"How's the market?"
It's a question that is frequently asked of a real estate agent, broker, or lender. During that conversation, it usually isn't long before the inevitable occurs: a discussion of the real estate statistics on a national, regional, state, and then - of course - the town level.
Every market it unique, and we shouldn't be surprised to learn that neighboring towns, or even different neighborhoods within a town, may be experiencing different results with how quickly homes are selling, and for what price.
You've probably heard the saying, "location, location, location." This means simply that you can take identical houses, and their value can increase or decrease depending on where they are.
For example, take a 2-bedroom, 1-bathroom style bungalow for sale on a major highway in an economically depressed area, and it would sell for one price. Take that same house and put it on TMalibu beach with sweeping ocean views and beach access, and it would sell for a very different, most likely, much higher, price.
"Location, location, location" is repeated multiple times for emphasis, and is the No. 1 rule in real estate, although it is frequently overlooked and often not taken seriously enough when putting up your home for sale.
The statistics for the state of the market, reported by the Connecticut Association of Realtors for November 2017, shares that single-family home sales dropped slightly, as can be seen from the most recent information available.
Connecticut Realtors reports that the single-family residential home median sales price is $247,500, which reflects a 0.5 percent decrease from $248,750 in that same time period last year. Median indicates that half the homes sold for more and half for less.
Single-family residential home sales in Connecticut decreased 0.9 percent, comparing November 2017 to November 2016. The total units of homes sold were 2,781 in November 2017 and 2,805 in November 2016.
The townhouse and condominium median sales price is $159,999, representing a 6.7 percent increase from $150,000 in that same time period in 2016. Sales in Connecticut increased 5.3 percent, comparing November 2017 to November 2016. Total units sold were 679 in November 2017 and 645 in November 2016.
Statistics released by the National Association of Realtors indicate total home sales nationwide (includes single-family homes, townhomes, condominiums, and co-ops) increased 3.8 percent, comparing November 2017 to November 2016. The median national home sales price is $248,000. Regionally, Northeast home sales had no change from that same time period - with a median sales price of $273,600.
How's the market?
For the most accurate information for your neighborhood, it's best to reach out to a real estate professional for a market analysis of your home. Houses are always being bought and sold, and if yours is priced right for the location that it's in, the market is always good.