October is closed out, so here’s the latest data from the CT Multiple Listing Service for single family homes, deemed reliable, but not guaranteed…
My Observations…
1. Overall, the number of Closed Sales are up again, 2.6% this month, when comparing to October 2008. It will be interesting to see the results of November, as I feel they will also show an increase over last year as people try to jam in their closing by the November 30 $8,000 first time buyer tax credit deadline.
2. Median Sale Prices were all over the place comparing October this year to last year. Take a look at Avon, Canton and Farmington. I would say these wide swings in price changes had more to do with the mix of houses selling (high end versus low end), rather than prices actually changing that much. As I’ve mentioned previously, one month of data isn’t very helpful when looking at Median Sale Price changes. The data is more statistically relevant if you look at a quarter or entire year’s worth of data.
3. Months of Inventory continues to tell an interesting story. Newington, shaded green, has been a Seller’s market (less than 3 months of inventory) since June, and remains that way as of today. It will most likely shift to a Neutral market by December, as the seasonal market slows. The cells shaded blue are the towns that are currently a Neutral market (between 3-6 months of inventory). The 6 remaining towns, shaded peach, are Buyer’s markets (6+ months of inventory).