Ed's Chesprocott Region Blog: What’s Happening in The Prospect CT Real Estate Market August 2015?

What’s Happening in The Prospect CT Real Estate Market August 2015?

Real Estate Market Statistics for Prospect CT August 2015

 

 Real Estate Market Statistics for Prospect CT August 2015

Currently in Prospect CT there are 75 active residential listings for sale, with 17 new listings being added in August. The homes for sale in Prospect CT range from a 938 square ft, 3-bedroom mobile home, listed at $39,500 to a 3,721 square ft, 3-bedroom colonial listed at $599,900.

 

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The average list price of the homes currently available for sale in Prospect CT is $366,100. The average days on market for these homes are 120 days. In addition, there are currently 6 homes under contract in Prospect CT.

 

Real Estate Market Statistics for Prospect CT August 2015

In August 2015, 17 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 876 square ft, 2-bedroom mobile home, which sold for $42,000 to a 2,989 square foot, 4-bedroom colonial which sold for $470,000. The average value of the sold homes in Prospect CT in August 2015 was $279,176 with average days on market of 93 days.

By comparison, there were 4 closings in Prospect CT for the month of August 2014, with an average sales price of $317,050 and average days on market of 22. This would demonstrate that for August of 2015, the market was better by 13 sale for units sold but with an average sales value almost 13% less than the same period the previous year.

For the year 2014, the market sales or absorption rate was 5.5 sales per month, with an average sales value of $258,771 and average days on market of 103.  Using the same absorption rate, the current inventory of homes is equivalent to an 9+ month inventory. The current market is still considered a buyer’s market.

For the first quarter of 2015, the market sales or absorption rate for Prospect CT was almost 6 sales per month, with an average sales value of $247,097 and average days on market of 110. With this rate and the current inventory, there would be a 11+ month absorption rate.

For the second quarter of 2015, the market sales or absorption rate for Prospect CT was 9 sales per month, with an average sales value of $254,254 and average days on market of 63. This is a 3% improvement in value over the first quarter with less time on market, which is a positive improvement. 

With this rate of 9 sales per month and the current inventory, there would be a 9 month absorption rate.

 

 Mrket Statistics for Prospect CT

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 a gradual increase over the past 4 months but the market is still to a buyer's advantage.

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 Prospect 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 Prospect CT.

 

 

Homes for sale in Prospect CT

Real Estate Market Statistics for Prospect CT August 2015

 

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

Comment balloon 5 commentsEd Silva • September 17 2015 03:38PM

Comments

Ed Silva  great market report on Prospect Ct -  was talking about you last evening witt Praful Thakkar 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 2 years ago

Ed - good comprehensive report on Prospect, CT market.  I hope that you continue to see improvement.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) almost 2 years ago

Ed those were big swings in the market between both years.  I would have taught that with more sales the DOM would have gone down not up.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 2 years ago

George Souto   I have been doing this preaching for months and the statistics bear it out

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) almost 2 years ago

Ed Silva Wow!  This is really a great real estate market report and update.  Very insightful information for buyers and sellers alike!  Thank you for sharing!

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (RE/MAX Paramount Properties) almost 2 years ago

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