Market Activity Report for Bloomfield CT - August 2011

By
Real Estate Broker/Owner with The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY REB.755648
http://actvra.in/hQt

Market Activity Report for Bloomfield CT - August 2011

Welcome to the Bloomfield, CT Real Estate Market Update

presented by The Master's Key Realty for the

Month of AUGUST 2011.

RESIDENTIAL SINGLE FAMILY HOMES

Currently there are 161 actively listed Residential Homes in Bloomfield, CT. Of these, 24 were listed during the month of August. Also, this inventory is up from 142 just five months ago.

These homes range in price from $68,900 to $1,590,000.

11 Malone Drive, Bloomfield CT 06002 -- $49,90011 Malone Drive is the lowest priced home in town at this time, asking $49,900. It is listed as a 1000 sq.ft.  brick Ranch w/5 rooms, 2 bedrooms and 1 bath, built in 1951, with a slab foundation and 1 car detached garage. This bank-owned property is being sold in as-is condition, needing a considerable amount of work.

211 Woodland Ave, Bloomfield CT  - Asking $212,000.211 Woodland Avenue is the median priced home in Bloomfield CT at this time, asking $212,000. It is a 1974 built Raised Ranch with 2338 sq.ft. of living space, 8 rooms, 3 bedrooms, 1.5 baths, a 1 car attached garage, on a 0.35 acre lot.  It also has a fireplace and central air conditioning.

60 Gun Mill Road, Bloomfield CT  - Asking $1,590,000.60 Gun Mill Road is currently the highest priced home in Bloomfield, CT, asking $1,590,000. This is a spacious 5577 sq.ft.Historic Colonial on a private road near Penwood State Park. Built in 1772, it offers 15 rooms, 6 bedrooms, 4 full baths and 2 half baths, and storage for 6 cars. This home is on a 9.33 acre lot and has up-to-date restorations.

Market Time: Actively listed homes have been on the market from 1 day to 550 days. It is not uncommon that the days on the market will often extend if there is not sufficient demand to absorb the inventory of homes on the market. Right now there are 26 homes on the market in Bloomfield that have been on the market for more than six months without selling.

Of interest is that there are currently 26 houses on the market in Bloomfield for under $150,000. This is a great time for buyers to find that affordable home or investment property!

SALES ACTIVITY:

During the month of August, six homes went under contract in Bloomfield CT. In comparison, in 2010, thirteen homes went under contract in the month of August. This reflects that sales activity for the month of August was off by more than 50% as compared to this time last year. Sales are running even with the previous month (July) which also saw six homes go under deposit.

In addition, nine properties were sold (closed sales) in Bloomfield during the month of August 2011, ranging from $19,900 to $350,000. Closed sales were on the market before going under deposit an average of 152 days. In comparison, in 2010, there were 10 closed sales in the month of August, but the average days on market was only 112.

While August's closed sales activity is running fairly even with last year, it is taking more time on the market for homes to sell. Further, with August's 50% drop in new properties going under deposit, we will expect that days on market will lengthen, or prices may drop slightly as some sellers attempt to make their homes the "best priced" among their competition.  

With nine homes selling in one month, and 161 homes on the market, the absorption rate is 17.8. This means that it could take 17-18 months to absorb the current inventory of homes now on the market. If you are thinking about selling your home in Bloomfield, CT, this should help you determine the most suitable pricing on your house for sale to meet your desired selling time.

CONDOMINIUMS

Currently there are 43 actively listed Condominiums in Bloomfield, CT. Of these, four were listed during the month of August 2011. These condos range from in price from $50,000 to $775,000. and 4 of the 43 listed condominiums are New Construction units.

The average list price of a condo in Bloomfield CT is $276,514--nearly the same as last month.

1077H Blue Hills Ave, Bloomfield CT - $50,0001077H Blue Hills Avenue in GasLite condominiums is still the lowest priced active listed condo in Bloomfield at this time. It is listed for $50,000., and is a 3 room, 1 BR, 1 bath garden flat. The monthly condo fee for this unit is $244 including heat and hot water, and the property is conveniently located on a busline. It has been on the market for 35 days.

7 Font Hill Park, Balbrae, Bloomfield CT 06002- $239,9007 Font Hill Park in Balbrae Condominiums is still the median priced condominium in town, currently listed for $239,900. It is a Wellington model townhouse unit of 2059 sq.ft. w/6 rooms, 3 bedrooms, 3 full baths and a 1 car detached garage. It has a fireplace in the Living Room, a full basement, and a private deck with views. The monthly fee for this unit is listed as $567/month. It has been on the market for 149 days.

11 Schuyler Lane, Bloomfield CT - Asking $775,000.11 Schuyler Lane in Bloomfield represents the top of the active condominium market in Bloomfield priced at $775,000. This ranch style detached home was built in 1988 and offers 4177 sq.ft. of living space. With 8 rooms, 3 bedrooms, 3.5 baths and a 2 car attached garage, this unit is listed with a Master Bedroom suite, central air, deck, fully finished basement. The monthly condo fee is listed as $784/month. It has been on the market for 54 days.

SALES ACTIVITY:

There were NO new deposits on condos taken in Bloomfield CT in August 2011. In comparison, in August of 2010, there were five deposits taken on condominium listings, and last month saw just two condominiums go under deposit.

18 Avery Road, Still Mountain Estates, Bloomfield CT - Sold for $415,000There was ONE condominium sales closed in Bloomfield CT in the month of August 2011. It was 18 Avery Road, a single detached home in Still Mountain Estates.  It listed six rooms, three bedrooms, 2.5 baths, central air conditioning, a 2 car attached garage and 3308 sq.ft. of living space, and a monthly HOA fee of $315.00. This 2003 built Cape with 1st floor master suite sold for $415,000 after 144 days on the market.

With an average of no more than 1-2 condominiums selling in one month, and 43 condos on the market, the absorption rate is 21-43. This means that it could take between 21 and 43 months to absorb the current inventory of condominium homes now on the market. If you are thinking about selling your condominium home in Bloomfield, CT, this should help you determine the most suitable pricing on your condo for sale to meet your desired selling time.

Market Activity Report - Bloomfield CT - June 2011 If you are thinking about buying or selling a home in Bloomfield CT or anywhere in Hartford County, please call me for a personal consultation. I would be more than happy to discuss marketing and pricing strategies, and how absorption rates and current market conditions affect your pricing, or to answer any other questions you may have about real estate.

If you know somebody who may be having difficulty in the current economy or is struggling to make their monthly mortgage payment and doesn't know what to do, I may be able to help them understand their many options, especially if theywant to avoid a possible foreclosure! Please suggest they give me a call. All referrals will be handled professionally and confidentially, just as you would expect!

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Serving the North Central Connecticut region, Hartford County, and the communities of Windsor, Bloomfield, Hartford, East Hartford, South Windsor, Manchester, Windsor Locks, Suffield, Enfield, East Windsor, Somers and the Granbys...

Opening Doors to Home Ownership . . . The Master's Key . . .

Residential Sales, Short Sales and Foreclosure Prevention, Multi-Family and Investment Properties, Condominium and Property Management

Lisa Orme on LINKED INRealtor logoThe Master's Key Realty fan page           LISA ORME        Lisa Orme on TWITTEREqual HousingRSS

 

Licensed in the State of Connecticut, ABR, CRS, GRI, PSCS, SFR, Notary Public, Lic. #REB.755648

 Broker/Owner of The Master's Key Realty LLC, 340 Broad Street, #320, Windsor, Connecticut 06095

To contact Lisa, call 860-688-1400 or send an e-mail to lisa@masterskeyrealty.com

Copyright, Lisa Orme, 2010.  All rights reserved.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Connecticut Hartford County Bloomfield
Groups:
30 Days In September 2011 Localism Posting Challenge
HyperLocal Neighborhood and Community Posts
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Local Expert
Rainmakers - In - Training
Tags:
bloomfield ct market report
current market conditions
market trends
06002
masters key realty
absorption rates
homes for sale
avoid foreclosure

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,070,874
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

A great report.  I hope that things are good in your market.

Sep 02, 2011 10:39 PM #1
Ambassador
851,433
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

I like reading market reports from other areas.  It gives me a better sense of where our market is in relation to other areas of the country.

Sep 03, 2011 06:55 PM #2
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the house to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
172,089

Lisa Orme

Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the world to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: