Market Update for Glastonbury for November 2006
Market Report for Glastonbury for November 2006
Residential
The supply of homes on the market has gone down this month compared to last month. In October there were 220 homes on the market and for November there are 198 homes on the market. Some of this can be attributed to Sellers taking their homes off of the market for the holidays. There were 31 new listings that came on the market and 28 deposits, so the demand almost kept up with the supply. There were 21 closings that took place and the median selling price was $400,000. Listings were on the market for an average of 50 days and they sold for 97.53% of their asking price. At the same time there were 87 price reductions for the month of November. If I really look at the statistics for the homes that closed, many of them have been on the market for far longer than 50 days and many have gone through several price reductions. Again sales are way down from last year. In 2005 between January and the end of November there were 412 closed transactions with a median price of $389,250. This year for the same time period there have been 344 closed transactions with a median sale price of $365,000. Sales are down 17% which is a major drop.
Condominiums
The condo market overall has fared much better than the residential market. There were 143 condos that closed in 2005 between January and the end of November with a median sale price of $196,157. Average days on the market were 47 and condos sold for 97.89% of the asking price on average. In 2006 for the same time period, there have been 177 closed transactions with a median sale price of $192,000. Average days on the market were 46 and they sold for an average of 99.17% of the asking price. For the month of November this year there were 18 new condo listings, 10 deposits and 12 closings with a median sale price of $192,000, although the average days on market were up to 98. Days on market almost doubled compared to the yearly average. All in all though the condo market still looks relatively strong.