Bain Estate Sharon West Cornwall 2019 February Market Report.
Litchfield County's real estate market has strengthened nicely since the Great Recession ten years past. As the economy has strengthened buyer confidence has in turn responded positively. So, growth has ensued. Hence in 2016 we saw 58 sales in Sharon and in 2017 we had 50. We had only 46 sales transactions in Sharon in the last 12 months but while the drop might be attributable to declining listing levels, a cautionary approach is advised as the local, state, national and even global issues effect consumer confidence.
In fact, we are seeing this manifest on the upper end of the value spectrum, as the sales have not been as brisk with downward pressure on houses over $1MM. This past year Sharon had only 4 sales over $1MM or less than one percent of the 46 sales. 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.
Buyers are clearly seeking affordable housing opportunities with a keen intent on not overinvesting and with a sense of not wanting to invest in a house that gets limited use. Sellers who over invested in their homes in the last 10 years are finding that buyers are not valuing the upgrades as sellers might have hoped.
Listing levels have been shrinking slightly with 56 currently available, but in each price range there are an even amount of offerings. There are 16 properties available under $400,000 and 16 homes from $400K-$700K. There are 8 homes available from $700K to $1MM and 14 homes from $1MM to $3MM. There are two offered above that level at $7 MM and $11MM.
What is interesting while the offerings are spread nicely over the spectrum of the market, the sales data reinforces the idea that the market is still price sensitive. Of the 46 sales last year 57% closed under $400K. 11 sold in the $400K-$700K price range or 24%, 3 sales occurred in the $700K to $1MM and 4 sales from $1MM to $2MM.
Interestingly, there are 8 home sales in contract to sell presently. Three sales are under $400K or 37%. In the $600K-$1M range there are another 3 sales (37%), and 25% of the sales are two sales in the $1MM-$1.3MM range. This is a smoother market spread. It will be interesting as to how 2019 shapes up.
We have only two houses to report selling in the neighborhood in the last 12 months.
293 West Cornwall Road Listed: $365,000/Closed $367,000.
This home is a fabulous Cape, built in 2007. It is bright and full of light, move-in ready in and just steps from the West Cornwall covered bridge. There are large windows with wide plank wood floors throughout. Main level includes a living room with working fireplace and French door walk out to patio; large country-style kitchen for easy cooking; dining room and a bedroom that can double as a study. The Master Bedroom and 2 other bedrooms are on the upper level along with a large full bath featuring dual sinks, a claw foot tub with European style faucet, and a separate stall shower. Asher Pavel and Toni Soule of my office assisted in the sale.
240 West Cornwall Road Listed: $149,000/Closed $149,000.
Bain agent, Priscilla Pavel listed and sold this 1810 colonial, a bright, pretty antique with 1040 sq. ft. of living space. There are 2 bedrooms, one on the first floor and one on the second floor. The house boasts hardwood floors and antique character. The house maintains a 2 year old propane furnace and newly outfitted first floor bath. Separate garden shed (used to be a chicken coop), stone walls, off street parking and attractive garden plantings. It is simple and easy.
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 or see us on Facebook and Instagram. This letter and the others we write are posted on the website as well. Cheers!
David Bain & Associates
Toni Soule, Marilyn DeVos, David Hurlburt, Karen Grimaldi, Priscilla and Asher Pavel
Please note that not all listings and sales transactions are through David Bain Real Estate