Ellington Real Estate Update: Sales Continue to Rebound in 2013 YTD

SINGLE-FAMILY CLOSED HOME SALES IN ELLINGTON INCREASED MORE THAN 8% FOR 2013 YTD COMPARED TO THE SAME PERIOD IN 2012.

The local Ellington Real Estate market continues to be very active. A combination of lower inventory, great mortgage rates, and positive news reports have contributed to a turnaround across the country and locally. I have been involved with many multiple offer situations this year. I even had one home where the seller received 8 offers!

Closed single-family home sales for 2013 YTD (January-June) number 53 in Ellington. Meanwhile, only 49 homes closed during the same time period in 2012. Closed home sales are up a healthy 8.2% so far this year.

At the same time, prices are up and inventory is down. For instance, the median sales price in June 2013 was $315,000, up a strong 34.0% from $235,000 in June 2012. There were 17 new single-family listings in June 2013. That is a drastic 32.0% decline from the 25 new listings in June 2012. The lack of inventory has persisted for some time now.

From a seller’s perspective, the 2013 YTD Ellington Real Estate update is encouraging in that sales activity is up, average prices are up, and homes are selling again. Buyers should recognize that the market has begun to rebound and dive into the market to take advantage of some still historically great mortgage rates.

For more information and other Ellington Real Estate Updates, call Bob and James Knurek at 860-214-6453: #1 RANKED agents for ALL agencies for Hartford and Tolland Counties COMBINED in 2012 (The Knurek Team - "Knurek has the Knack" - Coldwell Banker Residential Brokerage).

Sources: CT Multiple Listing Service, Coldwell Banker Market Action Report