And over the last 12 months we have seen the same slow season-like change in the real estate market. Many of the properties under pressure from the economic turndown are being sold leaving more market valued homes to compete for buyers.
Nationally the growth of values in many regions is palpable. The Northeast has been slower than other parts of the country and locally the values are tightening.
Selling time has dropped to 6 months (5-7 months indicates a normal market). We had had another productive year with very strong sales, so thank you.
There are presently 55 homes and 16 parcels of land on the market in Kent which is slightly more than we had a year ago. There were 34 residential sales in the last twelve months slightly better than the 12 month prior (28). And 3 land sales.
Yet while market confidence grows, the number of prospects is still rather low. Historic residential sales transactions in Kent average around 35 transactions annually, so enticing the interest of the buyers' means proper pricing is paramount. There are presently only 6 residential properties in contract to sell in Kent. Simple truism is that a well priced property gets the buyer's attention and gets the sale. Let's see what sold!
Here is what transpired in the neighborhood:
Over on Highland Road I sold an 8.55 acre parcel with a barn, well and views to the west that was listed for sale at $129,00. This attractive building lot with mature trees and considerable road frontage closed for $90,000.
At 21 Highland Road Toni Soule of my firm has listed a wonderful country cape style home set on 1.52 acres of private land. This custom country home has an open floor plan, oak flooring and a large stone fireplace. There is a spacious screened porch and oversized two car garage. Complete with 3 bedrooms and 2 and a half bathrooms this home is listed at $325,000.
50 Spooner Hill Road may sound familiar. This parcel was a former field once owned by the Vagts family that entails 21 acres of overgrown pastures, stone walls and distant views north into the village of Kent. The land was accessed off a long gravel driveway to a level site and those dramatic views. It was originally listed for $850,000, dropped to $775,000 and sold for $650,000.
Directly next door at 56 Spooner Hill is a well designed custom Craftsman styled home with long views. Set on 20 acres of open land and outlined in stone walls, this 2008 home has 3 bedrooms and 3 and a half bathrooms. The home is detailed in lovely wood paneling and flooring. The house entails over 4000 sq. ft. with rooms all facing the views to the north. There are two well appointed master suites each on a different level. Originally listed for $2,350,000 the home closed at $1,745,000.
Real Estate never lacks for interesting properties and we have one on the west side of Hatch Pond. Step back a hundred years and imagine a lake retreat with access only by boat. It's a seasonal family retreat, a place for fun memories to be created. Lake water is pumped up to a holding tank that gravity feeds the house for personal use. Propane gas heats the water and cools the refrigerator. Kerosene lamps provide night light and a generator is included if some electricity is needed. It will be someone's idle setting and lifestyle at $160,000.
Down overlooking Hatch Pond at 261 South Kent Road is a lovely 1950's Cape styled house that was first listed for $285,000, reduced to $249,000 then $199,000 with an eventual sales price of $196,500. This house has 1936 sq. ft. with 3 bedrooms and 3 bathrooms. Set into the hillside, the western views across the pond are nice. There are wood floors a fireplace and of course large windows opening onto the view.
311 South Kent Road is a wonderful family home that has 2 bedrooms and 2 bathrooms in nearly 2000 sq. ft. of space. With wood floors, a formal dining room and living room, this home was owned by the bank and the buyer, with guidance from our agent Toni Soule, acquired a lovely home that requires some upgrades for $149,000.
At 341 Kent Road Toni Soule of my firm has listed the perfect family home. 3 bedrooms, oak floors, fireplace in the living room and large eat-in kitchen all make a warm environment. There is also a sun room for winter warmth and summer enjoyment. The fenced gardens are special with specimen trees front and back. The 2 acre lot is level and sunny and offers room for expansion. Listed for $240,000 it is a great starter home.
Chris and I, along with our whole firm hope you enjoy our updates of the market and want you to know you can find this letter and all our Kent market letters on our website www.bainrealestate.com under Neighborhood Stats. There is a place there where you can give us your email address to get these letters and other market updates electronically. We continue to work to assist buyer and sellers in their pursuit of their goals and thank you for supporting our success as the leading real estate firm in Sharon, Kent and Cornwall over the last 8 years.
And the Kent office-Toni Soule, Marilyn DeVos, Eve Iselin, Dave Fairty, Debbie Bain, & Scott Harvey
Please note that not all listings and sales transactions are through David Bain Real Estate
This graph shows the number of successful transactions
in our key towns of Cornwall, Kent and Sharon in 2014