Here’s your December 2023  Market Update for Tolland County.

Average & Median Sales Price

The median sales price in December 2023 was $350,000 – up 9.03% from the previous month and 16.67% higher than December of 2022.  The December 2023 median sales price was at its highest level compared to December 2022 and 2021.  The average sales price in December 2023 was $361,357, up 8.88% from the previous month and 11.67% higher than December 2022.

Sales Price / List Price Ratio

The sales price/list ratio is the average sales price divided by the average list price for sold properties, expressed as a percentage. If it is above 100%, homes are selling for more than the list price.  If it is less than 100% homes are selling for less than the list price.  The December 2023 pals price/list price ratio was 101.74%, down from 103.07% from the previous month and equal to December 2022.

Number of Properties Sold & Absorption Rate

The number of properties sold in December 2023 was 135, up 26.17% from the 107 sold the previous month and 17.39% higher than the 115 from December 2022. The December 2023 sales were at a mid level compared to December 2022 and 2021. Absorption rate is the average number of sales per month divided by the total number of available properties.

Inventory & MSI

The number of properties for sale in December 2023 was 118, down -39.49% from the 195 available the previous month and -41.00% lower than the 200 available on December 2022. The December 2023 inventory was at its lowest level compared with December 2022 and 2021.

MSI stands for Monthly Supply of Inventory.  A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2023 MSI of 0.87 months was at its lowest level compared with December 2022 and 2021.

Click here to access the full report with additional data.

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