What’s Happening in The Prospect CT Real Estate Market July 2016?
Currently in Prospect CT there are 55 active residential listings for sale, with 7 new listings being added in July. The homes for sale in Prospect CT range from a 772 square ft, 2-bedroom mobile home, listed at $13,000 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 $283,747. The average days on market for these homes are 140 days. In addition, there are currently 7 homes under contract in Prospect CT.
In July 2016, 7 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 1,226 square ft, 3-bedroom REO ranch, which sold for $65,000, to a 3,250 square foot, 4-bedroom colonial which sold for $430,000. The average value of the sold homes in Prospect CT in July 2016 was $302,357 with average days on market of 47 days.
By comparison, there were 10 closings in Prospect CT for the month of July 2015 with an average sales price of $282,080 and average days on market of 31. This would demonstrate that for July of 2016, the market sales were 3 less than the previous period of 2015 but with an average sales value 10% less 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 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.
For the second quarter of 2016, the market sales or absorption rate for Prospect CT was 8 sales per month, with an average sales value of $218,647 and average days on market of 95. With this rate and the current inventory, there would be a 8 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.
Prospect CT July 2016 Real Estate Market Trends
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