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

By
Real Estate Mortgage Broker 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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Topic:
Real Estate Market Trends
Location:
Connecticut New London County
Groups:
Real Estate Rookie
Market Reports
Realtors®
Mortgages
1st Time Buyers
Tags:
may 2012 new london ct market report

Comments 7 New Comment

Rainmaker
998,531
Joan Whitebook
Consumer Focused Real Estate Services
BHG The Masiello Group

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.

July 07, 2012 07:24 PM
Ambassador
1,436,388
Ed Silva
CDPE, GRI, ABR, Real Estate Agent
RE/MAX Professionals, CT 203-206-0754

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

July 07, 2012 08:14 PM
Ambassador
792,296
Kathy Schowe
La Quinta, California 760-333-8886
California Lifestyle Realty

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

July 07, 2012 09:25 PM
Rainmaker
780,494
Joe Petrowsky
Your Mortgage Consultant for Life
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

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.

July 08, 2012 03:37 AM
Rainmaker
904,600
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

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

July 09, 2012 05:02 AM
Ambassador
1,706,601

George Souto

Your Connecticut Mortgage Expert
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