Glastonbury Single Family Home Sales - Year to Date

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.

Sales of single-family homes
There are 32 available homes on the market in Glastonbury of which 16 are those same new construction homes leaving just 16 pre-loved homes available in Glastonbury. Sales are averaging 4% over-ask. We still have a serious lack of inventory to meet our buyer demands.

Sales of condos
Currently, there are 8 available condos on the market in Glastonbury. Sales are averaging 5% over-ask.
My team just closed 275 Georgetown Drive. Listed at $299,900; our buyer purchased for $310,000. Cash and seller favorable terms won this condo in a multiple-offer scenario. The condo market right now is extremely HOT and regardless of the time of the year, the lower rates are sending more buyers out to secure affordable housing.

Over the past few years the ultra-low interest rates really created an unhealthy market situation. Yes, having never recovered since the 2008 mortgage crisis, the State of Connecticut finally saw appreciation and seller favorable terms, but it wasn't sustainable for the long run, We are seeing rates likely to settle down in the 5-6% range and this puts us in a much healthier sustainable market. These conditions will see moderate price appreciation, buyers able to have some negotiation ability and overall positive growth. Win-win for all parties.

At the end of the day, people buy homes in Glastonbury because they need to - buying here solves a problem, fills a need. We are not a vacation home market. Our strong schools and overall quality of life offers would-be homeowners to seek out our community.

As we move into 2023, I predict we will remain a strong market and if you have a home that checks the boxes; great location, updates and amenities, you will still see a lot of buyer interest.