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:
Did you know, that just one year ago we had 251 homes close from January to the end of August? Fast forward to the present year, where we've already reached 202 closed homes, with an additional 48 homes currently pending. The market landscape has shifted with fewer homes available for sale, leading to an uptick in prices. Remarkably, even with interest rates surpassing 7%, the demand from buyers still remains strong, as they eagerly seek homes.
If you're wondering which price range has garnered the most attention from buyers this year, check out my info-graphic. It provides a breakdown of average sales figures across various price points.
Now, about the past few months, mortgage originations have seen a decline, and the average interest rate has hovered just under 7.5%. The logical question arises: why haven't home prices decreased given these circumstances? The answer lies in the fundamental principle of supply and demand. A shortage of available housing combined with strong demand continues to propel prices upward. This trend is projected to persist in the near future.
Oh, and did I mention that most homeowners are locked into interest rates below 3.5%? So don't hold your breath for a flood of homes hitting the market. As we settle into this new reality, the only thing that could shake things up is if a bunch of homes suddenly show up for sale, or something huge shifts in the market.