November market statistics
Folks, it has been a slow November here in Eastern Connecticut. Connecticut REALTORS® reports that single-family residential home sales in Connecticut decreased 7.9% comparing November 2014 to November 2013. The median sales price of $247,000 represents a 2.1% increase from $242,000 in that same time period. Median indicates that half the homes sold for more and half for less. Total units of homes sold were 2,149 in November 2014 and 2,334 in November 2013.
In eastern Connecticut for November the number of single family sales declined 2.9% while the median rose 4.9% and the average rose 10.4%. Which means less homes were sold, but what DID sell, seemed to fetch a little bit of a higher price.
Statistics recently released from the National Association of REALTORS® indicate total existing-home* sales nationwide (*single-family homes, townhomes, condominiums and co-ops) dropped 6.7% comparing November 2014 to November 2013; and the median national existing-home* sales price is $205,300. Regionally, Northeast existing-home* sales increased 4.6% in that same time period; with a median sales price of $246,100, which is 1.3% above a year ago.
Townhouses and condominium sales in Connecticut decreased 15.8% comparing November 2014 to November 2013; with a median sales price of $155,500 representing a 1.6% decrease from $158,000 in that same time period in 2013. Total units sold were 528 in November 2014 and 627 in November 2013.
What does all this mean? Well…these are averages, and median pricing…so it takes into account ALL sales including foreclosures, short sales, probate sales, and private sales. It gives a nice snapshot of what’s happening over a one month span year over year, and its a great overview, but doesn’t necessarily depict how YOUR property value will perform. Don’t get me wrong…I love Zillow and Trulia and Realtor.com, but any indication given to you of what a website thinks your property is worth is based on the averages, median pricing, and typically a radial view of homes that sold in your neighborhood. If your house looks like everyone else’s house inside and out, then it may be a good indication. However here in New England our neighborhood areas are so diverse in value, that the only true way of getting the best indication of value, is to have a Comparative Market Analysis. If your thinking of selling, or just want to know your options, give me a call 860-884-2631.
Happy New Year!