Hoye Home Team's Market Report
Farmington, CT
Single-Family Homes
Berkshire Hathaway Home Services | www.hoyehometeam.com | 860-983-0875
Farmington, CT
Sun Oct 06 2024
This week the median list price for Farmington, CT is $1,202,500 with the market action index hovering around 58. This is less than last month's market action index of 64. Inventory has increased to 16.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 | $1,202,500 | |
| Median Price of New Listings | $737,000 | |
| Per Square Foot | $265 | |
| Average Days on Market | 53 | |
| Median Days on Market | 53 | |
| Price Decreased | 44% | |
| Price Increased | 0% | |
| Relisted | 6% | |
| Inventory | 16 | |
| Median Rent | ||
| Market Action | 58 | |
| Strong Seller's Market | ||
The market seems to have paused around this plateau. 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 |
|---|---|---|---|---|---|---|---|---|
| $2,645,000 | 8,230 | 1 - 2.5 acres | 5 | 6.8 | 54 | 0 | 0 | 98 |
| $1,562,500 | 6,339 | 1 - 2.5 acres | 5 | 5.5 | 35 | 0 | 1 | 52 |
| $937,000 | 4,022 | 0.5 - 1 acre | 4 | 3.5 | 93 | 1 | 1 | 10 |
| $522,000 | 1,954 | 1 - 2.5 acres | 2 | 2.5 | 34 | 1 | 2 | 49 |