Wednesday, 28 June 2017

Residential home market trends in Groton Long Point – Greg Broadbent – Winter 2017

Written by Posted On Monday, 20 March 2017 15:24

To summarize home market activity for February in Groton Long Point real estate agents had 17 homes listed for sale on the CTMLS as of March 1st.   This is four more than the 13 homes actively listed on February 1st.   Of the 17 homes listed, 12 of these same listings were active on February 1st.   And of these, 6 were actively listed 3 months ago on December 1st.  There were no homes under deposit as of March 1st.  But, there were 2 closings and 5 new listings added to the CTMLS for February in Groton Long Point.

The average size of the 17 homes listed was just under 2200 square feet. The living areas were all in the range from about 1075 to almost 4025 square feet.  The average number of bedrooms was 3¾  and 2.4 the average number of full bathrooms.  10 (~59%) of these 17 homes included one or two half-baths.   The charts below provide a bit more detail on the number of bedrooms and living areas in the homes on the market in Groton Long Point.

List prices ranged from $455,000 to $3.2M.   The average asking price was just under $1.15M and the median asking price was $995,000.   The following chart shows how the average listing price varies with # of bedrooms and living area, and shows the number of houses listed in each category.

ActiveCounts 

There were no homes under deposit in Groton Long Point as of March 1st but there were two closings in February.  The living areas for these homes were 1960 and about 2350 square feet.  Both homes offered 4 bedrooms with one home including 2 full bathrooms and 3 in the other. Neither had any half-bathrooms.  The closing prices for both homes was right around $580,000, and their corresponding listings were active for 24 and 229 days.

PAST ACTIVITY

Looking at the data over the longer term, the following chart displays the number of homes sold in Groton Long Point per year from 2012 through 2016 by price range.   And, this shows a successively increasing number of sales in the past three years over what was sold in 2012 and 2013.

HomesSold 

Adding some detail for the longer term perspective, 19 homes sold in Groton Long Point in 2016.   They averaged over 2250 square feet in living area.  The living area range was broad, extending from about 1200 to almost 4500 square feet.  They offered from 2 to 7 bedrooms with 3.8 as the average.  And these homes had between 1 and 4 full bathrooms with 2.1 as the average.   13 (~68%) of them offered between 1 and 5 half-bathrooms as well.  The average closing price was about $975,000 with a lower $730,000 median.   But the range was wide again, extending from $340,000 to $2.1M.   Finally, the listings for these homes were active for an average of 149 days with 111 days as the median.

And then for purposes of comparison, closings completed for 14 homes in Groton Long Point over 2015.   The average living area for these was just under 2100 square feet.  The range was a bit broader – from around 920 to just over 4700 square feet.  These homes offered from 2 to 6 bedrooms with 3.9 as the average.  And they included from 1 to 6 full bathrooms with 2.2 as the average.   Of these, 11 (~36%) had a single half-bathroom.  Additionally, the average closing price was lower at almost $725,000 with a correspondingly lower median at almost $500,000.   The closing price range in 2015 was similar to that from 2016 running from $290,000 to almost $1.8M.   Finally, the listings for these homes were active for an average of 243 days with a median of 187 days.

The chart below provides and bit more information about movement in closing prices showing the average closing price for homes in 3 price ranges in each of the last 5 years.

CPs  

Finally, here’s one additional view of closing prices over the same period.  It shows the average closing price after being divided by SQUARE FEET of living area for homes in the same price ranges.

CPsxLA 

We’ll continue to watch the residential property market in the local area and bring you additional observations and data in future blogs.

The data reported above were taken from the CTMLS as of March 1st 2017 for single family homes.   We will post any updates on our Groton Long Point page.

If you are looking for residential properties for sale in Groton Long Point or if you would like to work with a Mystic CT real estate, please contact us today.  We would love to help you buy or sell your next home.

Listing Additional Info

  • State: Connecticut
  • Address: 27 Coogan Blvd #1b
  • City: Mystic, CT
  • Zipcode: 06355
  • SOLD: no
  • MLS #: 06355
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