Vernon CT Real Estate Market Report for March 2023

What is Going on in Vernon CT Real Estate?

Single Family Homes for Sale as of March 6, 2023

• Units for Sale: 7
• Average List Price is $391,829 with 3 bedrooms, 2 bathrooms and average living area square feet of 1,858.
• Median List Price is $287,900 with 3 bedrooms, 2 bathrooms and median living area square feet of 1,780.
• Most Expensive Home is $665,000 with 3 bedrooms, 3 full bathrooms, and 2,600 square feet of living space. The Days on the Market is 266 Days.
• Least Expensive Home is $85,00 with 2 bedrooms, 1 full bathroom, and 840 square feet of living space. Days on the Market is 7 Days.

Single Family Homes Under Contract for the month of February 2023

• Units under Contract: 10.
• Average List Price is $306,500 with 4 bedrooms, 2 bathrooms and average living area square feet of 1,887.
• Median List Price is $286,250 with 4 bedrooms, 3 bathrooms and median living area square feet of 1,718.
• Most Expensive Home is $475,000 with 5 bedrooms, 3 full bathrooms, and 3,008 square feet of above-ground living space. The Days on the Market is 97 Days.
• Least Expensive Home is $214,900 with 3 bedrooms, 1 full bathroom, and 912 square feet of living space. Days on the Market is 1 day.

Sold Single Family Homes in February 2023

• Units Sold: 10.
• Average Sale Price is $260,240 with 3 bedrooms, 2 bathrooms, and average living area square feet of 1,448.
• Median Sale Price is $242,450 with 3 bedrooms, 2 bathrooms and median living area square feet of 1,314.
• Most Expensive Sold Home is $350,000 with 4 bedrooms; 3 full bathrooms, and 2,260 square feet of above-ground living space. It sold for $21,000 more than the asking price. Days on the Market is 135.
• Least Expensive Sold Home is $174,000 with 3 bedrooms, 2 full bathrooms, and 1,314 square feet of living space. It is sold for $20,000 more than the Asking Price. Days on the market is 4 days.

Significance of the Current Inventory and Absorption Rate
Vernon CT Sold Homes from February 1, 2022 to February 1, 2023 converted into an absorption rate give us an approximate length or period of time when the current inventory of 7 units would be depleted. Two Hundred Eighty Seven (287) single family homes were sold within a period of one year.

Given the absorption rate of 23 units sold in a month, the Town of Vernon, currently, has barely 1 month worth of inventory. This is extremely emaciated supply of properties. With this inventory, unless demand is curtailed, home prices may increase continuously and leverage will remain with the sellers.
Absorption Rate: “The rate at which available homes are sold in a specific real estate market during a given time period.” Click on the link for a better explanation of Absorption Rate.

Understanding Mean(numerical Average) and Median:
“The median takes into consideration the middle value of the set of data. However the mean/average takes into consideration all of the values. Therefore high or low values will effect the mean/average. If the mean/average is a lot higher than the median, there is an unusually high value that pulls the average price up. If the mean is a lot lower than the median, there is an unusually low value that pulls the average price down.
In most cases, the reason the median price is used rather than the mean is mainly because it is a more accurate indicator of the market.
Planning to buy or sell properties in Vernon Connecticut ? Make sure to have the best representation. Contact Maria Gilda Racelis of Home Buyers Realty at 860.995.9473. Visit her website www.hbrsales.com