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Canton Real Estate Notes July 2016: The Difference Between a Buyer’s Market and Seller’s Market

July 8, 2016 Uncategorized No Comments
David Sinish

David Sinish

By David Sinish 

What is the difference between a ‘Buyer’s Market’ and a ‘Seller’s Market?’  (Simplified)

Real Estate Statisticians keep track of how many months it would take to sell the existing inventory of houses.   For instance of there were 100 houses on a market and there were 25 houses sold per month it would take four months to sell the total existing inventory.  The “saturation” would be four months.
If the saturation is between 1-4 months, it is known as a “sellers” market and prices would tend to appreciate.    The saturation between 5-6 months is known as an “even” or “normal” market and prices would be stable.  If it takes 7 or more months to sell, prices would depreciate in the Buyers market”.   That “law of supply and demand” is everywhere!

The current market for the past quarter in our six contiguous towns is a “normal” market.   Do understand that different towns, price ranges etc.  have different performances and therefore different sub-markets.    

How Were Canton Sales in June?

June showed an increase of 6.3% in the number of single family home sales.   The most recent quarter showed a 7.3 % increase in the number of homes sold during last year’s quarter. The comparison between the most recent twelve months and the prior twelve months (YTY) number of sales shows an overall reduction of 4.6%.  The median YTY selling price has reduced by 5.8%.   Houses take less time to sell YTY by 8%.  The year to year increase in median price per square foot stayed at $141.59.

Tell me about the sales in our six contiguous towns?

June’s number of sales of single family homes in the group of Avon, Burlington, Canton, Farmington, Granby, New Hartford and Simsbury increased from 123 to 192. YTY sales increased by 12.8%.   The median YTY price reduced by 3.2%%.   The year to year reduction in the median price per square foot was 2.1% to $143.43.

These statistics are based on information provided to and compiled by the Connecticut Multiple Listings Service, Inc. as of July 8, 2016.

Do remember that these are average statistics, and the variation of location, size and many other factors causes real differences among groups.  I would be pleased to provide you with a more detailed analysis.

David Sinish is a Realtor® with the Realty Works Group of William Raveis Real Estate located at 200 West Main Street in Avon.  He is very willing to provide assistance with your questions about your buying or selling activities.  Questions are welcome.

Please email dsinish@comcast.net  call 860-922-6170 or go to   DavidSinish@Raveis.com

 

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