The holidays are over and we are well into month two of 2023. What does that mean for the Real Estate Market here in Connecticut more so for the town of Wethersfield?
Well in this article, we are going to dive into the numbers. How did Wethersfield begin 2023? We are going to look at the 2022 finish in association with January 2023.
So lets get right into it with price. Sales price went up considerably from a medium of $300,000 to $387,000 for single family homes. This is a positive sign for sellers, as it indicates a strong demand for homes in the area.
Why such a difference though? Well December is usually when people focus on the holidays, and probably the slowest month of the year. Where as January is the start of a new year, with new possibilities.
However price wasn't the only thing that went up. New Listings doubled too from 12 to 24, which indicates that more sellers are entering the market. Going back to the new possibilities that was just mentioned.
This is great news for buyers, as they will have more options to choose from when searching for their dream home. If you are looking to buy, I know a great Realtor 😃
Pending Sales also went up from 17 to 25 indicating that there is still a strong interest in purchasing homes in Wethersfield. Again the start of a new year, people are getting back into the swing of things after the holidays.
Also another positive sign for sellers, as it indicates that there are still potential buyers in the market. So if you are thinking about selling, I know a great Realtor 😃
So that is the good news, but is everything still going up? In short No. Although new listings went up, the town saw a decline overall in homes for sale from 34 to 28.
The Holidays could also play a factor in this. Some sellers could have pulled their listings until the spring, which happens often. The decrease in the number of homes available could also be the reason for the higher prices and more competition among buyers.
Another thing that was down, was closings from 21 to 14. This may be a direct effect on the increase in pending sales, which have not closed yet. February numbers should paint another story.
Days on the market have increased from 8 to 44, indicating that the market may be cooling off a bit. This could also be a direct effect on the price going up so much.
That 44 number is so high, that I think it was a high ticket listing that had been on the market for a bit, and finally sold. If that is the case, that explains both the sale price number we mentioned earlier and this number 44.
Finally, the price per square foot has also decreased from 184 to 176. This could be a result of increased inventory (new listings), which may lead to more competition among sellers.
Overall, the current status of the real estate market in Wethersfield indicates a market that is still favorable for both buyers and sellers. So if you are in the market for either, I know a great Realtor 😃
Seriously though if you are considering buying or selling a home in Wethersfield, it's important to work with a knowledgeable real estate agent who can guide you through the process and help you make the most informed decisions.
I have called Wethersfield home for most of my life, so if you are looking to sell your Wethersfield home, or buy a home here in town. Lets Talk!
With the changing market conditions, it's important to stay up-to-date on the latest trends and adjust your strategies accordingly to achieve your real estate goals.
With that said make sure you don't go through this alone, or with someone who doesn't have the knowledge to help. If you are in the market, it is best to sit down with someone who knows it.
