Recently I wrote a post covering 2008 real estate market statistics for the Greater Hartford area. This post focuses on data specific to Farmington, Connecticut. All information came from the CTMLS and is deemed reliable, but not guaranteed. All data is for single family homes only.
Median sale price for 2008 was $374,950 compared to $390,000 in 2007. The Average Days on Market for 2008 was 65 days, versus 70 days last year. The Average Sale Price per Square Foot in 2008 was $179.85, in 2007 it was $179.62. Finally, the Sale Price to List Price Ratio for 2008 was 95.7%, compared to 96.1% in 2007.
The following two graphs present the same data, the number of closed transactions by month. Typically the busy period is in the early summer which means the majority of the closings happen between May and August.
It’s also interesting to look at the distribution of sales by price point to get a better sense of what the Median Sale Price really means. This graph helps you understand how a town’s inventory is distributed by price range and can be compared to other towns.
As always, I’m available to answer any questions you may have. Feel free to post a comment or send me an email.