In summary, local Realtors had 30 homes listed for sale in North Stonington through the CTMLS as of April 3rd. This was 3 fewer than the 33 that had been actively listed on March 1st. Of these 30 properties, there were also active listings for 24 on March 1st. Moreover, there were active listings for 17 of these 30 three months ago on January 3rd as well. In addition, there were 9 homes under deposit on April 3rd. Finally, there were no closings, but the CTMLS added 5 new listings, in April for North Stonington.
The average size for the 30 homes actively listed on April 3rd was a little under 2100 square feet. The range of living areas was broad extending from almost 890 to just over 5050 square feet. Also, the number of bedrooms in these homes ranged from 2 to 8 with the average at 3.4 bedrooms. The number of full bathrooms ranged from 1 to 8 but the average was 2.2. In addition, 12 (40%) of these homes included one or two half-bathrooms. The following charts give a little more data about size-related attributes of these homes.
The average listing price for these 30 homes was a little under $380,000 and the median was almost $315,000. Prices ranged from a little under $175,000 to $985,000. The chart below provides a breakdown of listing prices in 4 different ranges.
The chart below gives additional detail relating living area (square feet) and number of bedrooms (for homes with 2-6 bedrooms) to the listing price. It shows the number of homes by, and the average listing price for, each combination of attributes for homes with active listings as of April 3rd.
As of April 3rd, 9 homes were under deposit. The average size for the homes under deposit was just under 2300 square feet. In addition, these homes offered an average of 3.6 bedrooms and 2.6 full bathrooms. 4 (~44%) of them included a single half-bathroom. Also, the average listing price was a bit over $335,000 with a $319,000 median. The prices were in a relatively narrow range running from about $170,000 to almost $550,000 for these homes. Finally, the corresponding listings for these homes were active on the market for an average of 114 days. The median active days on the market duration was a much lower 56 days.
Looking over the longer term, the chart below shows the number of homes sold per quarter since the 2nd quarter of 2012. To begin, there were closings for 16 homes in the first quarter of 2017. This looks good relative to the numbers of homes sold in the 1st quarter in each of the preceding 5 years.
For these 16 homes, the average size was a bit over 1700 square feet with an average of 3.2 bedrooms and 1.9 full bathrooms. In addition, 6 (~38%) of them included 1 or 2 half-bathrooms. Although the median closing price was $262,500, the average closing price was more than $20K lower at $242,225. The range was relatively narrow between around $120,000 and just over $400,000. These listings were active on the market for an average of 91 days, but the median value here was almost a month shorter at 64 days.
For comparison, the average living area for the 79 homes which sold in 2016 was just over 1850 square feet. However, the range of living areas was very broad running from just 330 to over 3400 square feet. The homes offered between 1 and 5 bedrooms with the average at 3.3 bedrooms. In addition, there was an average of 1.9 full bathrooms for these homes which offered from none to 3 of them. 32 (~41) of them included a single half-bathroom.
The chart below provides some additional detail to the chart above. It shows the number of homes sold per quarter broken down by number of bedrooms per home (for homes with 2-6 bedrooms). It suggests that the total volume is made up more of homes with 3 and 4 bedrooms than others.
The chart above shows a “rolling average” for overall quarterly sales suggesting a steady increase in recent quarters as well.
Next, the chart below shows 12-month quarterly “rolling average” of closing prices for homes with 2, 3, 4, and 5-6 bedrooms as well as an overall average for the 5-year period ending in 1Q2017. It suggests that closing prices have more or less held steady over the period.
Finally, the background bars in blue show a 4-quarter “rolling average” for the number of days listings stayed active on the market for the same period. This suggests that the amount of time a home remains listed before being sold has decreased significantly since 2012 but has increased slightly over the past couple of quarters after hitting its lowest point over the period.
We’ll continue to watch the residential property market and bring you additional observations and data in future blogs. The data reported above was based on data obtained from the CTMLS as of April 3rd 2017. We post updated information on our North Stonington Real Estate Page.
If you are looking for a house in North Stonington or if you would like to work with a Realtor in the North Stonington area, please feel free to call us. We look forward to helping you find just the right home for you.