Farmington, CT Real Estate Update

Real Estate Agent with RE/MAX Executives AB45447

Sales volume picking up, median price fluctuates substantially due to the small number of homes sold and wide price range in town, and inventory is substantially down. 

Current Market...
Number of single family homes on market: 117
Average Asking Price: $921,276
Median Asking Price: $574,923
*Source of information is the Co-op MLS of Connecticut as of February 4, 2009.

January 2009 Summary -
Sales: 9 homes, up 12% from a year ago.
Median Sales Price: $545,000, up 32% from a year ago.
Months Supply of Inventory: 9.7 months, down 20% from a year ago. 

December 2008 Summary -
Sales: 11 homes, up 22% from a year ago.
Median Sales Price: $315,000, down 29% from a year ago.
Months Supply of Inventory: 15.1 months, down 51% from a year ago. 

With the slow-down in the market, and continued historically low interest rates, now can be a great time to buy! Buyers can do very well at finding the right home at the right price. 

Home sellers can still do well, but it is more important than ever to price realistically and according to the current market. No longer can you look at what sold a few months ago and set your asking price by that. Current competition is more important than ever. 

With so many options for buyer's they are looking for the best value and prime properties, that means it is also critical to have your home properly prepared and staged. Trying to sell a home that needs work and updating can cost you a lot more than preparing and making it ready for sale. 

While statistics can be useful, it is important to keep in mind that the sold statistics reflect just the homes sold in that time frame, and do not reflect a change in the overall value of all property in town. Current Market reflects the homes currently available, and what home sellers are asking for them. To find out how the market value of your specific home is affected call Fred Corey at (203) 500-0873.