Market Update Report for Glastonbury for January 2007
Market Update Report for Glastonbury for January 2007
Residential
The month of January did not show as much of a slowdown as is typical for this time of year mainly because the weather has remained unwinterlike as far as snow. Right now there are 175 active listings compared to 164 in December. 51 homes came on the market in January compared to 21 new listings in December. There were 30 homes that went under deposit in January and 24 last month and there were 22 closed sales in January and 34 closed sales in December. The average sale price was $424,145 and the median sale price was $334,000. Homes were on the market for an average of 41 days and they sold for 96.43% of the asking price.
In January 2006 there were 29 closed sales with an average sale price of $428,813 and a median sale price of $332,500. Homes last January were on the market an average of 59 days and sold for 96.87% of their asking price.
If I look at the total sales last year, Glastonbury has a 5 ½ month supply of residential listings right now. With only one month of data for 2007, it is a little hard to predict what will happen this year. It really depends on the number of homes that come on the market and go off the market in a month. Since 51 homes came on the market this month and only 30 went under deposit this added to the supply.
Condominiums
In the condo market there are 46 active listings compared to 40 in Dec. 22 new listings came on the market and 11 went under deposit, compared to 6 deposits in Dec. There were 5 closed sales with an average sale price of $177,500 and a median price of $181,500. The condos were on the market for an average of 68 days and they sold for 97.29% of their asking price. In Dec, there were 10 closed sales with an average sale price of $215,180 .
Looking at last January there were 14 closed sales with an average sale price of $200,915 and a median sale price of $198,850. They were on the market an average of 42 days and sold for 96.69% of their asking price. Right now there is only a 2.9 month supply of condos on the market.
Looking at the statistics for this month, last month and last year it appears as though the condo market may be slowing a little. Again it is too soon to predict.
Written by Marabeth Gildersleeve Feb.1,2007
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