Ed's Chesprocott Region Blog: Prospect CT August 2016 Real Estate Market Trends

Prospect CT August 2016 Real Estate Market Trends

What’s Happening in The Prospect CT Real Estate Market Prospect 2016?  

 Prospect CT August 2016 Real Estate Market Trends

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Currently in Prospect CT there are 56 active residential listings for sale, with 8 new listings being added in Prospect. The homes for sale in Prospect CT range from a 728 square ft, 2-bedroom mobile home, listed at $19,900 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 $302,370. The average days on market for these homes are 142 days. In addition, there are currently 6 homes under contract in Prospect CT.

Prospect CT August 2016 Real Estate Market Trends 

 

In Prospect 2016, 9 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 934 square ft, 2-bedroom mobile home, which sold for $33,000, to a 2,656 square foot, 4-bedroom colonial which sold for $435,000. The average value of the sold homes in Prospect CT in Prospect 2016 was $239,111 with average days on market of 73 days.

By comparison, there were 17 closings in Prospect CT for the month of August 2015 with an average sales price of $279,176 and average days on market of 93. This would demonstrate that for Prospect CT in August of 2016, the market sales were 8 less than the same period of 2015 and with an average sales value 20% 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. 

 Prospect CT Prospect 2016 Real Estate 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 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.

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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Prospect CT August 2016 Real Estate Market Trends

 

 

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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 4 commentsEd Silva • September 08 2016 07:17PM

Comments

Hi Ed

You've presented some really useful information for buyers, and sellers. There's quite a range of prices and options! Hope this makes the phone ring with lots of prospects for Prospect CT!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) about 2 years ago

Ed that is a huge percentage drop in sales from last year, hope that trend changes in the coming months.

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

Ed, I agree with George Souto and hope your market turns around soon.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) about 2 years ago

Nice report Ed and very valuable information for buyers and sellers of Prospect, CT. Have a good weekend.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 2 years ago

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