Our MLS put out a new tool for market statistics. This tool has the ability to show median prices, days on the market, list to sales price and other metrics. In the interest of keeping it simple I thought I would compare some towns that are often connected or share borders and/or services.
For demonstration purposes I searched all property types, (single family, condos, mobile and manufactured homes) for Mansfield Ashford & Willington median prices for the last 13 years, this is the maximum number of years of reliable data available.
As predicted, the statistics show no upward trend for median prices since 2009 and dramatically declining inventory in Mansfield following the last high of 132 in April 2016 to 70 today.
For those of you who like to use the per square foot measure of value there is a graph for that here which shows a precipitous drop in Mansfield from a high of $153 in April 2007 to $117 per square foot today.
We have not seen an increase in prices or inventory in Eastern Connecticut in many years. The largest jump in national housing is upper end housing, which we are largely excluded from. In April of this year the number of homes listed at or above $750,000 —more than the national median of $259,400— rose by 11% and homes priced at or under $200,000 dropped by 8%. According to the National Association of Realtors, as of March 2019, nearly a year’s worth of supply of luxury homes were for sale compared to barely a three month supply of homes under $100,000.
No one wants to return to the heyday of sub-prime lending which resulted in rampant corporate and personal greed and foreclosures but it would be nice to see prices rebound and fulfill the promise that homeownership is the cornerstone to a family’s financial security and net worth.