Vernon CT Real Estate Market Report-April 2014
The Town of Vernon has been awarded $200,000 in Department of Economic and Community Development (DECD) funding as part of Governor Malloy’s $3.8 million dollar campaign to revitalize abandoned and blighted brownfield sites throughout the state.
According to a press release in April 17, 2014 by the Town of Vernon, Vernon’s application was one of only twenty-one (21) approved by the Office of Brownfield Remediation and Development, and was awarded for the assessment of 15.2 acres among five former mill sites in Rockville for multiple potential redevelopments.
This is excellent news for the town as blighted areas are true eyesores and have pulled the home values down. Revitalization of abandoned and brownfield sites would also improve the town’s neighborhood and its quality.
There are 121 Single Family Homes for sale in Vernon. The average listing price for these active listings is $195,865 with average square feet of 1,627, 3 bedrooms and 1 1/2 bathrooms. The most expensive home is listed for $749,900 boasting 3,914 square feet, 5 bedrooms and 3 1/2 bathrooms.
A home in Vernon at this price point is very unusual so I checked why the listing price is off based on long sales history. As anticipated, the most expensive home is located in Middle Bolton Lake and has a water frontage of 420 feet.
It is rare for a waterfront in Middle Bolton Lake to come up on the market for sale.
Currently, 58 homes are under contract. $191,145 is the average listing price with 1,606 square feet, 3 bedrooms and 1 1/2 bathrooms.
There is a huge drop in the number of units sold in the month of March. Only 8 properties are sold compared to 18 in March.
However, the price per square foot is higher in March based on the average sale price of $201,688 for homes fetching average square feet of 1,706. The average sale price in February is 1,602.
The absorption rate as of this writing is 11.25. At this rate, the 191 single family homes available for sale currently is expected to be sold or depleted within 11 months. It is still a buyer’s market in some pockets of Vernon Connecticut.
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