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Email Post to a Friend: Bain Real Estate Sharon Silver Lake 2014 September Market Report

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September
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Dear Neighbor,

Each September we take stock of how the previous 12 months of the real estate market have fared nationally, regionally, town wide and even down to your neighborhood.

While the last quarter traditionally maintains strong sales, this third quarter reflection is a good barometer to measure the health of the market.

Nationally we are seeing the high growth areas, primarily the major cities, booming as foreign money and urban renewal are stoking value increases. However, in markets that have had a considerable amount of distressed properties there is still market turbulence. But as those "opportunities" are bought up, the market constricts making the long term values stronger.

In Connecticut we are seeing a stable but flat market. In a press release to the media last Friday, Connecticut REALTORS reported that single-family residential home sales in Connecticut decreased 1.4% comparing July 2014 to July 2013.The median sales price of $277,750 represents a 4.7% decrease from $291,500 in that same time period.

Sharon's real estate market is slightly more active and incrementally getting healthier. Data shows that 2014 was even stronger than 2013 in Sharon with 45 sales in the last twelve months compared with 37 in the year prior.

There are 83 homes on the market in Sharon which is a considerably large supply of homes. Salisbury has 88 listings and Kent maintains 53 offerings by comparison.

Earlier in the year the market was vibrant with a number of homes selling. Spring through mid summertime was also quite strong. The market is traditionally slow as summer ebbs, so it will be interesting to see how the 4th quarter shapes up. Presently there are 3 homes in contract to sell. Additionally, the last 12 months has seen 10 land sales according to the CTMLS and the town records. It is especially nice to see the uptick in interest in land.

Year over year stats from Sept.-Sept. indicate that the sales volume has exceeded a level the 2006-2007 when values were at their peak. While volume is up the values still lag behind considerably. The time it took to sell a home this past 12 months has decreased quite nicely since 2011. The trends are positive.

Date # Home Sales Avg. Sales Price Days on Market

Sept. 2005-2006 28 Sales $560,715 109

Sept. 2006-2007 30 Sales $757,917 145

Sept. 2007-2008 20 Sales $481,180 114

Sept. 2008-2009 19 Sales $706,626 133

Sept. 2009-2010 27 Sales $740,161 154

Sept. 2010-2011 28 Sales $511,554 200

Sept. 2011-2012 44 Sales $489,440 246

Sept. 2012-2013 37 Sales $454,335 160

Sept. 2013-2014 45 Sales $453,750 149

Last year's letter noted no sales in your neighborhood. This year we had 3 sales in Silver Lake Shores and 2 sales on Minneluta Heights.

40 Roberts Road was listed for $134,000 and closed after 149 days on the market. This 2-bedroom cottage was built in 1950 and has 850 square feet of living space, fireplace and pine floors. The property includes .18 acre with a garage across the street. Sam FitzGerald of my firm assisted the buyers who paid $115,000.

108 Silver Lake Shore Road closed after years on the market David Almquist of my office and Sam FitzGerald together sold this 1520 sq. ft. home with 2 bedrooms and 2 baths on .47 acres of land. The lot overlooks the lake and has a level, open lot. The property was oringally listed for $179,000 in 2012 and sold for $80,000.

Two contiguous parcels at the corner of Bettina and Douglas Roads fetched $8,000.

We have 134 Cedar Road listed for sale at $125,000. This 716 square foot cottage has 2 bedrooms and one bathroom on .80 acres of land. The house needs considerable work as did the aforementioned sales.

Across the lake, I listed a cottage at 40 Minneluta Trail for $125,000. This residence had a new septic system installed and both the bathroom and kitchen had been renovated but fixtures had not been installed. It sold for $90,000 after three months on the market.

At the end of Minneluta a 38.78 acre parcel of land sold with additional access off of Drum Road the land is wooded and maintain some sloped areas. It closed for $132,000.

We have other offerings around town so if you know of anyone seeking a home, let us know or point them to our website at: www.bainrealestate.com

We hope you enjoy the coming autumn and will write again next year. Or you may find these letters and others sent to different Sharon neighborhoods that are archived on our website look for "Neighborhood Sold Stats" on the home page.

Respectfully,

Chris Garrity

David Bain

& the Sharon office- Jennifer Lunning, Michele Pastre, Sam FitzGerald, Drew Holland and David Almquist

 

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