Shelton Marketwatch: December 14
Thursday, December 14
This past week in Shelton we had 5 new listings, 18 homes that went under deposit and 10 homes sold.
SHELTON REAL ESTATE MARKET REPORT: NOVEMBER 2017The real estate market in Shelton CT is still very busy for this time of year. The total number of single family homes for sale right now is 147 homes. There are currently 71 single family homes in Shelton that are under deposit. That's almost half of the total that are available! The market absorbtion rate is down to 3.2 months. That means that, statistically, it would take just 3.2 months to sell off the current inventory of available homes on the market. It also means that we continue to be in a "seller's market" again this month.
We are also seeing that home prices are remaining steady, even though the average selling price in November was up slightly by about 2.5%. This is also a good sign but not enough to indicate that home prices are going up here in Shelton.
WHAT DOES THIS MEAN IF YOU WANT TO BUY A HOUSE IN SHELTON?With the real estate market that is this busy, buying a home in Shelton sooner rather than later would likely be beneficial to a home buyer. The limited number of homes available may continue to shrink and the choices may become even fewer as we approach the spring market of 2018. Interest rates may also increase by the spring market of 2018. The feds have just announced an interest rate hike of between 1.25 percent and 1.50 percent. This is leading some economists to predict a slight increase in the 30 year mortgage rates, that are currently hovering just below 4%. They are predicting that at the beginning of 2018, it is likely that the 30 year mortgage interest rates will rise to just slight over 4%.
on the market in the last 7 days:
Let me know if you would like a list of all homes available in
Shelton or any other town in Connecticut. The list can be
customized to meet the criteria of what you are looking for in
a new home. Just contact me and I'll get that to you
I'll be back next week with all new listings.
ps. If you want to chat right now, give me a call at 203-305-0157