There is a lot of variation in real estate transactions from town to town along the Connecticut shoreline. This can be seen from the chart below for towns from the Lyme's through Guilford and including Essex and Killingworth for the first quarter of 2014 compared to first quarter of 2013 (single family homes):
Town Sales Days on Market Average Sales Price
East Lyme 11 (-21%) 161 (-20%) $347,000 (-3.2%)
Find out what's happening in The Lymesfor free with the latest updates from Patch.
Old Lyme 22 (+46%) 194 (+6%) $481,000 (+11%)
Lyme 4 (-43%) 210 (+39%) $865,000 (+25%)
Find out what's happening in The Lymesfor free with the latest updates from Patch.
Essex 17 (+89%) 370 (+58%) $731,000 (+13%)
Old Saybrook 25 (+32%) 178 (+19%) $390,000 (-6%)
Westbrook 12 (+50%) 128 (-8%) $423,000 (+31%)
Clinton 11 (-15%) 206 (+29%) $326,000 (-2%)
Killingworth 13 (+18%) 134 (-34%) $434,000 (-2%)
Madison 35 (-17% 175 (+10%) $507,000 (+20%)
Guilford 28 (-20%) 144 (-25%) $369,000 (-34%)
So in general for the ten towns above, sales and average sales price are up but days on market are also up with a typical sale taking from four to twelve months.
It is important to note that mortgage interest rates on 30 year mortgages went from a low of @ 4.25% in January 2014 to a high of @ 4.55% by the end of the first quarter 2014. So interest rates were rising throughout the first quarter of 2014 and this did have a negative impact on the real estate market. Rates have been dropping since around April 1st of 2014 and are currently at @ 4.15%. If this trend continues, we should see a significant improvement in the second quarter real estate statistics.
As a licensed real estate agent and mortgage loan officer, I am available to answer all your real estate and residential/commercial mortgage questions. I can be reached by cell, text or email: Dale Athanas, Loan Officer, NMLS# 1065087, Northeast Financial Mortgage, 860-876-0466 (cell), dale@daleathanas.com.
