Bain Real Estate - Market Update

Dear Neighbor,

The Covid-frenzied real estate market depleted the Sharon housing stock so significantly that despite the ebbing of the pandemic, the market has yet to stabilize. At this point a year ago there were only 7 homes available for sale in Sharon. Today is slightly better with 11 residential homes for sale.

There were only 48 residential sales in Sharon, 45 fewer home sales noted in our letter last year. This dramatic drop is not due to a lack of interest, but a lack of inventory along with the confluence of inflation and increased mortgage rates, all of which has buyers hesitating. There are 4 homes in contract presently.

Yet it is unlikely that this "breather" is going to enable the market to restock. Despite fewer listings, economic queasiness and buyers' pausing, the desire to live in Sharon is strong. Sales are brisk and competition is fierce when a well-priced house comes to market.

If you are...

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Dear Neighbor, 

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 Warren from New York City, 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. But the pace is slowing.  This season is usually a bit slower with the uncertainty about the economy and higher mortgage rates taking their toll.  There is very little inventory and t...

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11/30/2022

Dear Neighbor,

The Covid-frenzied real estate market depleted the Sharon housing stock so significantly that despite the ebbing of the pandemic, the market has yet to stabilize.  At one point a year ago there were only 7 homes available for sale in Sharon. Today it's marginally better with 11 residential homes for sale. 

There were only 48 residential sales in Sharon, 45 fewer home sales noted in last year's letter. This dramatic drop is not due to lack of interest, but of a diminished inventory along with the confluence of inflation and increased mortgage rates, all which has buyer's hesitating.  There are 4 homes in contract presently underscoring this hesitation. 

Though, it is unlikely that this "breather" is going to enable the market to restock. Despite fewer listings, economic queasiness and buyer's pausing, the desire to live in Sharon is strong. Sales are brisk and competition is fierce when a well priced house comes...

Click Here to Read More...

Dear Neighbor,

The Covid-frenzied real estate market depleted the local housing stock so significantly that despite the ebbing of the pandemic, the market has yet to stabilize.  At one point year ago there were only 11 homes available for sale in Kent. Today is considerably better with 17 residential homes for sale. 

There were only 36 residential sales in Kent, 55 fewer home sales noted in our letter last year. This dramatic drop is not due to lack of interest, but lack of inventory along with the confluence of inflation and increased mortgage rates, all which have buyer's hesitating.  To this point there are only 6 homes in contract presently. 

Yet it is unlikely that this "breather" is going to enable the real estate market to restock. Despite fewer listings, economic queasiness and buyer's pausing, the desire to live in Kent is strong. Sales are brisk and competition is fierce when a well priced house comes to market. 

If you are i...

Click Here to Read More...

Dear Neighbor,

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.  But the current uncertainty in the economic market and the higher mortgage rates has created some caution on the buyers' side. We predict the market will be stable with the forces balancing out. 

In the whole of Cornwall there were 26 property sales in the last 12 months, 8 of those were land sales and 6 were over $1 million! Currently there are only 15 properties av...

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