Wolcott CT 2022 Year End Real Estate Market Analysis
Wolcott CT is a town bordered by Bristol and Southington in Hartford county, and Waterbury in New Haven county. It is primarily a suburban town located 80 miles from New York City with a commute of 20 miles to Hartford and 30 miles to New Haven. Only slightly greater than 50% of the town's land is developed as residential housing and commercial, light industrial businesses.
In the world of real estate, the exuberance of the business that had started in 2019 started to slow the enthusiasm as people became wary of venturing into homes not knowing who was there or their health. Likewise, sellers were wary of having people come into their homes and possibly bringing in a bacterial issue that would infect their families.
In spite of the pandemic the market in Wolcott CT began continued the previous year's rise and finished the year strong.
For the year 2021, the market sales or absorption rate was 22 sales per month, with an average sales value of $316,436 and average days on market of 47 days.
For the year 2022, the market sales or absorption rate was 16 sales per month, with an average sales value of $342,925 and average days on market of 41. The values saw an 8% increase in value over the previous year.
While sales appear to be consistent and are stronger than 2020, it was a decidedly strong market as there were less listings put up and competition for those that were was aggressive.
The chart shows the appreciation in values since the start of the pandemic. The drop in sales from 2021 to 2022 is primarily due to lack of inventory as the adsorption rate still shows an inventory of less than 1 month
While sales appear to be consistent and are stronger than 2020, it was a decidedly strong market as there were less listings put up and competition for those that were was aggressive.
The New Year will start off with a strong report as there are 39 listings currently going through the closing process and as the weather gets warmer more activity will surely hit the market. Competition for purchases will be fierce as currently there are only 15 active listings in town, which is below the monthly average for the previous 2 years
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 Wolcott 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 Wolcott CT.
Wolcott CT 2022 Year End Real Estate Market Analysis
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