Hoye Home Team's Market Report
Farmington, CT
Single-Family Homes
Berkshire Hathaway Home Services | www.hoyehometeam.com | 860-983-0875
Farmington, CT
Mon Dec 04 2023
This week the median list price for Farmington, CT is $749,900 with the market action index hovering around 55. This is less than last month's market action index of 62. Inventory has decreased to 15.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $749,900 | |
| Median Price of New Listings | $527,450 | |
| Per Square Foot | $207 | |
| Average Days on Market | 127 | |
| Median Days on Market | 35 | |
| Price Decreased | 20% | |
| Price Increased | 7% | |
| Relisted | 7% | |
| Inventory | 15 | |
| Median Rent | ||
| Market Action | 55 | |
| Strong Seller's Market | ||
Despite this week’s down tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,760,000 | 10,823 | 5 - 10 acres | 5 | 7 | 76 | 0 | 1 | 182 |
| $1,432,500 | 6,022 | 1 - 2.5 acres | 5 | 5.3 | 70 | 0 | 0 | 77 |
| $594,450 | 3,154 | 0.5 - 1 acre | 3 | 3 | 42 | 1 | 0 | 7 |
| $389,450 | 1,672 | 0.5 - 1 acre | 3 | 2.3 | 57 | 1 | 1 | 14 |