What Are The Local Summer Market Trends in CT?

Market Trends

First and foremost, happy early Independence Day!


After making the decision to put your house up for sale, all sellers tend to ask themselves two initial questions:  What are homes around me selling for? And, how long should I expect to be on the market? Depending on the season market trends will vary; but there are certain real estate statistics that surprisingly will not fluctuate dramatically. I decided to run the May numbers for Fairfield County (leaving out Greenwich) to answer those questions.

Most of my sellers are discernibly interested in finding out their list to sale price ratio. If they list their house at ‘x’, what do market conditions indicate the sale price will be? How close to my list price is common? This past month, the average sale in Fairfield County was for 96.9% of list price—which is 0.11% higher than this time last year. Similarly, one of my recent clients indicated their home sold at 96.7% of list price in the Hartford County market. Throughout 2015 and 2016, the average has consistently hovered between 96-97%. Granted, there are exceptions to EVERY statistic. The best thing you can do is to price your home accurately early on. Real Estate Professionals help you ensure you are priced to sell, increasing the likelihood of a higher sale price and less time on the market. As of last month, there are 17% fewer listings on the market in Fairfield County than May 2015; indicating that your home will be highly desirable to the eager buyers out there as long as it is priced appropriately.

The second question that is often posed: how long will I have to keep my house squeaky clean? If priced aggressively, I have seen homes fly off the shelves. The summer stats indicate that a home will stay on the market for 73-123 days.  It is crucial to look at all the comparable homes in your area to reduce your time spent on the market, and to take staging advice from a professional. A house that is staged, cleaned, and well-maintained will absolutely set it apart. However, for a ballpark—you can anticipate 2-4 months. In short, now is a great time to be listing as the inventory is slightly down, yet the median sale price in Newtown specifically is up 5.71% from last June! 

 

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If you are considering listing your home or want a consultation of your home’s valuation, don’t hesitate to call me at 203-994-2731 or e-mail me at Kathy.suhoza@cbmoves.com.