What’s My Cheshire CT Home Worth, Market Statistics for May 2016
Currently in Cheshire CT there are 253 active residential listings for sale. They range from a 728 square ft, 1-bedroom ranch listed at $79,900 to a 7,106 square ft, 5-bedroom colonial listed at $1,490,000. The average list price of the homes currently available for sale in Cheshire CT is $459,882. The average days on market for these homes is 109 days. For the month of May, there were 44 new homes listed for sale in Cheshire CT.
There are currently 31 homes under contract in Cheshire CT, 11 of which went under contract in May. The average list price for the homes under contract is $411,129 with average days on market of 73 days.
In May 2016, 21 homes closed in Cheshire CT. They ranged from a 1,528 sq ft, 2-bedroom ranch which sold for $142,500 to a 3,859 sq ft 4-bedroom, new construction colonial which sold for $969,900. Average sales price of the homes that sold was $378,871. Average DOM of 93 days. The closed properties had a Sales price to List price ratio of 97%.
By comparison, there were 19 closings in Cheshire CT for the month of May 2015, with an average price of $344,195 and avg. days on market of 78. This would indicate that in May 2016, the number of homes sold was greater by 2 homes, and the average value of the homes was almost 10% greater with slightly longer days on market.
For the year 2015, the market sales or absorption rate was 20 sales per month, with an average sales value of $357,106 and average days on market of 76.
For the year first quarter of 2016, the market sales or absorption rate for Cheshire CT was 15 sales per month, with an average sales value of $310,742 and average days on market of 95. This rate with the current inventory would be a 12+ month absorption rate. The current market is still considered a buyer’s market.
The graph demonstrates the average monthly sales value in Cheshire CT with strong fluctuations from month to month. The sales appeared to demonstrate a gradual increase in prices over the last 4 months, however.
If you are interested in buying or selling a home in the Cheshire CT area send me an email or call and we can set up a time to meet.
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 Cheshire CT for May 2016
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