What’s Happening in The Prospect CT Real Estate Market February 2016?
Currently in Prospect CT there are 50 active residential listings for sale, with 13 new listings being added in February. The homes for sale in Prospect CT range from a 720 square ft, 2-bedroom mobile home, listed at $23,900 to a 3,121 square ft, 4-bedroom colonial listed at $550,000.
The average list price of the homes currently available for sale in Prospect CT is $259,916. The average days on market for these homes are 138 days. In addition, there are currently 7 homes under contract in Prospect CT.
In February 2016, 3 homes closed in Prospect CT. The homes that sold in Prospect CT were a 1,926 square ft, 3-bedroom ranch, which sold for $180,000, a 2,200 square foot, 3-bedroom split-level which sold for $338,900, and a 2,112 square foot, 3-bedroom colonial which sold for $369,900. The average value of the sold homes in Prospect CT in February 2016 was $296,267 with average days on market of 36 days.
By comparison, there were 7 closings in Prospect CT for the month of February 2015 with an average sales price of $233,857 and average days on market of 90. This would demonstrate that for February of 2016, the market was less by 4 units sold with an average sales value 20% 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. Using the same absorption rate, the current inventory of homes is equivalent to an 6+ month inventory. The current market is still considered a buyer’s market.
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.
Real Estate Market Statistics for Prospect CT February2015
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