Groton Long Point Home Sales Continue To Improve
GROTON LONG POINT, CT – The Groton Long Point home sales market appears to have broken out of the doldrums. The year-to-date average sale price is up from a year earlier by an impressive 72% and total sales volume is up by a whopping 143%, due to a number of million-plus sales.
On a year-over-year basis, it is apparent the market has hit a stride, growing at a 27.2% increase. The corresponding rate of growth rate this time last year was 20.7%, suggesting the market continues to improve at a healthy pace.
There remains an historically unusual number of active listings on the market. At this writing, inventory is at 34 units (peak inventory was 42 units available in July 2014). This is almost flat from last year, however, comparing the average over the past six months versus the same period last year, it appears we are trending toward a steady absorption of housing stock.
On balance, our data indicates continued improvement for 2016, with a strong probability of surpassing last years sales volume by the end of the third quarter.
Groton Long Point Real Estate Sales Statistics for Single Family Residences
|Q1-Q2 2016||Q1-Q2 2015||Past 12 Mos (0-12 mos)||Prior 12 Mos (13-24 mos)|
|Average Number of Active Listings (in a given month)||25.5||28.67||27.25||31.08|
|Number of Closed Home Sales||7||5||16||14|
|Average Sales Price||$1,189,643||$685,000||$767,844||$690,129|
|Total $ Volume of Closed Sales||$8,327,500||$3,425,000||$12,285,500||$9,661,800|
|Average Sale Price to List Price (SP/LP)||87%||88.6%||88.9%||88.5%|
Groton Long Point real estate data is furnished courtesy of the Connecticut Multiple Listing Service and the Town of Groton, CT.