We, like all of you, are attempting to get back to "normal". In that spirit, we have resumed our neighborhood letters with hopes of keeping you informed on local sales, offerings and trends.
Like elsewhere, the pandemic unleashed the flight to Kent, swelling our schools, dwindling our housing inventory and pushing our values. The result is a market with only 12 homes available where normally 35-40 should be for sale. And only 11 parcels of land offered. The flip side is the 20%-30% increase in values has seller's buoyant and buyers scrambling. Rents have soared as well.
All of this has some buyers and sellers on the sidelines waiting. Waiting for what is the question? The idea that the market will be flush with listing soon is not realistic. It is a seller's market. And we predict this new paradigm will be here for a number of years.
There have been 11 sales in your neighborhood in the last year-8 in Brookwoods. Kent's 64 annual sales represent 10 greater than in the pre-COVID era. Inventory depletion has tempered sales as there are only 6 homes in contract presently, down from our highs of 20 homes a year ago. Despite fewer listings, sales are still brisk and competitive.
48 Duggan Road $427,500 Atop Kent Falls, this 2000 square foot cedar-shingled Colonial sits on 1.48 acres in earshot of the rushing brook. A deck is accessible to the country kitchen. The dining room and oversized living room have new oak floors. The master bedroom has 18-foot-high vaulted ceilings with a loft. The detached two car garage/barn has large loft space. The house was on the market for $450,000 for over 130 days before selling.
408 Kent Cornwall Road $375,000 This 2400 sq. ft. home features 4 bedrooms and 2.5 baths and was initially built in 1968. While requiring some finishing, the house has quality antique reproductions such as fireplaces, paneling, and stained glass windows. The house and a 3,900 square foot barn are sited on a 4.5 acre wooded parcel set high up above Rte. 7.
11 Carter Road $290,500 A two story home set on .8 acres of level land offering 5 bedrooms and 2.5 bathrooms. Originally built in 1963, there have been renovations over time though the house requires considerable upgrading. This house sold privately.
In our 2001 letter (yes we've been sending these letters for over 25 years now!) we wrote that values were rising out the doldrums of the 1990's market. We noted in 2006 the pinnacle with sales averaging $325,000! With the Great Recession in full force, we reported in 2011 that not one unit sold and in 2012 the only sale was a short sale for $184,600. (See chart below)
Over the last 10 years values slowly gained ground and but with the emergence of COVID, prices escalated quickly. There has been a 23% appreciation of values over the last 20 years. But a hyper increase happened in the last 12 months. Brookwoods saw $2.1 million total sales on 8 transactions with an average of $266,250 in the past year. The last 3 sales in 2021 sold quickly at or above asking or price.
This dramatic value burst is seen clearly at Unit #17. Selling on 12/10/2020 for $225,000 after being on the market for more than a year, it came back to the market with minimal changes and sold for $279,000 within 55 days. Both sales were during the COVID era-but the 19% increase underscores the continued market pressure.
The trend is clear. If you are considering selling, this is the time.
Average Sales in five year increments (* 2011 had no sales-used 2012):
Price Average sale $ # of Sales % Change
Unit sales in the last 12 months:
Date Unit Asking Price Sales Price Days on Market
We hope you are well and keep strong spirits. We feel so fortunate to be here, continuing working and thriving in this very curious time. Thank you.
And should you be interested in a free assessment of your house, call us, stop by the office or visit our website at www.bainrealestate.com. Lastly, please note that we are able to send this letter out digitally, so email us and we will add you to the list.
Happy New Year!
David Bain & Associates-Debbie Bain, Toni Soule, Erin Hull, Amy Danis, Amy Longley, Elisa Waysenson & Heidi Kearns
Please note that not all listings and sales transactions are through David Bain Real Estate
Click the link to view the map.