Everyone in the industry is making predictions about the 2023 real estate market
Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local market.
Everyone in the industry is making predictions about the 2023 real estate market. There are a few common threads I think worth noting especially as they correlate to our direct local market. We should not let national news headlines dictate whether it is a good time to buy or sell. As a Glastonbury home-owner, or would be home-buyer, it is important more than ever to understand our hyper-local housing market conditions.
We have had solid 2+ years of a red-hot housing market fueled by <3.0% interest rates. As we move into 2023, we will see rates likely settle in the 6% range. We will still see upward pressure on home sale prices as limited inventory will remain the theme for the better part of next year. Home buyers in our area will likely continue to bid up for homes that check all the boxes.
The sellers who can get on the market ahead of the spring market will likely do very well as buyers are eager for fresh, new inventory. With rates projected to be well under 7%, these buyers will be ready to compete with other buyers offering seller-favorable terms. Our Glastonbury market remains strong, affordable, and our local economy is strong. With great schools, and sought after sense of community Glastonbury offers, we are positioned to do well going into 2023.
| Sales of single-family homes |
There are 28 available homes on the market in Glastonbury of which 15 are new construction homes leaving just 13 pre-loved homes available in Glastonbury. YTD 342 homes sold in Glastonbury. We currently have about 49 homes under contract headed for closings.
| Sales of condos |
Currently, there are 8 available condos on the market in Glastonbury. There are 6 condos under contract waiting to close. Sales are averaging 5% over-ask. YTD 103 condos sold in Glastonbury.