Bain Real Estate Sharon Silver Lake 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 with downward pressure on houses over $1M. Owners who invested in upgrades to their homes over the last 10 years 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 are the data from 2006, the height of the market, showing an average sales price of $590,000 (rounded) on 40 transactions. The second box is from 2018 showing 42 transactions with an average sales price of $725,000 (rounded) and for additional perspective, there were only 19 sales transactions in 2009 just after the crash.
Presently there are only 72 homes (statistically high) on the market and 4 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 years past.
Quite a bit has happened in your neighborhood over the last year and a half as you can see below:
A .6 acre parcel across the lake on Minneluta Trail sold this summer for $20,000. The level lot is at the top of the road and is an easy building site.
Over on Silver Lake Shores a number of small parcels were purchased for $5000 each. These acquisitions reinforce the going value for single parcels.
32 Robert Street is a 936 cape style house that was built in 1970 and features a large screen porch. The house required some updating but offers 2 bedrooms and 1 bathroom. It is set on a half an acre of level land. It sold for $130,000.
I assisted the sellers of 49 Douglas Road with finding a buyer for their well designed 2 bedroom, 1 bathroom Cape Cod built. The home offers nicely sized rooms with a second floor that has been converted to a family area. There is a large back deck off the kitchen that provides a view of the grounds as it sits high on an open parcel of lawn with mature trees. Built in 1997, this house has a full-walk out basement and is in very good condition. It sold for $134,900 within 7 days of being listed.
A bank owned home at 86 Douglas sold for $34,000. It was listed for $64,350 but considerable work to this 1950's cabin with 885 sq. ft. of living space resulted in a significant reduction. There are two bedrooms and a fireplace in this dwelling.
31 Bartram Road just sold and was the highest house sale in a number of years. Closing for $305,000 the two-story lake view home sits on 1.4 acres with direct waterfront access. It's a 3 bedroom, 2 bath home in great condition. The newly updated kitchen with quality appliances, ductless, mini split air-conditioning units and the deck on 2 levels with lake views. The property is adorned with a variety of specimen trees, enchanting garden views and privacy. It was on the market for 482 days and was originally listed at $399,000.
Just across the street, I listed and sold 42 Bartram Road, a 1970's cottage for $129,000. This 680 sq. ft. one bedroom cottage was nicely upgraded and offers a renovated kitchen, gas fired fireplace and renovated bathroom. There is a small dining room and attic storage. It sits on an open .29 acre lot with road frontage on both Bartram and Douglas Roads. It was listed for 217 days with an original asking price of $142,000.
Next door at 133 Douglas Road, I have a 5 parcel property listed for sale. The land is wooded and like its neighbor owns frontage on two roads offering various settings for a house. It has been tested and approved by the health department for a septic system. It is listed for $40,000.
134 Cedar Road was another bank owned property that finally sold and has been fixed up! Built in 1974 this one bedroom cottage has 576 sq. ft. of living space. It was listed for only 31 days at $64,900 and sold for $50,000.
Lastly, I sold 116 Bartram Road, another small but well kept cottage of 554 sq. ft. Set at the end of the road it benefits from abutting the John Estate and maintains nice privacy. It also offers nice views of the lake. The house has hardwood oak floors, two bedrooms and a good sized kitchen. Built in 1968 with nice upgrades to the mechanicals and a small barn this house was listed for $138,000 and sold for $127,000 with only 27 days of market time.
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, and follow us on Facebook and Instagram.
This letter and the others we write are posted there as well.
David Bain & Associates
Toni Soule, Marilyn DeVos, David Hurlburt, Jennifer Luning, Michele Pastre, Karen Grimaldi, Priscilla and Asher Pavel
Please note that not all listings and sales transactions are through David Bain Real Estate