Southington CT 2023 Year End Real Estate Market Analysis
The year 2023 was an unusual year for so many reasons. With the pronouncement of the pandemic back in mid February of the 2020, the world watched in disbelief as the virus spread at an incredibly fast pace and affected all ages all over the world.
As business ground to a slow halt, it was a matter of where one could go and how safe would we be. 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 this, after a brief pause the market in Southington began its rise and finished the year strong and has been enjoying increases each year since.
For the year 2022, the market sales or absorption rate was 38 sales per month, with an average sales value of $398,641 and average days on market of 25.
For the year 2023, the market sales or absorption rate was almost 32 sales per month, with an average sales value of $425,642 and average days on market of 22. Even though the values saw a mild increase over the year of app 7%, the overall figures were very positive for the year and going into 2024 they appear to be continuing the momentum.
Currently in Southington, CT there are only 18 active listings. In addition, there are 5 properties under pending status, and 36 under hard deposit so the year is starting out strong.
While sales appear to be consistent and maybe even lag the previous year, it was a decidedly strong market as there were less listings put up and competition for those that were as aggressive.
The New Year will start off with a strong report as there are 44 listings currently going through the closing process and as the weather gets warmer more activity will surely hit the 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 Southington 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 Southington CT.
Southington CT 2023 Year End Real Estate Market Analysis
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