Peggy Chirico ~ Hartford & Tolland County Real Estate Blog

Vernon CT Market Report for October 2011

October 2011 was a great month for Vernon CT real estate.  There were 16 closed sales with a median price of $171,750, compared with 12 closed sales with a median price of $155,000 in October 2010.  Both number of sales and median price increased this October over last.

In addition, days on market (DOM) decreased this October over last October (64 vs. 83) and list price to sale price ratio was virtually unchanged (97.05 in October 2011 vs. 97.15 in October 2010).

Here is the breakdown by price range:

Not only did the statistics improve over last year, but they also improved over the previous month.  The number of closed sales in October is a healthy level for Vernon; in fact, it is the second highest month for the entire year. Here is the recap for each month of 2011 so far:

There are also 14 homes under contract and 20 homes under deposit, so the level of closed sales in Vernon CT should be maintained in November. 

If you are looking for a home in Vernon CT, there are currently 127 on the market, ranging in price from $9,900 for a two-bedroom, one-bath mobile home to $405,000 for a four-bedroom, 3.1 bath, 3104 sq. ft. colonial.  The median price for all current listings is $201,900.  Given the current activity and active listings, the absorption rate in Vernon CT is 10 months.  Inventory has been decreasing which could lower the absorption rate further.

Vernon CT offers something for everyone.  From lower priced mobile homes to moderately priced homes in great neighborhoods to new construction to age-restricted communities, Vernon has affordable alternatives, no matter what your budget.  With its proximity to Hartford and UConn as well as easy access to highways, shopping, recreation, and other conveniences, Vernon should be on your list if you are looking for great real estate values.

Use the search tool to enter your criteria to see exactly what is on the market in Vernon CT.  If you would like help with your search, please give me a call.

South Windsor Condo Report for September 2011

During September 2011, there were 9 closed condo sales with a median price of $152,000.  During September 2010, there were also 9 closed sales, but the median price was $136,500.  So that's a nice rally in median price.  Here are the units by complex that sold:

Bryrewood

• 206 Twin Circle Drive - 2BD/2BA/1066SF sold for $124,900
• 611 Twin Circle Drive - 2BD/2BA/1066SF sold for $131,000

Cinnamon Springs

• 50 Cinnamon Springs - 2BD/1BA/975SF sold for $91,900

Pleasant Hills

• 16 Arthur Drive - 2BD/2BA/1174SF sold for $187,500

Plum Ridge

• 719 Sandstone Drive - 3BD/2.1BA/1900SF sold for $223,000

Strawbridge

• 701 Mill Pond Drive - 2BD/1.1BA/1300SF sold for $149,000
• 403 Mill Pond Drive - 2BD/2.1BA/1485SF sold for $165,000
• 203 Mill Pond Drive - 2BD/2.1BA/1316SF sold for $185,000

Westage

• 2-D Amato Drive - 2BD/1.1BA/1457SF sold for $152,000

There are also 10 condos under contract and 7 condos under deposit.  So it looks like the numbers should hold up well over the next few months as well.  

Buying a condo in South Windsor CT is a great way to gain entry into a desirable town at affordable prices.  If you are looking for a condo in South Windsor CT, there are currently 47 on the market, with a median price of $139,900.  Available units range from $75,044 for a two-bedroom, one-bath, 965 sf. unit at Cinnamon Springs to $275,000 for a two-bedroom, two-bath 1515 sf. unit at Smith's Corner, a 55+ complex.  Please give me a call if you would like information about any complexes that you are interested in.

Vernon CT Market Report for September 2011

Vernon CT, a thriving town of about 30,000 people, is conveniently located about midway between Hartford and UConn.  With easy access to I-84, Vernon's residents can enjoy suburbia, including outdoor recreational activities, and still be connected with nearby cities.  With many fine neighborhoods, condo complexes, and homes in all price ranges, Vernon offers plenty of opportunities for home ownership.

During September 2011, there were 12 closed sales with a median price of $161,500.  In September 2010, there were also 12 closed sales with a median price of $173,000.  Here is the breakdown by price range:

When we look at the number of closed sales over the past months of 2011, the number of closed sales has been fairly consistent, centering around 12, but the median price has been all over the board.  Here is the recap of the year:

When numbers don't seem to follow any trend, it is helpful to take a look at the time period for the entire year.  If we look at the entire year to date, there were a total of 106 closed sales, with a median price of $177,500.  If we look at the same period last year, we can see that there were 123 closed sales, with a median price of $195,000.  So both the number of sales and the median price are down.

On the bright side, however, there are 16 houses under contract and 23 houses under deposit. so Vernon will probably remain consistent in the number of sales over the next couple of months.

If you are looking for a home in Vernon, there are currently 144 homes on the market, with a median price of $209,400.  If you want a peek at what is available in Vernon in your price range, enter your criteria in the search box below and call me if you see something that interests you!

Bolton CT Market Report for September 2011

What's going on in Bolton CT? Bolton is a small town with rural character; as a small town, there is usually not much activity in real estate sales in Bolton.  It's not uncommon to see two or three closed sales in a month.  But in September 2011, there were 9 closed sales, with a median price of $265,000; in September 2010, there were just 2 closed sales, with a median price of $216,750.

So what's is going on in Bolton?  Is word getting out that it's a great place to live? Bolton has easy access to Hartford, the University of Connecticut, and Eastern Connecticut State University; it is also close to all the shopping conveniences of Manchester and South Windsor.  Yet people who live in Bolton enjoy the peace and quiet of rural living.  It's the best of both worlds.

Is it because people are hearing about the school system in Bolton, which is known for quality education, small student population,  and the close-knit relationships?  Bolton recently completed an addition to the high school which vastly improved space and facilities--further evidence of Bolton's commitment to education.

Whatever the cause, nine closings in one month in Bolton is remarkable.  What else is remarkable is that there are only 28 homes on the market with a median price of $276,900.  There are also two houses under contract and six houses under deposit, which means that there is just four months of inventory in Bolton.  This is very good news for sellers.

As a recap, here is the activity by month for the year so far:

If you are interested in seeing what is on the market in Bolton, you can enter your criteria when you search for homes in Bolton CT.  Please give me a call if you would like help with your search.

Tolland CT Market Report for September 2011

It was a stunning September for Tolland CT real estate.  Posting the highest month in 2011, September came in at 20 closed sales with a median price of $297,575.  This September also showed significant gains over last September, which had 10 closed sales with a median price of $234,000. 

Here is the breakdown by price range:

What was behind this jump in sales? We can only speculate, but Tolland has always been prized for its school system and it was named one of the top places to live by Money Magazine.  Did people read that and decide to take the plunge? Or were people just trying to get settled at the start of the school year? Or is this truly a turnaround for Tolland real estate?  We will have to wait and see what the next few months show; however, there are currently 9 homes under contract and 14 under deposit.

Median prices have shown great variability, but the past several months have seen fairly stable levels--and good ones at that (from sellers' perspectives)!  Here is a recap of closed sales and median prices by month for 2011:

There are currently 105 homes on the market, ranging in price from $115,000 for a three-bedroom, 1.1 bath split level to a $1.3 million six-bedroom, five-bath colonial/cape with 4500 sq. ft.  The median price is $299,900.  Given the current levels of inventory, the absorption rate in Tolland CT is 6.4 months, which is clearly a neutral market.  This is great news for sellers in Tolland CT.  If you are interested in finding out what is on the market in Tolland CT, you can enter your search criteria and see for yourself.  If you prefer, contact me and I will be glad to help you with your search.

East Hartford CT Market Report for September 2011

East Hartford posted gains in both number of closed sales and median price in September 2011 compared to the prior month.  In September, there were 34 closed sales with a median price of $136,750, compared to 31 closed sales with a median price of $125,900 in August.

When we look at the same month last year, the number of closed sales was up this year, but the median price was down slightly.  In September 2010, there were 25 closed sales (compared to 34 this year) and a median price of $140,000 (compared to $136,750 this year).   Here is the breakdown by price range:

While the number of closed sales has shown a gradual rise, the median price has taken a hit (although it rose this month over last).  Here is a recap of the activity for each month this year so far:

What is the really interesting statistic about the East Hartford housing market, however, is the huge number of pending sales.  There are 34 homes under contract and 34 homes under deposit.  With numbers like these, we can expect the number of closed sales to remain at good levels.

There are also 278 homes currently on the market, ranging in price from $12,900 for a two bedroom, 1 bath mobile home to $309,900 for a four bedroom, 3 bath colonial.  The median price is $154,900.

East Hartford has some amazing values on the market right now, and buyers will get a lot for their money.  If you want to see what is on the market in East Hartford, you can change the search criteria to match your needs and see the listings.  Contact me if you would like help with your search!

South Windsor CT Market Report for September 2011

After reporting an Awesome August for the real estate market in South Windsor CT, I was waiting (and hoping) to see if this upward trend in number of closed sales could continue.  The results are mixed, in that September's closed sales were down (16 compared to August's 25) but they were up compared to last September (7).

However, in terms of median price, we would have to say that September was sizzling with a median price of $313,385!  It seems that we are finally seeing a rise in sales in the upper price ranges which is always a good sign.  This is starting to become evident in other towns as well so, at least for now, we can be moderately hopeful that the real estate market is on the rise.

Here is the breakdown by price range:

In addition to the number of closed sales, there are currently 8 homes under contract and 28 homes under deposit.  If you are looking for a home in South Windsor, there are currently only 96 homes on the market with a median price of $258,950.  Inventory is shrinking which means that sellers will gain an advantage and buyers may find themselves in multiple-offer situations, especially for homes that are priced well.  Here is a recap of closed sales and median price by month in South Windsor CT:

With all the homes that haven't yet closed and those that are currently active, the absorption rate is 8.2 months across all price ranges.  If you are looking in a particular price range, I would be glad to tell you the absorption rate for that price range.  South Windsor remains a popular market, median prices are on the rise, and inventory is shrinking.  Please feel free to browse the listings or contact me if you would like help with your search.

Manchester CT Market Report for September 2011

The housing market in Manchester CT during September showed very positive results over the same month last year.  During September 2011, there were 25 closed sales with a median price of $179,000.  Last September, there were 14 closed sales with a median price of $163,250.  That shows significant gains in both number of sales and median price.

It is also interesting to note that the closed price is creeping into the higher price ranges as well, something we haven't seen for a while.  Here is the breakdown by price range:

In comparing September's numbers with the previous months of 2011, we are beginning to see a fairly stable trend, both in number of closed sales and median price.  Although there was a spike in June (possibly as sellers tried to avoid the increase in conveyance taxes), closed sales are showing steadiness and median prices are on the rise.  In addition, there are currently 28 homes under contract and 34 homes under deposit. Here is the summary of 2011 by month:

This rise in median price is good news for sellers and a caution for buyers who may be reluctant to make a decision about buying a home in Manchester CT.  If trends continue as they have been, buyers may have to pay more if they decide to wait too much longer.  And with interest rates at historically low levels, buyers have a great opportunity to get so much more for their money.

There are still many affordable homes in one of Manchester's fine neighborhoods.  Currently, there are 282 homes on the market, with a median price of $184,900.  With so much to choose from, why not take a look? Give me a call if you would like help with your search.  I can send you detailed listings by email as soon as they come on the market.   

Vernon CT Market Report for August 2011

The Vernon CT housing market  in August 2011 was slightly up in closed sales and somewhat down in median price.  There were 13 closed sales with a median price of $196,500, compared to 12 closed sales in August 2010 with a median price of $214,700.   The breakdown by price range shows an interesting pattern:

When we look at the summary of each month since January, we can see that both number of closed sales and median price show great variability:

It will be interesting to see how the Vernon real estate market does over the next few months.  First of all, there are 12 homes under contract and 21 homes under deposit, which is a good number overall.  But there are 149 active listings, so it is going to take some time to sell off the current inventory levels.  The absorption rate in Vernon is 14 months, which is clearly a buyers' market. 

If you are looking for a home in Vernon, there are, as was stated, 149 active listings, ranging in price from $12,000 for a mobile home to $410,000 for a three-bedroom, two-bath ranch with an extra lot.  The median price is $204,900.  There are 32 homes on the market priced between $150,000 and $199,999; there are 39 homes priced between $200,000 and $249,999, for a total of 71 homes between $150,000 and $250,000!  Vernon has great neighborhoods, with virtually something for everyone.  If you want to check out current listings, you can change the criteria to fit what you are looking for.

Be sure to give me a call if you would like help with your search.

East Hartford CT Market Report for August 2011

Closed sales during August 2011 in East Hartford CT increased slightly from August 2010, but the median price decreased.  During August 2011, there were 31 closed sales with a median price of $125,900 compared to 30 closed sales with a median price of $141,200 in August 2010.

Here's the breakdown by price range:

When we look at the number of closed sales this year, the 31 closed sales in August is continuing an upward trend, but the median price is showing much greater variability.

One of the issues facing East Hartford, and affecting the median prices, is the high number of short sales and bank owned properties.  Because short sales take so long to complete, there are usually larger numbers of properties under contract, and this is the case in East Hartford, where there are currently 31 properties under contract and 40 properties under deposit.  The larger number of short sales and bank-owned properties also brings down the median price, which is evident in August's numbers.

On the other hand, there are 277 active listings in East Hartford, ranging in price from $12,900 for a mobile home to $359,900 for a four-bedroom, 3.1 bath colonial with 3098 sq. ft.  The median price is $159,900, so there are many great values in East Hartford.  Buyers have a lot to choose from, at very affordable prices.  Sellers have a great deal of competition; there are 11.22 months of inventory (absorption rate) so sellers in East Hartford must have their homes priced competitively if they want to sell.  Sellers also should expect that it will take longer than usual to sell their homes; however, price, condition, and location are the most important factors and will determine whether a home sells.

If you are interested in looking at properties in East Hartford, you can alter the criteria when you search for properties.

If you would like any help with your search, please give me a call.