SINGLE-FAMILY CLOSED HOME SALES IN SOUTH WINDSOR INCREASED MORE THAN 11% FOR 2013 COMPARED TO 2012.
The South Windsor Real Estate market continued its upward trend in 2013. Positive national indicators combined with locally low inventory and historically low mortgage rates have resulted in an improving market.
Closed single-family home sales for 2013 (1/1/13 - 12/31/13) number 240 in South Windsor. Whereas, only 216 homes closed in town in 2012. Closed home sales are up a robust 11.1% in 2013. This increase is on top of 10.8% rise from 2011 vs. 2012. Indeed, from 2011 to 2013, closed single-family South Windsor Real Estate sales have risen a 23.1%.
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Currently, the local market has shown a rise in prices too due to low inventory. This has also resulted in shorter marketing times. For example, the median single-family sales price in December 2013 was $257,500, up 17.0% from December 2012. The average Days on Market (DOM) for December 2013 was only 45 days, compared to 57 days in December 2012. Meanwhile, inventory was down 20.3% for December 2013 vs. December 2012.
From a seller’s point of view, the 2013 South Windsor Real Estate update is a boon. Activity has continued to increase for a couple years now since the Great Recession. Prices are up too and homes are selling quicker. That being said, we are still a ways off from returning to the highs of the market nearly a decade ago.
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Though buyers have realized the market has appeared to bottom out and begun to slowly rise again. Buyers know that great mortgage rates, partially subsidized by the Fed, will not last forever. With the low inventory we have experienced in certain price point in South Windsor over the last couple years, we have seen more and more multiple offer situations as a result.
No one has a crystal ball, but I am sure sellers and buyers alike are looking forward to a fruitful 2014 real estate year.
For more information and other South Windsor Real Estate Updates, call Bob and James Knurek at 860-214-6453: South Windsor’s TOP-RANKED agents for ALL agencies since 1993 (The Knurek Team - "Knurek has the Knack" - Coldwell Banker Residential Brokerage).
Sources: CT Multiple Listing Service, Coldwell Banker Market Action Report
