Sales of Colchester homes in 2016 were flat compared to the previous year with 232 total sales including single family, condos and mobile homes.
Single family homes were the losers with 133 sales , a 12.5% decrease over 2015. Meanwhile condos were the big winners with 84 sold, a whopping 31.25% rise over 2015.
Why are sales flat?
Basically it comes down to inventory, which has been historically low over the last 12 to 24 months and has continued to dwindle with each passing month. Currently there is almost 30% less inventory than last year. Who’s to say why but, my guess would be the economic uncertainty created by the recent build up to the presidential elections. Things seem to be loosening up with more inventory slowly becoming available but, the pent up demand is gobbling up any new properties, many with multiple offer situations.
Charts & Graphs
Following are some charts showing sales volume, sales by town, sales prices and days on market. Please feel free to contact us for more detailed information about Colchester properties. Should you be thinking of selling your home soon check out our eGuide: Things To Consider When Selling Your House
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