Bain Real Estate 2018 November Market Report.

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Dear Neighbor,

            Have we reached equilibrium between buyers and seller since the Great Recession? Yes, the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sensing caution sellers began lowering prices incrementally and making it more appealing to the buyers. As the economy strengthened buyer confidence did in turn. So, growth has ensued.  A cautionary approach should be taken however, as daily the volatile swings in the world and nation are having considerable influence on buyers' confidence.

            In fact, on the upper end of the value spectrum, the sales have not been as brisk with downward pressure on houses over $1MM.  Owners who over the last 10 years invested in upgrades to their homes have not seen much if any return on that investment. This issue is not solely a Litchfield County concern as we see this depreciation of the upper end of the market in other areas of the state as well. 

            Below is the data from 2006, the height of the market, showing an average sales price of $475,000 (rounded) on 53 sales. The second box (Oct. 2017-Oct. 2018) shows 50 transactions with an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011, which was the statistically low point of the market, was $393,845 on only 32 sales.

            The sales volume of the last 12 months versus 2006 is awfully close as well. And both periods show that the Days on Market (DOM) are also nearly identical. Presently there are only 45 homes (statistically low) on the market and 3 properties in contract.  A number of properties have sold directly without market exposure that has not figured into this data.  Clearly the local real estate market has returned to a much healthier level from the low points of the local real estate market.

 32 Mountain Road–Sold $2,550,000

Set into a hillside this architecturally designed home has long views and an open floor. The main floor master has hers and his baths and walk-in closets.  There are 4 nicely separated bedrooms each with bath. Completely custom details including a copper roof, refined cabinetry, and oversized glass door walls open to the west-southwestern views to capture maximum natural light. A coveted kitchen built with style is even better for cooking.   A huge screened porch opens to an outside dining terrace. Top-shelf mechanicals with radiant heating that can be set anywhere with a Smart Phone. The property was on for over a year with a price reduction and sold 30% less than its original asking price of $3,695,000.

21 Highland Road- Sold $360,000

This 3-bedroom, 2.5-bath home is privately sited on 1.5 acres. Hardwood flooring and an open floor plan grace this 2,331 sq. ft. Cape. A native fieldstone fireplace anchors the living room. The center-island kitchen has granite countertops, a roomy pantry and plenty of cabinet space. Sliders open to a private screened-in porch for outside enjoyment. A generous master suite includes a walk-in closet, and large soaking tub. Two additional bedrooms have vaulted ceilings and share a full bath. Oversized attached garage has a 14-foot ceiling and additional access to basement. This house was listed for $369,500 and sold within 72 Days for less than 2%.

  176 Bulls Bridge Rd–Sold $650,000

Charming 1940's 3 Bedroom Cape style home sited on a park-like14-acre parcel.  The house maintains a first floor master suite and a fireplace in the living room. There are two additional bedrooms on the upper level and a large screened porch. The gardens and mature native trees envelop the pool and barn.  This house sold privately for $650,000.

There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com or see us on Facebook.  This letter and the others we write are posted there as well.

Cheers,

David Bain, 

Chris Garrity

& Associates Toni Soule, Marilyn DeVos & Scott Harvey of the Kent office

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