Ignore the weather forecast - spring is already here, as far as Cheshire real estate is concerned! Home sales are warming up, and the days spent on market are growing shorter as the daylight hours grow longer! Here is a look at the highlights!
Cheshire homes sold during January 2013 spent an average of 72 days on market. This is a strong improvement over the same time last year when homes were spending over 100 days on market.
Median home prices from November 2012 to January 2013 increased 7.3%. The median home sales price for Cheshire during that period was $279,000. "Median" means that half of the homes sold for more than this price, and half of them sold for less. Please keep in mind that prices tend to be softer during the winter months; as our "low point" makes gains, it bodes well for home prices in upcoming seasons.
As of February, we are seeing more homes on the market at higher price levels, which has lifted the average listing price to $398,233. This is in line with the average sold price we saw in January of $352,750.
Conditions for Cheshire home buyers remain positive with low mortgage interest rates and reasonable home prices. The overall economy in Connecticut has been making gradual progress, which helps home demand. We also have fewer foreclosures on the market, which has trimmed home inventory and allowed home values to improve.
There are a few storm clouds on the horizon that bear watching. At the time of this post, the federal budget squabble is leading us closer to sequester, and the automatic budget cuts in federal spending could certainly have an impact on us. It would not be an overnight effect, but anything that disrupts consumer and business confidence could naturally slow down the housing market. This is a topic in motion and there are many economic opinions about it. The Hartford Courant offers several points of view of the possible fiscal outcomes for Connecticut.
No matter the headlines, remember that Cheshire homes are bought and sold during all market conditions! This is why using an experienced real estate team is so important. When you need real estate guidance, turn to us! We will tell you what's happening with home prices in your neighborhood, and provide you with the professional guidance you need for success! Call us today - we are ready to help you!