Welcome back to this week’s edition of the Market Monday report.  This is a quick snapshot of what has happened in the real estate market over the past 7 days in the CT Shoreline towns of Guilford, Madison and Branford.

Much the same as it has been over the last few months, new listings in each town are lagging behind the homes that have received a contract (SHOW), homes that have moved from “Show” status to “On Deposit” and homes that have sold (CLOSED).  

Branford had 7 new listings, 3 new contracts, 11 contracts now “On Deposit” and 6 homes that have sold.

Guilford had 15 new listings this week, 13 new contracts, 5 contracts that changed status to “On Deposit” and 8 homes that were sold.

Madison had 6 new listings, 8 new contracts, 4 contracts that changed to “On Deposit” and 9 homes that were sold.

I have gotten a lot of questions lately about the difference between “Show” and “On Deposit” status.  The difference is that “Show” means a new contract for sale has been received on a home (for the purposes of this report that would be a contract received in the past 7 days just as I only look here at new listings that have gone on in the past 7 days).  “On Deposit” is a status of moving “Show” to more permanent on deposit status.  Realtors usually move to this status once the contingencies on a contract are removed (like Mortgage Commitment Contingency and Inspection Contingency).  I usually move my listings to “On Deposit” once I get the Clear to Close from the lender.

If you are thinking of listing your home for sale, please call either Heather Dacey (203)314-1301 or Paula Baraket (203)434-1868 for a complimentary market analysis.  And if you are interested in purchasing a new home we would love to help!  Happy Monday:)