Local Voices
Shoreline Real Estate and Mortgage Trends
There is a lot of variation in real estate transactions from town to town along the Connecticut shoreline. I recently reviewed the first quarter 2014 real estate statistics for single family homes for the shoreline towns from the Lyme's to Guilford and including Essex and Killingworth. Here are a few highlights (percentages are compared to the same quarter of 2013):
Largest number of sales - Madison with 35
Largest % increase in sales - Essex with +89%
Find out what's happening in Madisonwith free, real-time updates from Patch.
Longest days on market - Essex with 370
Largest % increase in days on market - Essex with +58%
Find out what's happening in Madisonwith free, real-time updates from Patch.
Shortest days on market - Westbrook with 128
Largest % decrease in days on market - Killingworth with -34%
Largest increase in average sales price - Westbrook with +31%
Largest decrease in average sales price - Guilford with -34%
In general for the ten towns surveyed, sales and average sales price are up but days on market are also up with a typical sale taking from four to twelve months.
It is important to note that mortgage interest rates on 30 year mortgages went from a low of @ 4.25% in January 2014 to a high of @ 4.55% by the end of the first quarter 2014. So interest rates were rising throughout the first quarter of 2014 and this did have a negative impact on the real estate market. Rates have been dropping since around April 1st of 2014 and are currently at @ 4.15%. If this trend continues, we should see a significant improvement in the second quarter real estate statistics.
As a licensed real estate agent and mortgage loan officer, I am available to answer all your real estate and residential/commercial mortgage questions. I can be reached by cell, text or email: Dale Athanas, Loan Officer, NMLS# 1065087, Northeast Financial Mortgage, 860-876-0466 (cell), dale@daleathanas.com.
