By Jim DiLillo, Broker / Owner, DiLillo Real Estate
There are several positive signs emerging this spring that could sow the seeds for a positive uptick in Bethel's real estate market in the months ahead.
While some other parts of Connecticut have experienced a population decline, the Bethel area has continued to thrive. The downtown area alone has several new restaurants and other amenities that have opened in recent months contributing to the quality of life and the desirability of the community.
The average sales price of a single family home in town rose during the first quarter to $346,157, an increase of nearly four percent from the same previous quarter last year. The average price of a condo jumped more than 16 percent to $332,221.
While sales for both single family homes and condos declined during the quarter, inventory levels also began to drop, which could put additional price pressure on available properties in the months ahead.
Condos also remain desirable for empty nesters, particularly those from New York state, who are looking to downsize and are attracted to the area's affordability.
Another positive sign is increased activity in higher end homes and condos, which likely contributed to the average sales price. While homes above $400,000 had been sitting on the market longer in recent years, there has been a significant uptick in activity with several recent sales.
Favorable interest rates will also help contribute to this trend as buyers experience more purchasing power.
Rates have inched up slightly in recent weeks but are still at their lowest levels in more than a year. The average 30 year mortgage was at 4.17 percent as of April 22, according to Freddie Mac. That's down down significantly from nearly five percent reported in November. Rates haven't been this low since January 2018.
If these positive trends continue we are likely to see a continued increase in the average sale prices of properties in Bethel as we approach the summer buying season.
For more information about real estate activity in the area reach out to DiLillo Real Estate, 162 Greenwood Ave. Bethel CT 06801.
203-790-SOLD (7653), dilillorealestate.com