House hunting? Here’s what $165K will buy around Louisville
We take you on a drive-by tour around the area of some homes that sold for around the median price of $165,000. As the saying goes: Location, location, location.
Video by Jeff Faughender
Nineteen real estate deals closed in the City of Norwich last week at a median transaction value of $165,000, according to data provided by the city’s assessors office.
The most expensive sale of the week involved the property at 23 Tetreault Ave., which sold for $300,000 on Oct. 1, followed by two transactions priced around $280,000; including a three-bedroom, two-bathroom home located at 235 Old Salem Rd.
At the low end of the week’s deals, a vacant lot at 26 Gulliver Circle sold for $40,000 — one of two deals recorded below the $100,000 price point.
Last week’s closed deals continue a strong year of property sales in Connecticut’s real estate market which, like many places across the U.S., found unique energy amid the pandemic’s rippling effect on the economy.
William Pitt Sotheby’s real estate agent Dave Thomas said Wednesday that the sellers’ market developed over the course of last year, marked by low lending rates combined with low housing inventory and heightened demand, looks much the same so far in 2021.
“It’s still happening, it’s still a sellers’ market, again [there is] low inventory and we are seeing multiple offers on new listings, especially if a home is in move-in condition – it goes under deposit in two days,” said Thomas.
According to market statistics provided by the Eastern Connecticut Association of Realtors, residential property sales recorded in the region through the first half of 2021 outpaced 2020 totals.
In the first and second quarter of this year, a total of 3,580 single-family homes and condominiums transactions closed in the eastern part of the state compared to 2,214 deals closed last year.
Commercial properties are also selling at a higher clip: 57 deals closed in the first two quarters of 2021 versus 39 sold in 2020.
To help boost housing inventory, Thomas noted the need for more and varying housing options in Norwich.
“There is definitely a need for good rental housing but I am hearing the cost is prohibitive for a lot of builders or developers,” the real estate agent said.
Last month, Norwich City Council members 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’s downtown area.
The funding will be awarded as a $400,000 grant and $400,000 loan pending the issuing of a certificate of occupancy for the project.
“It’s very expensive to try to rehab a building in downtown Norwich – we have to have a mechanism in place [to support the development of the buildings],” Alderwoman Stacy Gould said on the importance of the ARPA funding.
But until that mechanism can be fine-tuned, sellers seem likely to continue to hold the advantage in the Norwich market.
In light of that, Thomas advised buyers to “have a little patience” when looking for a property to make their own, and to “work with a good, experienced agent,” he added.