Over the last two years, the Covid-driven sales have reduced the available housing stock so significantly that it has skewed the typical balance of the local market.
The lopsided market has affected the number of transactions in Sharon. In the last twelve months, there were 49 sales, considerably fewer home sales than in 2021. This dramatic drop is not due to lack of interest, but lack of inventory.
Because of this imbalance we see some buyers and sellers on the sidelines waiting. With the confluence of inflation, lack of inventory, increased mortgage rates and Covid concerns waning, there is a slight pause or hesitation in the market. Hopefully, this breather will allow some restocking of houses and back to a more balanced market.
There are 9 homes in contract presently and 13 available to purchase. Despite fewer listings, purchasing desire is strong, sales are brisk and competition is fierce when a well-priced house comes to market.
Below is a condensed version of what has sold in your neighborhood in the last year:
281 Millerton Road 5/17/2022 $1,200,000 –
This newly constructed home with a modern touch has an open floor plan of kitchen, dining and living room all with sunset views across Indian Lake. The oversized living room doors open to the bluestone patio and a lake front deck. The kitchen offers top quality appliances and considerable storage. Two en-suite bedrooms each with lux bathrooms plus an office share the upper level with the primary bedroom that has large windows maximizing the impressive views of the lake.
246 Millerton Road 8/31/2021 $900,000 –
Sited well up in an old 3 acre farm field, this home has expansive western view out over Indian Lake. Entailing 3,395 sq ft of living space is the home centered on the open living/kitchen and dining area. The 4 bedroom, 3.5 bathroom house has a wall of windows and doors open to outdoor spaces.
Lot 18/19 Minneluta Trail 11/20/2021 $45,000 –
Two contiguous small parcels were purchased by a neighbor.
289 Low Road 9/28/2021 $789,000 –
I listed this 3 bedroom, 3.5 bathroom Colonial Farmhouse with sweeping views of the famed Twin Oaks Preserve. Constructed in 2004 it has 9' ceilings, crown molding, and honey hued wide pine floors. The open family kitchen has gas range, center-island, and soapstone counters. Off the kitchen is a large screened porch offering sunset views. The primary bedroom and bath has views over the Sharon Land Trust. The back yard pond is surrounded by an open and level lawn on the 5 acre property.
6 Dug Road 5/28/2021 $1,185,000 –
This modern farmhouse built in 1986 was designed by architect Turner Brooks with two wings that expand off the homes central core. One wing holds 2 bedrooms and 2 baths including a first floor primary suite. The second includes a large studio/entertainment space with a full bath and office loft above. The central core of the home offers open living room, dining room, and kitchen with western views of countryside from curved living room windows. The second floor provides an additional primary bedroom suite, offering an oversized window that captures the lovely view.
147 Millerton Road 1/31/2022 $204,000 –
This 12 acre parcel was sold to between neighbors. This parcel was then added to the purchaser's existing land holdings.
69 Mudge Pond Road 4/19/2022 $1,700,000 –
This 6,000 sq ft converted dairy barn sits high above the western shore of Mudge Pond. The exposed wooden barn beams, soaring ceilings, wide board floors, and wood-burning fireplace are all part of the allure of this 5 bedroom, 4 full and 2 half bath main residence. All the rooms on the main level offer views to the lake, including the primary suite which includes a fireplace and double French doors that open to a private patio. The kitchen, with ample seating inside as well as on the patio, is equipped with professional grade appliances. This estate includes a 1 bedroom lake side guesthouse and a 2 bedroom guesthouse abutting the Land Trust, both with views over their 8 acres.
8 Holland Road FOR SALE $395,000 –
I have recently listed this sweet cottage on .79 gardened acres. Built in 1976 the 2 bedroom, 2 bathroom home offers oak flooring, renovated kitchen and large windows to a lovely view.
3 Holland Road 10/5/2021 $300,000 –
This small house of under 1,000 sq ft was unfinished when it was purchased. Sited on .22 acres of land, the home has a nice level yard.
292 Gay Street 3/30/2022 $750,000 –
Built in 2002 this 3,500 sq ft home was sited to capture views of Salisbury's Selleck Hill and the Berkshires to the north. With 4 bedrooms and 3 bathrooms, the home features cathedral ceilings and a wood burning fireplace. The living room is open to the dining room and large kitchen. The main floor primary suite is in its own private wing. The 3-bay garage is heated and includes a workshop. The property includes a separate .83 acre building lot.
The market is still very brisk with only 11 homes listed in all of Sharon and 5 homes in contract to sell. For those considering selling, it's the perfect time. We only caution that you have a place to relocate to. So if we can assist, call us, stop by the office or visit our website at www.bainrealestate.com. Lastly, we are able to send this letter out digitally, so email us and we will add you to the list.
With only 15 homes listed in all of Sharon the need for listings is critical. For those considering selling, it's the perfect time. So call us to get a perspective on your home's value and visit our website at www.bainrealestate.com. Lastly, we are able to send this letter out digitally, so email us and we will add you to the list.
We hope you are well and keep strong spirits. We feel so fortunate to be here, to continue working and thriving in this very curious time. Thank you.
Have a Safe and Healthy Autumn!
David Bain & Associates-Toni Soule, Debbie Bain, Erin Hull, Amy Danis, Amy Longley, Heidi Kearns, Victoria Colombatto and Elisa Waysenson.
In the spirit of getting back to normal, our neighborhood letters are out again with hopes of keeping you informed on local sales, offerings, trends and the Bain perspective.
The pandemic unleashed a flight to Cornwall from NYC, swelling our schools, absorbing our housing inventory and pushing our values to levels not seen in a long time, if ever.
All of this has some buyers and many more sellers on the sidelines waiting. Waiting for what is the question. The idea that the market will be flush with listings soon is not realistic. It is a seller's market. We predict this new paradigm will be here for a number of years to come.
In the whole of Cornwall there were 28 property sales in the last 12 months, 8 of those were land sales and 7 were over $1 million! The previous 12 month period saw 55 property sales with 12 land sales and 10 properties sold over the $1 million mark. Going back a third year when we were moving into Covid times, there were 29 sales with 7 being land sales and just 5 over $1 million. Currently there are only 15 properties available in Cornwall and 7 of those are land offerings and 9 are over $1 million leaving only 6 residential properties for sales below that mark. Slim pickings!
In Cream Hill there were 9 sales in the last 12 months. This dramatic drop is not due to lack of interest, but lack of inventory. Despite fewer listings, purchasing desire is strong, sales are brisk and competition s fierce. Here is what has transpired:
432 Cream Hill Rd 6/24/2021 $1,100,000
Originally built in 1896, this Antique Colonial is located in the truly scenic Cream Hill section of Cornwall. The first floor of the home includes a light-filled sunroom, rustic kitchen that opens to a dining area with woodstove, plus a living room with fireplace. The house was expanded and now includes a library and primary bedroom suite on the main level with private bath and walk-in closet. The property consists of 8 private acres and includes a large fully-finished detached barn with studio.
293 Cream Hill Rd (Lots 1&2) 3/8/2022 $350,000
This parcel contains a meadow overlooking the Taconic Range to the north. The property owner sold two lots as one, restricting the lot on Cream Hill to a no build lot, but allowing access to the rear pasture lot to the best building site with views.
336 Town St 7/7/2022 $700,000
This was a direct sale of a cottage originally built in 1920 on 7.70 acres with 2192 sq. ft. and updates containing 3 bedrooms and 2 full baths
148 Cream Hill Rd 8/29/2022 $1,500,000
This historic Colonial has undergone a complete interior renovation in the mid 1990's with precise attention to detail in regard to preservation of character. Kitchen has wood flooring and beams from a Brooklyn Sugar mill, marble countertops, period plumbing and bath fixtures, period door knobs and hinges. Views from every window on all 3 living floors. Property includes extensive gardens including a farm orchard on over 24 acres and post-and-beam barn.
193 Town St 11/17/2021 $1,380,000
This English Country Cottage home comes with 3 bedroom, 2 bath on 3 private acres. A light-filled dining room includes ceiling to floor bookshelves. Spacious living room with a fireplace, reading nook with bookshelves, and French doors that open up to the patio. Kitchen includes butcher block counters, breakfast area and full bath. The upstairs there are 3 bedrooms, full bath, and laundry. A generator, raised beds for gardening, and stone walls complete this unique property.
191 Town St 6/1/2022 $855,000
This charming English Country Cottage is a gem on one of Cornwall's most coveted roads. A peastone driveway leads to an enchanting 3 bedroom, 2 bath home situated on 3 private and level acres. An inviting front patio is outlined by a decorative stone wall creates an oasis for cozy outdoor entertaining. Inside, the main level features a light-filled dining room off to the right with ceiling to floor bookshelves. To the left, the front hall leads to a spacious living room with a fireplace, reading nook with bookshelves, and French doors that open up to the patio. The lovely kitchen includes butcher block counters, breakfast area and full bath. The upstairs includes 3 bedrooms, full bath, and laundry. A generator, raised beds for gardening, and stone walls complete this unique property.
51 Cream Hill Rd 7/6/2021 $22,000
This was a wooded 1 acre pre-existing non conforming parcel that was not a town approved building lot approved building lot at time of sale. With approval by Torrington Area Health
Department it may be possible to get town approval for a house site.
00 Town St 8/11/2021 $260,000
Long road frontage and at the rear of the property are long Eastern and Western views from this excellent Cornwall location.
This 67.2 acre parcels offers some old pasture, some wetlands and several very desirable and mostly flat house sites along the ridge line.
Lengthy driveways will be required.
62 Sharon Goshen Tpke 6/14/2021 $575,000
This Split level 1516 sq. ft. split level home was built in 1960 on 13.8 acres. A beautifully renovated four-bedroom three-bath home atop 13.8 open and lightly wooded. The open floor plan incorporates the living room with a wood-burning fireplace, large window with expansive sunset views, dining room, and kitchen with breakfast bar. It sold privately on 6/17/21.
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 if you are considering selling this seems to be an unprecedented time to capitalize. Call us for a free assessment of your house, office or condo. Or stop by the office or visit our website at www.bainrealestate.com.
All the best!
David Bain & Associates- Chris Garrity, Debbie Bain, Toni Soule, Erin Hull, Amy Danis, Amy Longley, Elisa Waysenson & Heidi Kearns