Bain Real Estate - Market Update

Dear Neighbor,

Summer of '22 is upon us and we are all attempting to get back to pre-pandemic days. Sales during the last two years have outstripped available houses for sale resulting in a dearth of listings available for people desirous of moving to Kent.

Because of this imbalance we are seeing some buyers and 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 one should sell only if one has a place to move.  We predict this new paradigm will be here for a number of years.

Kent registered 48 sales in the last 12 months. This is 34 fewer home sales than in the 2021. This dramatic drop is not due to lack of interest, but lack of inventory.  There are 10 homes in contract presently and only 8 available to purchase. Despite fewer listings, purchasing desire is strong, sales are brisk and competition is fierce.  Here is what...

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Dear Neighbor,

We are rebooting our informative neighborhood letters after having our office "closed" over the last 12 months. I say "closed" because as you likely know, the real estate market in Sharon and the county and the state and the world, went nuts. So, we've actually been quite "open".

In our 40 plus years of selling, we've never experienced a panic of this magnitude. People's fear of living in a densely packed city and the health crisis it triggered created a relocation flight decimating our inventory.  Today, Sharon has only 19 homes listed and values have surged to levels not seen in over 15 years.

A 15%-20% increase in home values is not uncommon and in some of the upper end homes we saw even higher escalations. Perfect example is a house I sold in Jan. 2019 for $645,000 and it came back on the market in July 2020 for $795,000 and sold for $810,000 within a few days. And there are some forecasts of another 15% increase in the next yea...

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Dear Neighbor,

We have rebooted our informative neighborhood letters after the COVID hiatus. Though, as you likely know, the real estate market in Sharon, the county, the state and the world didn't take a hiatus, but rather went nuts. So, we've a bit to catch up on.

In our 40-plus years of selling, we've never experienced a panic of this magnitude. People's fear of living in a densely packed city and the health crisis it triggered created a relocation flight decimating our inventory.  Today, Sharon has only 11 homes listed and values have surged to levels not seen in over 15 years.

A 15%-20% increase in home values is not uncommon and in some of the upper-end homes we saw even higher escalations.

There were 16 sales in your neighborhood in the last year and 50 total sales in Sharon- the sales transactions are down nearly 50% from the height of the COVID rush, but this reduction is due to limited inventory, not demand.  In fact when a house hits the...

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Dear Neighbor,

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 a flight to Kent, swelling our schools, absorbing our housing inventory and pushing our values to levels not seen in a long time, if ever.  The result is a market with only 7 homes available where normally 35-40 should be up for sale. And only 9 parcels of land offered. The flip side is the 20%-30% increase in values has sellers buoyant and buyers scrambling with Rents soaring as well.

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 sell only if you have a place to move to.  We predict this new paradigm will be here for a number of years to come....

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 Kent from NYC, swelling our schools, absorbing our housing inventory and pushing our values to levels not seen in a long time, if ever.  The result is a market today with only 9 homes available where normally 35-40 should be up for sale. And there are only 9 parcels of land offered. The flip side is the 20%-30% increase in values has sellers buoyant and buyers scrambling with rents soaring as well.

All of this has some buyers and many more sellers on the sidelines waiting, but 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.

Kent registered 53 sales in the la...

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