August 14, 2010

Colchester CT Housing Sales Summer 2010

By the time you get this the summer will almost be over and a lot of us will be looking forward to soccer season. This summer was a pretty good summer for real estate, especially when compared to other parts of the country. As of July 26th, Colchester home sales look like this:

Houses from $1 - $199,999 17 Available 34 Sold or under Deposit
Houses $200,000 - $249,999 17 Available 16 Sold or under Deposit
Houses $250,000 - $299,999 27 Available 13 Sold or under Deposit
Houses $300,000 - $349,999 21 Available 18 Sold or under Deposit
Houses $350,000 - $399,999 23 Available 9 Sold or under Deposit
Houses $400,000 - $449,999 13 Available 8 Sold or under Deposit
Houses $450,000 - $499,999 5 Available 1 Sold

There are several remarkable items in this chart.

1. The supply of houses in the 0 - $199,999 price range will run out in less than a month if current conditions continue. We started the year with a nine month supply and no buyers in sight.
2. There is less than a two month supply in the $200,000 to $249,999 and the $300,000 to $349,999 price ranges. The supply averages at the beginning of the year were 6 – 9 months.
3. There are nine houses sold or under deposit in the $400,000 to $499,999 price range. In 2009 there was one house sold in that price range.

The reasons for this better than expected market are many:
1. Mortgage rates are still low.
2. The government incentive program brought out a lot of first time buyers and made it possible for existing home buyers to make a deal.
3. I think the people that are working now, have reasonable confidence that they will keep their job for a while.

Enjoy the rest of summer and get ready for a great fall season.