Residential home market trends in Groton Long Point – Greg Broadbent – Spring 2017

Summary

To summarize home market activity for May in Groton Long Point, local real estate agents had 31 homes listed for sale on the CTMLS as of June 1^st.   This is 1 more than the 30 homes listed as of May 1^st.   Of the 31 homes listed, 25 of these same listings were active on May 1^st.   13 of these were actively listed 3 months ago on March 1^st also.  Although 2 homes were put under deposit as of June 1^st, there were no closings in May.  Finally, Realtors added 6 new listings to the CTMLS for May in Groton Long Point.

Active Listings

The average size for the 31 homes listed on June 1^st was just under 2100 square feet.  The living areas were in a broad range from below 900 to just above 4000 square feet.  Also, there were between 2 and 6 bedrooms in these homes with 3.8 as the average.   There were between 1 and 4 full bathrooms with 2.2 full bathrooms as the average.   In addition, 15 (~48%) included anywhere from 1 to 3 half-bathrooms as well.  The charts below provide a bit more detail on the number of bedrooms and sizes of the homes on the market in Groton Long Point.

Finally, the average listing price was a little over $975,000 with the median significantly lower at just under $750,000.   There was a broad range in the listing prices running from $455,000 to $3.2M.  The following chart shows how the average listing price varies with number of bedrooms and living area and shows the number of houses listed in each category.

Recent Activity

2 homes were under deposit in Groton Long Point as of June 1^st.  For one of these homes, the living area was 2325 square feet.  It included 3 bedrooms and 2 full bathrooms as well.  It was listed at $625,000 and its listing had been active for 93 days.   The other home had over 2150 square feet with 5 bedrooms and 3 full bathrooms.  It was listed at just under $610,000 and its listing had been active for 32 days.  Finally, neither offered any half-bathrooms.

There were no closings in May, but 6 sales transactions did close so far in 2017: 4 in the 1^st quarter and 2 so far in the 2^nd quarter. The average size for these homes was about 1850 square feet.  However, the living areas varied widely with the range running from about 925 to almost 2400 square feet.  In addition, they offered between 2 and 4 bedrooms and between 1 and 3 full bathrooms.  The averages were 3.3 and 2.0 respectively.  2 (~33%) offered a single half-bathroom as well.  Also, the average closing price was about $790,000 in a range from $545,000 to $1.3M.  Finally, the corresponding listings for these homes were active for an average of 93 days.

Longer Term Views

For purposes of comparison, 19 sales transactions closed in all of 2016.   These homes ranged in size from about 1200 to over 4450 square feet with 2250 as the approximate average.  These homes offered between 2 and 7 bedrooms and from 1 to 4 full bathrooms.  In addition, 13 (~68%) of these homes included from 1 to 5 additional half-bathrooms as well.  The averages were 3.8 bedrooms and 2.1 full bathrooms.   The range of closing prices was more broad running from under $350,000 to $2.1M.  The average was also higher at a bit over $975,000.  Finally, the average for which the corresponding listings were active was 149 days.

Looking at possible trends, we’ll look first at number of active listings.   The following chart looks at the count of active listings at the beginning of each month for the past year.  It shows activity in Groton Long Point, but for purposes of comparison it shows the activity for the Groton part of Mystic and for Groton as a whole as well.

The following chart displays the number of homes sold in Groton Long Point per quarter from 2012 through 2017.  Also, note that 4  homes were sold in the 1^st quarter of 2017 (reflected in the chart), and 2 in the 2^nd quarter so far (but not shown in the chart).

Finally, the chart below provides a bit more information about movement in closing prices, showing the average closing price overall and for homes in 3 price ranges in each of the last 5 years.  Note the 2017 data in this chart runs through June 1^st only.

Conclusion

We’ll continue to watch the residential property market in the local area and bring you additional observations and data in future blogs.

The data reported above were taken from the CTMLS as of June 1^st 2017 for single family homes.  We will post any updates to our Groton Long Point page.

If you are looking for residential properties for sale in Groton Long Point or if you would like to work with a Realtor in this area, please contact us today.  We would love to help you buy or sell your next home.