Glastonbury CT Essential Real Estate Market Statistics for Buyers and Sellers
January 14th, 2009 categories: Real Estate Market
Note: These real estate market statistics are for single family residential homes in Glastonbury - not including condominiums.
Historical Median Sales Price 2000-2008
Glastonbury followed a similar trend from 2000-2008 as did all of Hartford County. According to the data, the median sales price in Glastonbury did not decrease from 2007 to 2008.
However, it’s important to note that the median sales price/square foot actually dropped from $181.79 in 2007 to $176.78 in 2008, which means houses were selling for less in 2008 in Glastonbury.
Historical Median Sales Price/Square Foot
2000 - $123.92
2001 - $131.69
2002 - $137.25
2003 - $153.98
2004 - $162.99
2005 - $176.13
2006 - $181.64
2007 - $181.79
2008 - $176.78
Current Market Outlook
Overall, Glastonbury has just under 5 months of inventory. Or based on last years sales, about how long it would take for the houses currently on the market to sell.
But if we look a little deeper, there is really low inventory in the $100,000 - $199,999 and $600,000-$699,999 price ranges - less than three months which is technically a buyer’s market - and more inventory in other price ranges.
Which Houses Are Selling
I also took a look at houses currently under deposit. Out of 33 homes under Show or Depos status in the MLS, 13 were in the $200,000 - $299,999 range.
And although there is low inventory in the $300,000 and $399,999 price range, only 4 homes are currently under deposit which seems to indicate that segment is slowing down or, it entirely possible buyers just aren’t finding anything to buy.
Advice for Buyers in Glastonbury
There is only one active listing under $199,999 so Glastonbury isn’t all of a sudden becoming highly affordable. However, if you’re in the $300,000 - $399,999 range, the small number of homes under deposit (only 4) tells me that could be a good price range to find some value.
Advice for Sellers in Glastonbury
Glastonbury is a very desirable community to be in so home values will remain higher than much of Hartford County. But don’t let that and the fact that there is a balanced market, with just under 5 months of inventory, lull you into overpricing. The most activity is in the $200,000 - $299,999 price range.
There are some other bright spots - in the $600,000 - $699,999 price range, there are only 6 homes on the market and 2 under deposit. The competition is largely new construction but a larger home in an established neighborhood would really stand out here.
Also, in the $400,000-$499,999 price range, there have been no new listings since December (other than 55 and older) and 5 homes are under deposit. There are some buyers out there so this could be a good time to list your home if you think it might be in this price range.
For more articles and resources:
Top 5 Real Estate Market Predictions for 2009
Glastonbury Property Records Database
Hi Jessica - love your blog. Very informative. I have recently started a real estate blog of sorts. It features Historic homes (although I am not a real estate agent). I think it’s great that you’ve got the whole pet element as well - very creative.
Anyway, just wanted to say hello. Not many CT based sites out there!
Laura Mahon
Thanks Laura,
I need to go through some of my links and add some so I’ll definitely add you. You’re right - unfortunately there aren’t many CT based blogs.
I’d take that chart with a grain of salt- given that Glastonbury is a relatively small town and # of sales is relatively small, this could produce anomalies and/or not truly reflect the greater real estate trends. A few sales (or lack of) could throw a average easily.
It does make total sense the ~$250k homes are hotter right now as people sell and can afford less on more stringent mortgage terms.
RT 17 in Hopewell is what sticks out in my mind. There are several homes from the Mobil station north right on the road that have been for sale for many, many months. These are all beautiful, very prominent old homes. And they are also collecting dust- two of them are right next to eachother.
I see Glastonbury’s higher-end market drying up anyway. With the exception of the guy who own City Fish and lives up in the orchards, almost everyone else around there works for big insurance companies in Hartford or Bloomfield. All those people are taking hits- they may be keeping their jobs, but the bonuses are gone for this year. You may start to see a glut growing in the $600k+ price range as people slowly have no choice to bail after they exhaust their savings and liquidate what assets they can to pay the rent.
South of Hopewell has more in common with Portland and their market.
Next year will be very interesting.
Thanks, you just gave me a great idea. I don’t do much in the antique/vintage home market but I have been to see a couple of the homes you’re talking about along Rt 17 and my overall impression of them was they’re nice, but either need more work than comparable homes or have a layout most people don’t want.
I have a feeling that vintage homes (really, pre-1920s) just aren’t what most people are looking for right now. I’m going to run some numbers and see if I’m right…