Here’s your August 2024  Market Update for Tolland County.

Average & Median Sales Price

The median sales price in August 2024 was $397,500, up 1.95% from $389,900 from the previous month and 20.45% higher than $330,000 from August 2023. The August 2024 median sales price was at its highest level compared to August 2023 and 2022. The average sales price in August 2024 was $406,081, equal to the previous month and 10.23% higher than $368,405 from August 2023. The August 2024 average sale price was at its highest level compared to August 2023 and 2022.

Sales Price / List Price Ratio

The sales price/list price ratio is the average sale 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 August 2024 sales price/list price ratio was 104.82%, equal to the previous month and equal to August 2023.

Number of Properties Sold & Absorption Rate

The number of properties sold in August 2024 was 148, up 8.03% from 137 from the previous month and 8.03% higher than 137 from August 2023. The August 2024 sales were at a mid level compared to August 2023 and 2022. Absorption rate is the avg number of sales per month divided by the total number of available properties.

Inventory & MSI

The number of properties for sale in August 2024 was 157, down -23.79% from 206 from the previous month and -37.70% lower than 252 from August 2023. The August 2024 inventory was at its lowest level compared with August 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2024 MSI of 1.06 months was at its lowest level compared with August 2023 and 2022.

Click here to access the full report with additional data.

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