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Maria Gilda Racelis

Coventry CT Real Estate Market Report-August 2017

Town of Coventry“Historic Coventry is the Gateway to Northeast Connecticut’s Quiet Corner. Spread over 37 square miles of woods and old farmlands, our town of 12,500 offers historic sites, herb farms and shops, antique and specialty shops, public beaches and a state boat launch on Lake Wangumbaug, good places to eat, and several cozy bed-and-breakfast inns.” (Source: Town of Coventry)

Coventry Connecticut housed the fully recreational spring-fed Wangumbaug. It is one of the busiest lakes in Connecticut because it allows motor boats and jet skis. However, despite the various activities this body of water is open to, it manages to keep the water clean and safe. Unlike other big lakes in Connecticut, the clear water of Wangumbaug could entice the visitors and residents of the community to swim into its vastness of 375 acres.

Here is an update on Coventry real estate market for the month of August, 2017.

SINGLE FAMILY HOMES FOR SALE

  • 50 Homes
  • Average List Price is $214,402 with 3 bedrooms and 2 full bathrooms, and living space of 1,637 square feet
  • Median List Price is $212,402 with 1,662 square feet
  • Most Expensive Home for Sale: $339,900 with 3,098 square feet
  • Lowest-Priced Home for Sale: $65,340 with 830 square feet

SINGLE FAMILY HOMES UNDER CONTRACT

  • 48 Homes
  • Average List Price is $246,768 with 3 bedrooms and 2 full bathrooms, and average living space of 1,496 square feet
  • Median List Price is $242,450 with 1,496 square feet
  • Most Expensive Home: $477,000 with 2,730 square feet
  • Lowest-Priced Home: $62,800 with 672 square feet

SOLD SINGLE FAMILY HOMES

  • 22 Homes
  • Average Sale Price is $230,421 with 3 bedrooms and 2 full bathrooms and average living space of 1,588 square feet
  • Median Sale Price is $194,450 with 1,383 square feet
  • Most Expensive Sold Home : $650,000 with 2,768 square feet
  • Lowest-Priced Sold Home: $35,000 with 691 square feet

There are 166 homes sold in Coventry in the year 2015. In 2016, it registered 160 homes. The average sold price per square foot in 2015 is $127.15.  In 2016, Ave.SP/Ave. Sq.Ft. is $128.40. The Median Sold Price per Median Square Foot in 2015 is $128.25 and $123.80 in 2016.

Coventry real estate market hasn’t shown a steady and consistent upward trend as of this writing,

 

Significance of the Current Inventory and Absorption Rate

The sold units from January 1, 2017 to July 31, 2017 converted into an absorption rate give us an approximate length or period of time when the current inventory of 50 units would be depleted.

Given the absorption rate of 18 units sold in a month, the Town of Coventry, currently, has 4-to 5-month supply. This is not a lot of properties on the market and with this inventory, unless demand is curtailed, home prices might increase, consequently.

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.

For all your real estate market information needs, go to www.amazingcthomes.com and www.inthect.com. You will find monthly market information from this site to keep you abreast of the local Coventry CT real estate market activity.

Planning to buy or sell properties in Coventry Connecticut ? Make sure to have the best representation. Contact Maria Gilda Racelis of Home Buyers Realty.

 

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Maria Gilda Racelis
I am a full-time realtor and a no-nonsense individual when it comes to rendering services to my clients. I take my job and the responsibility it entails seriously. My clients come first. I ensure that they know and feel I am working for their best interest. However, I do not carry out tasks to compromise my principle. I conduct my business with pride, honesty and integrity.
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