New London Connecticut Real Estate Market Had A Strong Showing In May

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut NMLS #65149

The New London Connecticut Real Estate Market Had A Strong Showing In May, which is very encouraging for an area that had been struggling.  I am the Branch Manager for our New London Office, and we have definitely been seeing more activity this year than we did last year.  In fact both Single Family House Sales and Median Price rose by more than 20% not just in the City of New London but for New London County as a whole for the month of May.

The Median Price for Single Family Houses rose from $204,250 in May of 2011 to $245,500 for May 2012, and Single Family House Sales from 142 to 174.  Condominiums did even better which is unusual these days.  Condominium Sales rose by 29% in May 2012 over May of 2011, and the Median Price by 20%.

The increase in Condominium Sales and Median Price is especially encouraging to me, because I feel that it is a good indication that First Time Homebuyers are recognizing that this is a great time to buy, and are actively looking.  The more First Time Homebuyers that Purchase, the more step up Homebuyers we should see as well.

Both May and June were very strong months for us at McCue Mortgage, and we are looking for a strong July as well.  From the number of Mortgages that we did in May, we knew that The New London Connecticut Real Estate Market Had A Strong Showing, and we are full expecting to see similar numbers for the June Real Estate Market Report.


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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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Connecticut New London County
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Rainmaker
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Debbie Gartner
Floor Coverings International - Westchester NY & Stamford CT - White Plains, NY
The Flooring Girl - Westchester hardwood flooring

That is great news indeed.  And, I've been hearing that (at least in our area), June was shaping up to be even better than May.

I wish I had access to these type of data.

Jul 07, 2012 04:10 PM #1
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Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

That is great news George...which reminds me, I need to get on my market reports lol :)! 

Jul 07, 2012 05:02 PM #2
Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Bravo George~ "Both May and June were very strong months for us at McCue Mortgage, and we are looking for a strong July as well!"~  I hope the good new continues.. I think the northeast is seeing some very positive signs in the real estate market.

Jul 07, 2012 07:24 PM #3
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That is good news for that area as the casinos have not been doing that well and they have a strong influence on that economy

Jul 07, 2012 08:14 PM #4
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Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

I love to see these positive market updates!  Thank for sharing George-  We are seeing good things here in La Quinta CA as well!  K

Jul 07, 2012 09:25 PM #5
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

New London County has always been the market that I flip houses. I have 3 properties on deposit right now and the turn time continues to be short.

Jul 08, 2012 03:37 AM #6
Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

George it is good to hear the local market has improved quite a bit. I am experiencing the same here!

Jul 09, 2012 05:02 AM #7
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