Hoye Home Team's Market Report
Farmington, CT
Single-Family Homes
Berkshire Hathaway Home Services | www.hoyehometeam.com | 860-983-0875
Farmington, CT
Thu Apr 18 2024
This week the median list price for Farmington, CT is $399,500 with the market action index hovering around 70. This is an increase over last month's market action index of 63. Inventory has decreased to 5.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
Real-Time Market Profile
| Median List Price | $399,500 | |
| Median Price of New Listings | $507,250 | |
| Per Square Foot | $224 | |
| Average Days on Market | 14 | |
| Median Days on Market | 7 | |
| Price Decreased | 0% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 5 | |
| Median Rent | ||
| Market Action | 70 | |
| Strong Seller's Market | ||
Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $724,900 | 3,249 | 0.25 - 0.5 acre | 4 | 2.5 | 27 | 0 | 0 | 7 |
| $615,000 | 2,512 | 0.5 - 1 acre | 4 | 2.5 | 38 | 1 | 1 | 0 |
| $399,500 | 1,642 | 1 - 2.5 acres | 3 | 1.5 | 60 | 1 | 0 | 0 |
| $264,950 | 1,476 | 0.25 - 0.5 acre | 2 | 1.5 | 101 | 0 | 0 | 31 |