Nineteen real estate deals were closed in the city of Norwich last week for a median transaction value of $ 165,000, according to data provided by the city’s appraisal office.
The most expensive sale of the week was for the property at 23, avenue TÃ©treault, which sold for $ 300,000 on October 1, followed by two transactions priced at approximately $ 280,000; comprising of a three bedroom, two bathroom home located at 235 Old Salem Rd.
At the bottom of the week’s deals, a vacant lot at 26 Gulliver Circle sold for $ 40,000 — one of two deals registered below the $ 100,000 price tag.
The deals reached last week continue a strong year of real estate sales in the Connecticut real estate market which, like many places in the United States, has found unique energy amid the pandemic’s ripple effect on the United States. economy.
William Pitt Sotheby’s real estate agent Dave Thomas said on Wednesday that the seller’s market has grown over the past year, marked by low lending rates combined with low housing stock and demand increased, was roughly the same so far in 2021.
“It’s still happening, it’s still a sellers’ market, again [there is] low inventory and we’re seeing multiple offers on new listings, especially if a home is fit to move in – it goes on deposit in two days, âThomas said.
According to market statistics provided by the Eastern Connecticut Real Estate Association, residential property sales recorded in the region in the first half of 2021 topped 2020 totals.
In the first and second quarters of this year, a total of 3,580 single-family home and condominium deals were completed in the eastern part of the state, compared to 2,214 deals completed last year.
Commercial properties are also selling at a higher rate: 57 deals closed in the first two quarters of 2021 compared to 39 sold in 2020.
Top 5 property deals in Norwich: week of September 27, 2021
- 23, avenue TÃ©treault – $ 300,000
- 73-77 W Thames St. – $ 280,000
- 235 Old Salm Road. – 279,500
- Villas at Riverheights Condo # 8 – $ 265,000
- 604 Laurel Hill Road – $ 225,000
To help increase the housing inventory, Thomas noted the need for more and more diverse housing options in Norwich.
âThere is definitely a need for good rental housing, but I hear the cost is prohibitive for a lot of builders or developers,â the real estate agent said.
Last month, members of Norwich City Council voted unanimously to provide $ 800,000 in American Rescue Plan Act funding to support the development of an $ 8.8 million luxury residential apartment in the city center.
Funding will be provided in the form of a grant of $ 400,000 and a loan of $ 400,000 pending the issuance of a certificate of occupancy for the project.
“It’s very expensive to try to rehabilitate a building in downtown Norwich – we have to have a mechanism in place [to support the development of the buildings]Alderman Stacy Gould said of the importance of ARPA funding.
But until this mechanism can be refined, sellers appear likely to retain the edge in the Norwich market.
In light of this, Thomas advised buyers to “have a little patience” when looking for a property to do on their own, and to “work with a good, experienced agent,” he added.