There were 106 homes listed for sale by local Realtors in the Mystic area as of July 1st. This includes properties on both the Groton and Stonington sides of the Mystic River where 88 and 18 homes were listed respectively. Of the 106 homes listed, 76 were also listed on June 1st indicating that 30 new listings were added by real estate agents in the area during the month of June.
The size of the average house listed for sale for the whole Mystic area was a little over 2200 square feet with 3.5 bedrooms and 2.2 full bathrooms; 48 of these 106 homes have at least one half bath.
Looking at the Groton part of Mystic, the average was a little lower at 2037 square feet, and in the Stonington part of Mystic is significantly larger at 3057 square feet. The number of bedrooms and full bathrooms, and the % of homes with at least one half-bath was about the same in both areas of Mystic.
Across all of Mystic, the average listing price was about $585,000 with prices ranging from $119,000 to $4,790,000. The chart below gives a percentage breakdown of homes in different price ranges across all of Mystic.
The average listing price on the Groton side of the Mystic River was just under $440,000 and about $1,300,000 for the Stonington side. But living area and # of bedrooms are also related to the asking price. The following chart shows how the average listing price varies with # of bedrooms and living area, and shows the number of houses listed in each category, across all of Mystic.
There were 15 homes under deposit at this time: 12 on the Groton side of the river and 7 on the Stonington side. The average price for these homes was just under $360,000 and the average number of “Active Days on the Market” was about 105 days. The homes under deposit are smaller on average, around 1920 square feet with just under 2 full bathrooms and just over 3 bedrooms.
Activity in the greater Mystic market seems to be improving over the past 5 years. The following chart shows the number of closing transactions per quarter per year since the 1st Quarter of 2011.
There were closing transactions for 13 homes in the whole of Mystic in June. The average closing price was about $517,000 for an average 2267 square foot home with 3.5 bedrooms and 2 full baths with an average of 126 days on the market. In May, there were closings for 19 homes with an average closing price of just over $370,000 for an average 1930 square foot home with 3.4 bedrooms and 1.85 full baths.
The following charts show trends in average closing price per quarter for the last 5 years as related to # of bedrooms using 12 month rolling averages as well as “Active Days on Market” for all homes sold by local real estate agents over the past 5 years.
Prices do seem to be remaining flat over the past 5 years. But on more positive note, there does also seem to be a decreasing trend in the “Active Days on Market” which means homes are selling faster. The chart below shows the trend in ADOM for each quarter separately over the past 5 years. Although it had been trending generally down since 2012, there has been an increase for the first two quarters in 2016.
We’ll continue to watch the residential property market and bring you additional observations and data in future blogs.
The data reported above were based on data obtained from the CTMLS as of July 1st 2016. Updated information is available from our Mystic Real Estate Page. If you are looking for homes for sale in Mystic or if you would like to work with a CT Realtor in the area, please contact us today. We would love to help you buy or sell your next home.