In summarizing the activity in January, real estate agents in Gales Ferry listed 33 homes for sale as of February 1st. This is 5 more than the 28 homes that were actively listed on January 3rd. Also, 21 of these listings were active a month ago on January 3rd. 10 them were active 3 months ago on November 1st. There were 9 homes under deposit as of February 1st. Finally, there were 6 closings and 12 new listings added to the CTMLS in January for Gales Ferry.
The average size for the 33 actively listed homes was a little more than 2025 square feet. Living areas for these homes ran between 1100 to almost 3800 square feet. Homes offered from 3 to 5 bedrooms with the average at 3.7 bedrooms. The average number of full bathrooms was 2.0 with 21 (~64%) of the 33 homes offering one half-bathroom. The following charts provide some additional perspective on size-related attributes of the actively-listed homes.
The average price for a home actively listed in Gales Ferry on February 1st was a little over $275,000. However, the median list price at $289,500 was a little greater than that average. Listing prices were in the range $49,000 to almost $460,000. The following chart shows how the average listing price varies with number of bedrooms and living area, and shows the number of houses listed in each category for homes actively listed on February 1st in Gales Ferry.
There were 9 homes under deposit as of February 1st as well. The average listing price for these homes was a bit over $210,000 with prices in the range $105,000 to almost $270,000. The average size was just over 1900 square feet with an average of 3.6 bedrooms and 2.0 full bathrooms. These homes had been actively listed for an average of 75 days.
Last month in January, 6 homes in Gales Ferry had closing transactions, which was 4 fewer than had closed the previous January in 2016. The average closing price for the homes which closed in January 2017 was a little over $265,000. The average size was about 1900 square feet with an average of 3.8 bedrooms and 1.7 full bathrooms. The corresponding listings for these homes had been active on the market for an average of 93 days.
The Longer-Term View
The chart below shows how many homes were sold per year from 2012 through 2016 broken down by number of bedrooms. It shows improvements in volume each year since 2013 driven primarily by the sales of 3 and 4 bedroom homes.
To look at some data in more detail, 112 homes in Gales Ferry completed closings in 2016. The closing prices for these homes were in the range of $37,000 to $500,000. The average closing price was almost $223,500 and $217,450 was the median. Living area averaged about 1800 square feet with sizes ranging from about 865 to almost 4500 square feet. These homes had between 2 and 5 bedrooms with the average at 3.5 bedrooms. Also, there were between 1 and 4 full bathrooms. The average number of full bathrooms was 1.8 and 58 (~52%) offered one or two half-bathrooms as well. The corresponding listings were active for an average 80 days – a bit over 2.5 months. But the median period for these listings being active was lower at 55 days – a little under 2 months.
For comparison, 104 homes had closings in 2015. The range of closing prices from $45,000 to almost $440,000 was slightly narrower. Also, the average and median closing prices were each about $10,000 lower, at just over $212,000 and $207,550 respectively. These homes had slightly smaller averages for size attributes as well. The average living area was a bit smaller at just over 1750 square feet. Also, the range of sizes was narrower as well, running from almost 865 to just about 3200 square feet. They averaged 3.3 bedrooms and 1.8 full baths. However, 57 (~55%) of these homes included from 1 to 5 half-bathrooms as well. Finally, the corresponding listings for these homes were active on the market for a similar 73 days on average.
The chart below reports average closing prices for the years 2012 through 2016 also. This data covers homes with 2-6 bedrooms and are broken out by year. It seems that the prices were relatively steady except for the 5-6 bedroom homes over these years. Also, the data suggests that 3 bedroom homes have shown some improvement relative to 2012.
However, the final chart below shows the average closing price per square foot per year for homes by number of bedrooms as above. This suggests that the average closing price adjusted for size of the home had increased by about $10/square foot in 2016 for 3 and 4 bedroom homes relative to 2012. You can see from the # of Homes Sold chart above, the vast majority of homes sold in Gales Ferry are 3 and 4 bedroom homes.
The data reported above was obtained from the CTMLS as of 2/1/2017. We’ll be monitoring the market over the coming months to see if there are other trends or data of interest which we can share with you and will post these to our Gales Ferry Real Estate Page.
If you are considering purchasing a home in the Gales Ferry area or if you would like to work with a local Realtor, please feel free to call us. We would love to help you buy or sell your next home.