South Windsor Real Estate Update

It’s hard to believe its November! But with 10 of 12 months past now in 2012 I can tell you that the South Windsor Real Estate market is alive and well!

How?

First, one of the important market indicators is Inventory. As compared to 2010 and 2011, Inventory is at its lowest point. Yes, we need Inventory for buyers! Currently, the inventory (as of 10/31) of Homes, Condos & Townhouses is 137.

Second, the average day on the market (DOM) is 63. DOM helps in telling us a couple things - Buyer activity, pricing of properties and desire for a town. Right now DOM is at its lowest level as compared to 2010 & 2011.

Of note on DOM - It could be much lower. However as in any market there are sellers out there that price their homes according to what they "want" or "need", and not at what it's worth in the current market as determined by recent solds and appraisals. As a result, these properties do not sell and stay on the market double and sometimes triple the average and become “stale” or have very little to no activity.

Lastly, It appears as though prices may be stabilizing. The average sales price year to date is down about 4-6%. You may think that is a bad thing however as compared to 2010 and 2011, there were some double digit decreasing months!

All in all with low inventory, historically low interest rates and a desirable town to live in it is currently a perfect time for both buyers and sellers. In fact, we find that this time of year (November thru February) that the most serious buyers and sellers are actively in the market!

For more detailed information about the current market, please see the attached three page Market Action Report.

Sincerely,

Rocco Sanzo, GRI, Managing Broker

Coldwell Banker Residential Brokerage

South Windsor, CT

www.RoccoSanzo.com

Rocco.Sanzo@CBMoves.com