June 25, 2007

What's up with Stonington?

Listing inventory soars in the Town of Stonington

If you have a million dollar home on the market in Stonington, there is good news and bad news. The good news: you own a million dollar home. The bad news: according to the Connecticut Mulitple Listing Service, only 18 homes sold for a million dollars or more in Stonington in 2006. More bad news - there are 48 homes priced over a million dollars on the market in Stonington today. This represents almost a 3 year supply.

The news isn't all that good in the rest of Stonington either. According to the CT Multiple Listing Service, there were 197 residential home sales in Stonington in 2006. Today there are 211 active listings, more than a 1 year supply! Since a 6 month supply is considered a balanced market, Stonington is tilting badly.

I'll say it now. If you are a buyer, especially one with a million dollars to spend, it is a great time to buy a home in Stonington!


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Topic Tags: buying a home in Stonington, Connecticut Multiple Listing Service, home sales in Stonington, Stonington Real Estate

by Linda Davis

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by Linda Davis

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