Glastonbury Market Update: Helping you stay in the "know" despite the clickbait headlines
Let's look at this week in the Glastonbury Market:
Currently, there are 44 Single Family Homes for sale. Of those, 14 are new construction which leaves just 30 pre-loved ready-to-go homes available. There are 47 homes under contract right now. A total of 304 homes have closed so far this year. With 491 sf family homes that closed last year; you can see a significant drop on overall averages.
Lets look at overall sales prices and rates:
At the beginning of the year in 2022 – rates were being reported that they would go up to 4% by the end of the year. Then in March, we saw rates increase immediately which in turn, drove buyers to rally and bid even higher to secure the house before rates increased again. The prospect of higher mortgage rates got those buyers to get aggressive. Only to cool significantly as though a light switch was turned off in June, which meant less buyers going out for showing appointments, and less offers on homes. Fast forward to today: we are still seeing "over asking offers" so long as the house has been properly prepared for the market, has updates, great yard, location...etc.
Prices may moderate, but they are not going to go down much, in my opinion. We do not have the inventory to meet the demand. This translates into higher equity values for existing homeowners. As the economy begins to recover rates likely will go down and we should see a surge in mortgage re-fi's.
This chart looks at the averages - yes, there were higher rates in some years and borrowers with great credit saw even better rates