Marlborough CT Market Update

Marlborough, CT is one of those towns that is quaint, rural, has a beautiful lake and yet near highways and shopping. However, this is a town for a while has had limited turn over so inventory tends to be low but it does have its ups and downs in the real estate market. Here’s a snap shot of the year-to-date Marlborough CT Market Update. While not every statistic is above last year there are some very positive indicators that overall the market is improving.

Property Sales

August Property sales were 7, down -12.5% from 8 in August of 2011 and equal to 0.0% 7 sales last month. August 2012 sales were at a mid-level compared to August of 2011 and 2010. August YTD sales of 47 are running 95.8% ahead of last year’s year-to-date sales of 24. It is very positive that the YTD sales have increased so much from a year ago.

 Prices

The Median Sales Price in August was $289,000, up 12.2% from $257,500 in August of 2011 and down -1.7% from $294,000 last month. The Average Sales Price in August was $274,357, up 5.4% from $260,344 in August of 2011 and down -9.4% from $302,786 last month. August 2012 ASP was at a mid-range compared to August of 2011 and 2010.

Market Time

The average Days on market (DOM) show how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for August was 106, up 6.0% from 100 days last month and up 1.0% from 105 days in August of last year. The August 2012 DOM was at its highest level compared with August of 2011 and 2010. This isn’t always a great stat but Marlborough is rural community that does tend to take longer to sell.

Selling Price per Square Foot

The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The August 2012 Selling Price per Square Foot of $135 was up 0.7% from $134 last month and up 1.5% from $133 in August of last year.

Ready to buy or sell, Marlborough CT Market Update will help you understand the current market conditions. Then contact Your Central CT Realtor, schedule an appointment to discuss your real estate needs.

 Footnote: Based on information from Connecticut Multiple Listing Service, Inc. for the period 9/1/2009 through 8/31/2012. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.