Insider Insights: Understanding the Latest Real Estate Trends in Glastonbury
Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters in our hyper-local Glastonbury market.
"....There is still pent-up demand from buyers, and when people feel rates are truly coming down, they’ll start to step back into the market...." according to Melissa Cohn, regional vice president of William Raveis Mortgage.
The massive activity from this past weekend is a clear indication that in OUR area, buyers have "stepped back" into the market in a big way and are in full buying mode. With the lack of inventory and a huge desire for quality, updated homes in desirable areas we saw activity on one of our office's listings like no other this year. And we are just getting started. Imagine 100s of buyers ready to purchase in the 600-700k price point. If you look historically at how many homes sell each year in the various price points and apply that to the activity we just saw in the 600-700k range, we have even more buyers in the 300-400 and 500-600 craving for homes to be listed. If you had a home that is turn-key ready to launch these next few weeks, I would be prepared for droves and droves of buyers....
I just listed 120 Olde Wood Road in Glastonbury for $629,900 as a "coming soon" listing. With over 3300sf and located in the heart of Farmcliff neighborhood, I expect this beauty to garner a lot of attention. Public open house is 11:30-1:30 this Saturday. I will be at the house at 10:45 meeting neighbors and would-be sellers, please feel free to pop-in. I would love to explain our "local-market conditions" in person!
This week's look at Single-family homes
There are 21 available homes on the market in Glastonbury.
Per MLS in Glastonbury: Just 1 home is listed under 300k and 2 homes are listed in the 300-400k range. No homes are listed in the 400k range! 1 house is listed in the 500-600k range. 2 homes are listed in the 600-699k range and No homes are listed in the 700-800. 6 homes are listed in the 800's and 5 are in the 900's. 4 homes are priced over 1mil. I do feel a need to reiterate: Our inventory is simply just too low, with far too many people chasing too little available homes - we just saw an announcement of 40+ offers on one house! If you are sitting on a house you no longer live in, have rented out for a few years, this may be the right time to consider selling it.
This week's look at Sales of condos
Currently, there is just 1 condo on the market in Glastonbury. I am excited to be meeting with a condo owner this week to discuss a listing timeline. My expert opinion: any condo listed right now will be scooped up for top dollar. Buyers find condos a great alternative to the rise in prices of single family homes.
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