Glastonbury Housing Market Update: Trends, Timing, and What You Need to Know
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 25 available homes on the market in Glastonbury. What does that mean for our typical seasonality as we head into the start of Q4? I think the historically cadence of homes being marketed only in the spring is over. For now. With the inventory levels at historical low levels and buyer demand so high, we will continue to see homes come on and off the market this fall into winter. Interest rates dipped back closer to 7% sparking some buyers to make moves quick on houses.
225 homes that have closed so far this year. The average sales price is $575,000 and average price per square foot is $251. That is the average of all the homes that sold year to date, Different price points can yield slightly different results. This is an example of 1 factor I use when determining values but it is not the whole story. I look at other factors that influence pricing as well.
Trying to time the market as to when is the best time for you to sell? Keep a watch on the inventory levels. Housing supply is going to tell you everything you need to know about where home prices are going.
Housing supply over 6 months is a “buyers-market” and under 6 months it is a “seller market”. With far less than 30 days supply of housing on the market right now, you can see where this is going....
Glastonbury's condo market update:
Currently, there are 3 condos on the market in Glastonbury. 12 are under contract waiting to close. To date we have had 60 condos close. This time last year we had 88 close. with an average sales price of $206 a square foot. Currently, the average sales price is $229 a sf. You can see where this is going too....
I have created a helpful guide to start homeowners thinking about those options. If you want a free no no-obligation copy: https://bit.ly/