Trumbull CT Real Estate Market Conditions as of July 2011- The Year in Review

Trumbull's real estate market has gained significant ground in the last few months, although it has not yet attained last year's number for this time period. We are watching it closely week by week. The numbers over the last few months come as no surprise, as the weekly movement is quite evident. after  it was virtually non-existent three to six months ago . Trumbull's absorption rate is now one of the best in our immediate area. Go Trumbull!

There are currently 234 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there have been 92 sales reported during the last three months with a median list price of $399,950 and a median sales price of $363,000. The sales price to list price ratio is 95.98 percent. The monthly absorption rate is 30.67 and there is a 7.63 month supply of housing inventory. Average Market Time for listings during this period is 75 days, and the average market time for the sales reported during this period was 59 days.

Compared to the prior 4-6 months: There were 204 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there were 143 sales reported during this period with a median list price of $399,000 and a median sales price of $354,000. The sales price to list price ratio  during this period was 95.60 percent. The monthly absorption rate during this time was 14.33 and there was a 14.23 month supply of housing inventory. Average Market Time for listings during this period is 126 days, and the average market time for the sales reported during this period was 116 days.

The prior 7-12 months statistics show that there were 177 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there were 115 sales reported during this period with a median list price of $405,900 and a median sales price of $395,000. The sales price to list price ratio  during this period was 96.52 percent. The monthly absorption rate during this time was 19.17 and there was a 9.23 month supply of housing inventory .Average Market Time for listings during this period is 160  days, and the average market time for the sales reported during this period was 82 days.

About the reports. These reports include the same information that home appraisers submit to a bank, and use as an addendum to their reports on individual properties. We have provided this data for you on a townwide basis. Individual property values will be different. Contact an appraiser if you need a specialized report, or contact me for a Market Analysis of your home when you are ready to sell.

Market Conditions: The Listing count is a representation of the last day of a  particular time period
1.Months Supply - The number of months it will take to deplete the inventory at the current rate of sales. In Trumbull, a neutral market  would  be indicated by anywhere from 6-7 months, dependent upon additional conditions.
2. Absorption - Quoted as a per month figure. The average number of sales in any given time period (e.g., 90 sales in a 3 month period would mean an absorption rate of 30 per month)
3. Sales - The amount of reported  sales in the given time period.

Median Sales Price and List Price-
1. Median List Price compared to Median Sales Price. This may not  coincide with the quoted Sales Price to List Price ratios, as that takes into account average pricing, as opposed to Median List and Sale Pricing.