Decoding Glastonbury's Real Estate Trends: A Deep Dive into Local Market Insights
Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local Glastonbury market.
Glastonbury's single-family home update:
There are 34 available homes on the market in Glastonbury. Per MLS in Glastonbury: there are now 6 homes listed under 400k. 7 homes are listed in the 400-500k range and 4 homes are listed in the 500-600k range. 3 homes are listed in the 600-699k range and 1 home is listed in the 700-800. 2 homes are listed in the 800's and 6 are in the 900's. Lastly, 5 homes are listed over 1million. Casting the crystal ball aside, the one key data point I am watching to see where home prices are going in the next 6 months to a year; SUPPLY. We are still seeing sluggish supply totals - pushing home prices upwards.
Glastonbury's condo market update:
Currently, there are 3 condos on the market in Glastonbury. Buyers are craving the ranch style condos! A condo with 3 bedrooms and a garage is also HOT right now. Why? Probably because home prices are pushed upwards still forcing some buyers to seek a lower entry point housing option or in this low inventory market, can give buyers other housing options. The result: Condo sellers see really good ROI right now.
Why won't we see a flood of foreclosures-despite the news:
Baby boomers represent approximately 1/3 of the housing stock. And over 50% of them purchased their homes before the year 2000, resulting in substantial home price appreciation. They are also less likely to have mortgages attached to their homes. In comparison to the period between 2006 and 2007, when a high percentage of owned homes had mortgages. The majority of older homeowners are sitting on so much equity having paid off their mortgages, rendering a substantial portion of the housing stock virtually unforclosable under any economic condition. Add in: our housing market is less fragile compared to the 2008 bear market due to improved underwriting and a modification infrastructure, which mitigates the risk of defaults and foreclosures.