The summer is essentially over, so we’re closing the books on the spring/summer real estate market. How did we compare to last year? As always, data came from the CT Multiple Listing Service for single family homes only and is deemed reliable, but not guaranteed…
My observations…
1. Aggregating the towns, closings this year were just about even with June through August 2008, up just 1.1%. Some towns saw wild fluctuations though. South Windsor, Vernon, and Newington took nice increases in the number of closings. I did check to verify that new developments did not have multiple closings that affected these numbers. It appears the numbers were driven by resales, which indicates that these markets were truly “up.”
2. The Median Sale Price was down in every single town covered. This may be driven more by the fact that there is a lot of first time buyer activity so the mix of lower end and higher end houses selling is different, rather than it all being attributable to actual price decreases.
3. If you’re thinking about selling your house in Newington, you might want to get on it! There is very little inventory available at this point and there are still lots of first time buyers out there. So if your house is in good shape, price it realistically and it should go…
Thoughts and comments are welcome…