Bain Real Estate Skiff Mountain 2018 December Market Report.
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 creating downward pressure on houses over $1M. 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 42 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.
Here is what has happened in the neighborhood.
My associates, Chris Garrity and Toni Soule have just listed 60 Macedonia Brook Road, a 1950's colonial style home with 6.8 acres of land tucked along Macedonia Brook and offering nice pastoral views. The house has period details with a large flagstone living room anchored by a large fireplace. There are four small bedrooms and 2 bathrooms. The house is in need of considerable renovation but the location is triple A. It's listed at $290,000.
Just up the street, a 3 acre parcel sold privately for $40,000. This lot appears to be wooded and rises to the west from Macedonia Brook Road.
221 Fuller Mountain is my listing for $1,650,000. This modern home is all about location and quality of construction. A 1200' driveway curves gently across a brook and up to a hillside site where a few acres of landscaped grounds surround the 12 room 5500 sq.ft. home. Every room is spaciously large and boast high ceilings, while windows and decks (open and roofed) bring the outside in. There is a 5 car heated garage and separate studio that could become an additional bedroom. 8 zone radiant heat in all floors and central AC throughout the house and a whole house generator! There is a touch of the orient in this contemporary design.
48 Dolldorf Road is a delightful escape. This immaculate country home is sited on a level lot surrounded by conservation land. Redone hardwood floors throughout, a cathedral ceiling and wood-burning fireplace with insert in the living room and a new eat-in kitchen with granite counter tops enhance the home. The master bedroom has a full bathroom, complete with a walk-in tiled shower. The second bedroom is located on the first floor. Two large sheds provide storage and workshop area. The spacious deck is perfect for relaxing in this quiet part of the neighborhood. We sold this house in 2011 for $254,000. With time and nice upgrades it recently sold for $320,000 and was only on for 32 days.
19 Nodine Pasture Road is a beautifully crafted post and beam construction and is the hallmark of this quality home. Made of old growth Douglas fir, the exposed beams are art as much as engineering. The floors are quarter sawn white oak planks, and a free standing stone and stucco chimney is at the home's heart. Though traditional in spirit, there is a modern open floor plan, a large eat-in kitchen, sun room, living room, formal dining room, open and screened porches. There is a detached barn/garage. Sited on a private parcel of level woods, surrounded by 3,500 contiguous acres of protected Connecticut State Park and Land Trust property quiet and privacy are ideal. It sold in 2016 for $725,000 and then again this past March for $730,400 in less than 3 months.
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 visit and like us on Facebook. This letter and the others we write are posted there as well.
We are always looking for new listings, so if you know of anybody getting close, we would love a chance to talk to them about the market and our services. Happy Holidays!
& 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