New Haven Real Estate Market Report November 2016
Understanding the general direction of the current New Haven housing market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in New Haven.
The Numbers Month to Month & Year to Year for New Haven Housing Prices November 2016
According to data reported by the Connecticut Multiple Listing Service (CTMLS) the average median list price of New Haven houses listed during November was $$129,900 a 16.2% decrease from this time last year of $155,000 due to the number of distressed properties that were put on the market.
One thing to highlight in this report is the average median sold price for the month of November was $176,250 an increase of 5.2% over last year and a 3.7% increase over last month.
CTMLS statistics shows that homes are selling faster once they hit the market.
In November of last year, most homes stayed on the market an average of 115 days. In November of this year, single-family homes had an average market time of 66 days.
Condos are selling at an even faster rate. This year’s average market time for November is 24 days. This is a decrease of 68.4% from last year’s 76 days on the market.
For the month of November the average median list price for condominiums and townhouses was $215,000 an increase of 63.2% over November 2015 of $131.700. The average median sold price however for the month of November was $46,444 a decrease of 48.7% from this time last year and primarily due to the small number of units sold (6) and that 66% of them were sold for under 65,000.
28 homes sold in New Haven during the month of November which is 8 less than the 36 that sold in October 2016 and 10 more than the 18 sold in November 2015.
In the month of November, 32 new residential listings hit the market. There were 13 New Haven homes that went under contract in November 2016 which represents 13.4% of the overall available inventory of 97 homes.
There can be a lot of fluctuation in what a home is listed for and what it ultimately sells for. To make sure you don’t overpay for your home, you’ll want to have a New Haven real estate agent that does a thorough market analysis of the home on which you are making an offer. If you’re considering making a move now or in the near future it’s important to get a New Haven home evaluation to determine what the value of your home is in today’s real estate market.
If you are considering buying a home in New Haven, there is currently a 6-month inventory of homes to choose from. Having a real estate agent who understands the New Haven real estate market is a must. Interest rates are still low so don’t wait too on the sidelines. Many homes, when priced correctly can sell within a few days of hitting the market.
Whether you’re considering buying or selling it’s important to understand that pricing trends can vary from neighborhood to neighborhood.
Call Jamie at 917-705-5675 if you’re interested in knowing what your New Haven home is worth in today’s real estate market or so we can discuss your housing needs. I look forward to talking to you and assisting with your New Haven real estate needs.
The data for New Haven Real Estate Market Report November 2016 is for the referenced month and based on statistics provided from CTMLS for single family homes. All information is deemed reliable but not guaranteed. (mobile homes & private sales are not included)