Market Report for Glastonbury for March 2007

By
Real Estate Agent with Prudential Ct. Realty

Market Report for Glastonbury for March 2007 and the First Quarter

Residential

 

There are 171 active residential listings on the market in Glastonbury.  There were 60 new listings in March, 42 homes went under deposit and 25 closed sales.  The average sale price was $470,102 and the median sale price was $420,000.  Homes were on the market for an average of 51 days and they sold for an average of 97.9% of their final asking price.  Compared to last month deposits were up from 25 to 42 and closings were up from 15 to 25. 

Looking at March of 2006, there were 30 closed sales with an average price of $ 407,527 and an average price of $355,000.  Days on the market were exactly the same.  Based on these comparisons, closed sales are down 17%, but the average price is up about 13%.

1st Quarter 2006 vs. 1st Quarter 2007

 

In the 1st quarter of 2006 there were 80 closed sales with an average sale price of $403,335 and a median sale price of $345,000.  Listings were on the market for an average of 55 days and they sold for 97.13% of their asking price.  In the 1st quarter of 2007 there were 69 closed sales with an average sale price of $458,842 and a median sale price of $418,000.  Homes were on the market for an average of 56 days and they closed for 97.35% of their final asking price.  Sales were down 14% compared to last year, but prices were up about 13.7%.  The trend is continuing as far as slowing sales, but the numbers look good for prices.

Condominiums

 

There are 40 condos on the market, with 18 new listings, 18 deposits and 12 closed sales.  The average sale price was $ 217,316 and the median sale price was $192,000.  Condos sold for 98.23%of their asking price and were listed for an average of 43 days.  Compared to last month deposits were up from 13 to 18 and closed sales were up from 10 to 12.  Sale prices were up about 1%.

Looking at March of 2006, there were 14 closed sales with an average sale price of $217,848 and a median sale price of $222,500.  Days on the market averaged 36 and condos sold for 99.4% of their asking price.  Prices are unchanged, but days on the market are up slightly.

1st Quarter 2006 vs. 1st Quarter 2007

 

In the 1st quarter of 2006 there were 44 closed sales with an average sale price of $202,315 and an median sale price of $205,500 with condos closing for 98.03% of their asking prices and selling in an average of 36 days.  In the 1st quarter of 2007 there were 29 closed sales with an average sale price of $206,915 and a median sale price of $188,000.  Condos sold for 97.94% of their asking price and sold in an average of 54 days.  Overall condos seem to be doing fairly well, but sales are down from last year by 34%.

  

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Marabeth Gildersleeve

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