222 homes were actively listed for sale in Groton by area Realtors as of of July 1st, up 12 from the 210 that were actively listed as of June 1st. The chart below shows the percent of these homes listed throughout the different areas in Groton.
Of the 222 homes listed on July 1st, 165 of them were also listed on June 1st indicating that 57 new listings were added during the month of June.
The average listing price for these 222 homes was a little over $540,000; prices ranged widely though from $19,000 to $2,499,000 with $399,000 as the median value. The chart below gives a percentage breakdown of homes in different price ranges currently listed for sale in Groton.
The size of the average house listed for sale in the greater Groton area was around 2100 square feet with 3.5 bedrooms and a little over 2 full bathrooms; 104 of these 222 homes have at least one half-bathroom. The chart below provides some additional detail about the number of homes listed by number of bedrooms and range of living area size, as well as the corresponding average listing price.
There were 32 homes under deposit in Groton on July 1st, down significantly from the 78 which were under deposit as of June 1st. The average price for the 32 homes under deposit on July 1st was around $288,000 and ranged in price from $59,900 to $785,000 with the median price at at $224,500.
These homes had an average size of just over 1600 square feet with 1.7 full bathrooms and just over 3 bedrooms. On average, the homes under deposit as of July 1st were active on the market for 56 days, just a little under 2 months.
Closing transactions were completed for 34 homes last month in June. These homes had an average closing price of around $420,000 with prices in the range of $63,900 to $2,100,000 and $294,500 as the median value. These homes had on average about 1950 square feet of living area, with just over 3 bedrooms. These homes had been on the market for an average of 96 days, just over 3 months, and the average seller got 96.3% of the asking price.
For additional comparison, there were closings for 33 homes a year ago in June of 2015. These homes had an average closing price of around $267,000 for an 1800 square foot home with just over 3 bedrooms. These homes had been on the market for an average of 94 days, just over 3 months, and the average seller got 94.6% of the asking price.
As far as longer term trends go, the graph below shows the number of homes sold by quarter for each year since the 1st quarter of 2011 with an “annual average” for the 4 quarters (except 2 quarters for 2016) shown as well.
The chart above suggests that the number of homes being sold is increasing steadily if slowly, after a slight decline in 2015.
The chart below shows the average closing price each year (and for the 1st 6 months of 2016) for homes in each of the areas of Groton, as well as an overall average per year.
The chart above indicates that prices overall were flat on average although there were some marked fluctuations for Noank and Groton Long Point.
Finally, the chart below provides another perspective on closing prices. It shows a “rolling average” for closing prices for homes sold per quarter over the past 5 years in total and broken down by number of bedrooms (for homes having 2-6 bedrooms). This also suggests that prices have been flat overall and for smaller homes, and better (at least recently) for owners of 4 bedroom homes if not worse for owners of larger homes.
The chart above also shows a 12-month rolling average for “Active Days on Market” regardless of number of bedrooms. This suggests that the average time to sell a home has come down from around 4 months in 2012 to be closer to 3 months more recently, and that would be a positive for sellers.
We’ll continue to watch the residential property market for the towns in southeastern Connecticut and bring you additional observations and data in future blogs.
The trends reported above were based on data obtained from the CTMLS as of July 1st 2016 for single family residential properties. Updated information will be posted on our Groton Real Estate Page. If you are looking for a home in the Groton area or if you would like to work with a local CT Realtor, please feel free to call us. We look forward to helping you find just the right home for you.