3 bedrooms and 2 and 1/2 bathrooms.
- Least Expensive Home List Price is $129,900 with total living space of 1,310 square feet, 3 bedrooms and 1 bathroom
Sold Homes in Bolton CT Real Estate in February 2020.
- 3 Homes. 3 Single Family were sold last month. And 5 homes in December.
- Average Sold Price is $198,167 with total living space of 1,614 square feet, 4 bedrooms and 3 bathrooms
- Median Sold Price is $159,500 with total living space of 1,717 square feet, 4 bedrooms and 3 bathrooms
- Most Expensive Home Sold Price is $320,000 with total living space of 1,800 square feet, 4bedrooms and 2 and 1/2 bathrooms. List Price is $318,000. $2000 over asking price.
- Least Expensive Home Sold Price is $115,000 with total living space of 1,717 square feet, 4 bedrooms and 2 and 1/2 bathrooms
Significance of the Current Inventory and Absorption Rate.The sold units from February 28, 2020 to March 1, 2020 converted into an absorption rate give us an approximate length or period of time when the current inventory of 14 units would be depleted. Seventy Two (71) single family homes were sold within a period of one year.
Given the absorption rate of 5 units sold in a month, the Town of Bolton, currently, has 2 to 3 months of supply of homes for sale in the market. This is not a lot of properties on the market and with this inventory, unless demand is curtailed, home prices might increase tremendously.
Absorption Rate: “The rate at which available homes are sold in a specific real estate market during a given time period.” Click on the link for a better explanation of Absorption Rate.
Understanding Mean(numerical Average) and Median:
“The median takes into consideration the middle value of the set of data. However the mean/average takes into consideration all of the values. Therefore high or low values will effect the mean/average. If the mean/average is a lot higher than the median, there is an unusually high value that pulls the average price up. If the mean is a lot lower than the median, there is an unusually low value that pulls the average price down.
In most cases, the reason the median price is used rather than the mean is mainly because it is a more accurate indicator of the market.
Planning to buy or sell properties in Bolton, Connecticut ? Make sure to have the best representation. Contact Maria Gilda Racelis of Home Buyers Realty to provide you excellent service in Bolton CT Real Estate. Call her at 860.995.9473. Visit her website www.hbrsales.com
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