What’s Happening in The Prospect CT Real Estate Market May 2016?
Currently in Prospect CT there are 62 active residential listings for sale, with 11 new listings being added in May. The homes for sale in Prospect CT range from a 720 square ft, 2-bedroom mobile home, listed at $16,900 to a 3,721 square ft, 3-bedroom colonial listed at $599,000.
The average list price of the homes currently available for sale in Prospect CT is $282,819. The average days on market for these homes are 118 days. In addition, there are currently 5 homes under contract in Prospect CT.
In May 2016, 7 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 938 square ft, 3-bedroom mobile home, which sold for $36,000, to a 1,731 square foot, 2-bedroom colonial which sold for $295,00. The average value of the sold homes in Prospect CT in May 2016 was $297,443 with average days on market of 120 days.
By comparison, there were also 7 closings in Prospect CT for the month of May 2015 with an average sales price of $238,857 and average days on market of 83. This would demonstrate that for May of 2016, the market sales were the same number of units but with an average sales value 30% greater than the same period the previous year.
For the year 2015, the market sales or absorption rate was 9 sales per month, with an average sales value of $264,009 and average days on market of 70.
For the year first quarter of 2016, the market sales or absorption rate for Prospect CT was 4 sales per month, with an average sales value of $252,775 and average days on market of 77. With this rate and the current inventory, there would be a 12+ month absorption rate.
The graph demonstrates the average monthly sales value in Prospect CT with strong fluctuations from month to month. The values in Prospect CT have demonstrated an inconsistent variation of prices showing little stabilization.
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.
Real Estate Market Statistics for Prospect CT for May 2016
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