What’s Happening in The Prospect CT Real Estate Market Prospect 2016?
Currently in Prospect CT there are 48 active residential listings for sale, with 10 new listings being added in Prospect. The homes for sale in Prospect CT range from a 784 square ft, 2-bedroom mobile home, listed at $45,000 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 $301,027. The average days on market for these homes are 125 days. In addition, there are currently 3 homes under contract in Prospect CT.
In October, 8 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 728 square ft, 2-bedroom mobile home, which sold for $16,900 to a 2,734 square foot, 3-bedroom colonial which sold for $435,000. The average value of the sold homes in Prospect CT in October 2016 was $248,143 with average days on market of 105 days.
By comparison, there were 13 closings in Prospect CT for the month of October 2015 with an average sales price of $289,377 and average days on market of 57. This would demonstrate that for Prospect CT in October of 2016, the market sales were 5 less than the same period of 2015 and with an average sales value almost 15% less than for 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.
For the third quarter of 2016, the market sales or absorption rate for Prospect CT was 9 sales per month, with an average sales value of $250,871 and average days on market of 82. With this rate and the current inventory, there would be a 7 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 October 2016 Real Estate Market Trends
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