Glastonbury Real Estate Market Update: Low Inventory and High Competition

Breaking down the Glastonbury real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local Glastonbury market.

Would-be sellers in Glastonbury: Now more than ever you are in a unique opportunity to capitalize on the current market climate to secure what would be considered the best price, terms and condition offers from inventory-starved buyers: interest rates dipped to under 6.5% and buyers have amped up their activity. I held an open house event for my new sellers – 26 private showings in less than 36 hours and over 32 groups through the open house with 8 offers. There is experience and skill getting the house exposed to all those prospects, but the real skill comes in leveraging the offers to produce one that is the least risk for the most of amount of money to the seller. My sellers are thrilled with the outcome of their launch weekend.

Buyers: Inventory is down so low & competition is up, Realtors who consistently guide their clients to success have one thing in common - they know how to communicate effectively with their clients: educating them on exactly what is happening in our market right now so they can secure the homes they need. By defining the reality of the market to their clients, these buyers continue to have success when others do not. Glastonbury has little to no inventory. The reality: this situation will continue into the next year or longer. Homes coming on the market will have lots of competition. Buyers need to understand the importance of meeting with their Realtors before hitting the pavement to get prepared. When the time comes to write an offer on your dream home you can’t afford to risk it by not knowing what the current climate is or working with an agent that has absolutely no clue.

This week's look at Single-family homes
There are 26 available homes on the market in Glastonbury.

Per MLS in Glastonbury: NO homes are listed under 300k and 3 homes are listed in the 300-400k range. 2 homes are listed in the 400-500k range. NO homes are listed in the 500-600k range. 1 home is listed in the 600-699k range and 3 homes are listed in the 700-800. 8 homes are listed in the 800's and 4 are in the 900's. 2 home are priced over 1mil.

This week's look at Sales of condos
Currently, there is ONE condo on the market in Glastonbury. There are 11 condos under contract waiting to close. In the past 180 days, condos sold on average, 5% over-asking.

How does our Glastonbury inventory compare to other towns? That seems relevant in understanding the macro-market and helps give our Gbury community more insight, I break down those stats in my weekly newsletter. Signup here: https://lnkd.in/ez_pdmnu