Ed's Chesprocott Region Blog: Real Estate Market Statistics for Prospect CT November 2015

Real Estate Market Statistics for Prospect CT November 2015

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

 

Real Estate Market Statistics for Prospect CT November 2015

 

Currently in Prospect CT there are 59 active residential listings for sale, with 8 new listings being added in November. The homes for sale in Prospect CT range from a 938 square ft, 2-bedroom mobile home, listed at $38,000 to a 3,821 square ft, 4-bedroom colonial listed at $550,000.

 

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The average list price of the homes currently available for sale in Prospect CT is $283,703. The average days on market for these homes are 151 days. In addition, there are currently 4 homes under contract in Prospect CT.

 Real Estate Market Statistics for Prospect CT November 2015

In November 2015, 6 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 1,288 square ft, 3-bedroom ranch, which sold for $235,000 to a 2,750 square foot, 4-bedroom colonial which sold for $514,500. The average value of the sold homes in Prospect CT in November 2015 was $363,417 with average days on market of 73 days.

By comparison, there were 4 closings in Prospect CT for the month of November 2014, with an average sales price of $210,000 and average days on market of 83. This would demonstrate that for November of 2015, the market was better by 2 units sold but with an average sales value 45% greater 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. 

For the third quarter of 2015, the market sales or absorption rate for Prospect CT was 12 sales per month, with an average sales value of $265,938 and average days on market of 63. This is a 4% improvement in value over the first quarter with less time on market, which is a positive improvement.

The third quarter statistics show a 3% improvement in value over the first quarter and a 5% increase in average value. With the 3rd quarter rate of 12 sales per month and the current inventory, there would be a 6 month absorption rate or a trend to a neutral market.

 Prospect CT Nov 2015 Market Trends

 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 and the market is trending to a neutral market.

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.

 

 

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Real Estate Market Statistics for Prospect CT November 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 7 commentsEd Silva • December 14 2015 05:44PM

Comments

Ed Silva  Great market report on real-estate-market-statistics-for-prospect-ct-november-2015

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

Good morning Ed. The month of November was much stronger with completed sales. hopefully that trend continues throughout 2016.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 2 years ago

Hi Ed.  Nine months of inventory will do nothing to raise prices on these homes.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) almost 2 years ago

Great Information. A valuable market report for buyers and sellers in your community!

Posted by Bob Baesmann, DFW Team Realty | 972-978-8800 ( DFW Team Realty) almost 2 years ago

Ed, great market update for Prospect CT, and buyers and sellers love the updates! 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 2 years ago

Ed I love seeing all those numbers going in the right direction.  Hope this will be the trend going forward.

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

Hi Ed, well done reporting for Prospect CT. You are right on target with data your clients need.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) almost 2 years ago

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