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Page Taft Real Estate Update

September 2020.

The big news in local real estate is the unprecedented buyer demand and shrinking availability of homes for sale.

With fewer homes for buyers to choose from, homes are selling quickly and they are selling very close to asking price - sometimes even higher.

And with historically low interest rates, "those shopping for a home right now can afford 10 percent more home than they could have one year ago, while keeping their monthly payment unchanged.* This means the average home buyer can afford nearly $32,000 more home than they could at the same time last year."

A closer look at the Eastern Connecticut Shoreline market

We are seeing that many buyers from the New York metro area are seeking the fresh air, space, privacy and the natural beauty of our area. In August, in Middlesex and New Haven Counties, nearly one third the number of new listings came on the market versus August 2019, yet, there were significantly more solds and pendings in 2020 than during the same time in 2019.

  • The number of available homes in Middlesex and New Haven counties is down -30.7% and -29.2% respectively
  • Pending sales is up +48.9% and +38.2% respectively
  • The median sales price is up +3.2.% and +11.8% respectively

Even homes that had been lingering on the market for several years are finally selling due to very limited inventory.

Currently, our Page Taft agents are working with qualified buyers actively searching for homes just like yours. If you're considering selling your home and would like a complimentary assessment of your home's market value, please use our valuation form above or contact your favorite Page Taft agent

*Mortgage News Daily, **Data source: SmartMLS for all sales from 8/1/2020 through 8/31/2020. Run date: 9/2/2020. The comparison is August 2020 compared to August 2019.