Observations from the data (Single Family Homes in Stratford):
- Sale prices are increasing, which is great for sellers and sellers are receiving on average approximately 99% of listing price.
- Homes are selling a 7% slower than in May 2019. With Days on Market decreasing seller will enjoy a fast sale. Homes are receiving multiple offers after 1-2 days on the market
- The number of new listings in Stratford, CT compared to the previous year has decreased significantly (28%). Although a decrease year over year, there was a significant increase from April (48) to May(109)
As we move into the later phases of reopening and steadily return life to normal, if at all possible - how will we fare in the remainder of 2020?
Main Take-aways: The current market is very favorable for sellers who would like to put their homes on the market and can safely do so. If the home is vacant, a reduced risk exist for the seller as it pertains to exposure to buyers viewing the home. Further more with an increase in sales price and overall reduction in average days on market this may be the best time to sell, if conditions are right for the seller. Overall, with less competition than in previous years this is a good time for for sellers and prices are favorable. This will change in the near term so SELLERS...CALL US TO LIST YOUR HOME TODAY!!
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Related Links:
- Stratford April 2020 Market Update
- Stratford March 2020 Market Update
- Home Purchasing Steps
- Search CT Properties
