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Dear Neighbor:

Here is the annual real estate report detailing the activity in the last 12 months in the Ellsworth neighborhood.

The numbers are in and 2016 was clearly a pivotal year in real estate. Nationally real estate sales transactions were up 12% over 2015 figures. Litchfield County overall saw just over 8% increase. Locally we have seen a similar bump resulting in the volume of sale increase around 14%! In summation, real estate in Sharon is on a steady upswing as the market recognizes good values.

The positive economic confluence of lower unemployment, strong trends in the financial markets and tightening interest rates have bolstered consumer confidence. This confidence mixed with the reduction of available homes to buy has solidified real estate values and will predictably push value higher. This is already happening.

Last year's letter noted over 70 houses being available for sale in Sharon. Well, what a difference a year makes as presently there are 47 residential homes listed for sale. Yes in the last 12 months we have seen 55 sales in Sharon up from 47 in same period in 2015.

We are happy to say that Bain Real Estate participated in over 25% of these transactions

and thank you for your confidence.

Anecdotally, I recently closed on a house here in Sharon where there were two bidders. The first prospect reluctantly cancelled their contract as they could not get their loan so the second buyer ended up winning the sale. And for a bit higher, I might add.

The lesson here is that the market has become one of both buyer and seller on an equal footing, no longer just a buyer's market. Should there be a prolonged period of fewer listings than buyers, we could see that balance shifting to the seller.

3 Vanishing Brook Lane is a house on 3 acres that I sold in 2007 at the apex of the market. It closed for $1,150,000. The property came back to the market in 2010 and weathered the down turn and with a final listing price of $1,195,000. The property closed two months ago for $1,085,000.

The story here is telling. The selling price difference between the 2007 sale and the 2016 sale is $69,000 or a 6% loss. But is it a loss? Over the 6 years that this house was on the market, the owners successfully leased their home for the summer likely covering the carrying costs for those 6 years plus the loss in value. In addition, they were able to use the house. Not bad!

1 Northrup Road has a peaceful pastoral setting on 5 plus acres of gentle rolling topography and offers easy access via Route 7 and Route 4. This parcel has been perc-tested and surveyed. Last year it was first listed for $125,000 then reduced to $99,000 and is now $85,000. This is an example of a most affordable parcel. Rick Meehan, one of my agents, has this offering.

43 South Ellsworth is a lovely Victorian styled farmhouse with a gracefully detailed front porch, an old shed and an old dairy barn all set on a level 33 acres of hay fields, orchards and gardens. The 1870's home is preserved nicely with amazing details of ornate Victorian era moldings and floors. There are large porch door windows to open on a summer's day. The house is mechanically updated-new roof, furnace. It is easy to update kitchen and baths. I had this originally listed for $1,650,000 and recently reduced the price to $1,050,000.

Our website at www.bainrealestate.com one can find not only the aforementioned listings and solds but also one can find this letter and all other Sharon neighborhood letters archived on our site too. And if you wish to follow our blog for new listings, sales and other interesting real estate tidbits join up from our website.

All the best,

Chris Garrity

David Bain & the Sharon office

Jennifer Luning, Michele Pastre, Joanie Yahn & David Almquist

Please note that not all listings and sales transactions are through David Bain Real Estate.