Vernon Connecticut was a part of the Town of Bolton until 1808. This explains why the two lakes which expanse are mostly in Vernon are called Middle Bolton Lake and Upper Bolton Lake. In 1965, the City of Rockville and the Town of Vernon were consolidated into a single township. The Rockville area gives the town the city setting and subsequently, the rural feel is exuded by the areas which used to be part of Bolton.
Vernon is a diversified town located in Tolland County and 15 minutes east of Hartford. New England Civil War Museum is just one of Vernon’s points of interest. Recreation parks and lakes can be found in this 18.03-mile community. Vernon provides easy access to I-84 and other major routes to Massachusetts and New York.
“With its easy access to several state routes as well as Interstate 84, Vernon provides homeowners the opportunity to enjoy suburbia, while enjoying a short commute to either Hartford or Springfield business districts.” Know more about the Town of Vernon CT.
Here is the Vernon CT Real Estate Market Report January 2017:
Currently, there are 66 properties for sale in the Town of Vernon. The most expensive is $399,900 boasting 6 bedrooms and 4 full bathrooms within a 3,704- square foot home.
The average size and listed price is 1,667 sq.ft. and $179,725, respectively.
Thirty-nine properties are currently under contract at $305,000 as the most expensive with 4,000 square feet and $154,714 as the average listing price with 1,533 square feet.
Sold Homes in 2016 is up by 13 units compared to the sales in 2015. However, the average sale price last year is higher than its preceding year. But if the ratio between the Average Sale Price per square foot is taken into account, 2016 posted a better Average Sale Price at $110.95 per square foot versus $107.22 per square foot in 2015.
This means that homes fetched higher $ per each square footage in 2016, on the average.
The Significance of the Current Inventory
The sold units from January 2016 to December 2016 converted into an absorption rate give us an approximate length or period of time when the current inventory of 66 units would be depleted.
Given the absorption rate of 23 units sold in a month, the Town of Vernon currently has a 3-month supply. This is not a lot of properties on the market and with this inventory, unless demand is curtailed, home prices might increase tremendously.
Absorption Rate: “The rate at which available homes are sold in a specific real estate market during a given time period.” Click on the link for a better explanation of Absorption Rate.
This market report is provided to you by Maria Gilda Racelis of Home Buyers Realty. Contact her for all your real estate needs. You will be glad you did.
For real-time listings, visit the website www.amazingcthomes.com.
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