It’s hard to believe its November! The good news is that the Tolland Real Estate market is HOT!
First, one of the important market indicators is Inventory. Currently there are only 96 Homes on the market in Tolland. As compared to October 2010 & October 2011 they were 113 and 122 respectively...drastically lower! The lower the inventory the better for sellers!
Second, the average day on the market (DOM) is 96 - not great. DOM helps to show us a couple things - buyer activity, pricing of properties and desire for a town. October 2011 it was 57.
With buyer activity high and Tolland being highly desirable amongst buyers, that leaves pricing a bit out of whack. Some sellers 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.
Third, Property sales in October were 14, up 55% from October 2011 (9 sales). Also, year to date stats are very impressive. Sales through October 2012 were 140 as compared to 96 YTD in October 2011 - that's 45.8% better!
Lastly, It appears as though average sales price (ASP) are starting to stableize but still not flat. Year to date the Median ASP is $245,050. This is down 6% from October 2011 YTD.
With inventory being low it will help counter the decline in ASP. Also, historically low interest rates are a good thing right now. For more detailed information about the current market, please see the attached three page Market Action Report.
Rocco Sanzo, GRI, Managing Broker
Coldwell Banker Residential Brokerage
South Windsor, CT