In summary, there were 35 homes listed for sale in Pawcatuck by local real estate agents as of May 1st. This was 2 more than the 33 which had been actively listed a month ago on April 3rd. 22 of the 35 properties actively listed on the 1st had been listed a month ago on April 3rd also. In addition, 14 of the 35 were actively listed three months ago on February 1st as well. 10 homes were under deposit as of May 1st. Finally, there were 12 closings, and Realtors added 12 new listings to the CTMLS for Pawcatuck in April.
The average size for these homes was about 2275 square feet with the median lower at 1975 square feet. The living area varied broadly from 500 to almost 7850 square feet. The number of bedrooms ranged from 1 to 6 with an average of 3.4 bedrooms. Also, the number of full bathrooms was between 1 and 5 with 2.0 as the average. Of these homes, 13 (~37%) had at least one and up to 5 half-bathrooms. The following charts give a little more data about the size-related attributes of these homes.
The range of listing prices for these 35 homes was very wide running from just $740 to almost $6M. The average listing price was about $558,000 and well above the $399,000 median price. The chart below provides more context on the distribution of the asking prices.
The chart below gives more detail about factors related to the listing price. It breaks down the number of homes by living area range (square feet) and number of bedrooms (for homes with 2-6 bedrooms). In addition, it gives the average listing price for each combination of living area range/number of bedrooms.
Also, there were 10 homes under deposit as of May 1st. The average size for these homes was a bit above 2200 square feet with an average of 3.4 bedrooms and 2.2 full bathrooms. 5 of them offered a single half-bathroom. The average listing price was around $320,000 with prices ranging from $110,000 to $540,000. The average number of days in which the corresponding listings were active was 60 with a median of 44 days.
There were closings for 12 homes in April which was 7 more than the 5 which closed in March. The average closing price for these 12 homes was a bit over $335,000. Prices ranged a little more widely from around $115,000 to almost $950,000. Also, these homes had an average living area of about 2150 square feet. In addition, they included an average of 3¼ bedrooms and 1.9 full bathrooms. 8 (~67%) offered one half-bathroom. Finally, the corresponding listings were active on the market for an average of 69 days, or a bit over 2 months.
For some comparison, there were closings for 17 homes in the 1st quarter of 2017. $275,000 was the approximate average closing price with a lower median at $235,000. The range of prices was relatively narrow running from $155,000 to $515, 000. Also, these homes offered an average of 1850 square feet of living area, 3.3 bedrooms, and 1.6 full bathrooms. 10 (~59%) of these included one or two half-bathrooms. The corresponding listings were active on the market for an average of 80 days. The median value was much lower at 22 days.
For additional comparison, closings completed for 17 homes as well for the first quarter of 2016. The average closing price was almost $260,000 with a median a little lower at $234,500. Prices were in a broader range extending from a low of $35,000 to almost $730,000. Living areas ranged from around 1180 to over 3700 square feet. The average size was about 1850 square feet with the median a bit lower at almost 1550 square feet. They offered an average of 3.1 bedrooms and 2.0 full bathrooms. In addition, 8 (~47%) included one half-bathroom as well. The corresponding listings were active on the market for an average of 109 days with only a slightly lower 99 day median.
Some longer term perspectives are presented in the charts below. The first chart shows the number of homes sold since 2012. It breaks down the data by number of bedrooms for homes offering 2, 3, 4, and 5-6 bedrooms. It seems that if the level of activity seen in the first 4 months of 2017 persists, sales will match or exceed those of the past 5 years.
Next, the chart below provides an annual average of closing prices as well as an overall average for the same time period broken down in the same way. Noting that many different factors affect closing price, and assuming the averages thus far for 2017 persist for the remainder of the year, it suggests that closing prices for homes with 5-6 bedrooms have come down while prices for 4 bedroom homes have recovered to their 2012 average. It seems that the overall average, and average closing prices for 2 and 3 bedroom homes, have been flatter and relatively consistent over the period.
Finally, for purposes of comparison, the chart below gives another perspective on closing prices. It uses the same time period and breakout criterion as the charts above. It shows what the average closing price was with a bit of “normalizing” after dividing the closing prices by the living area of the home.
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 May 1st, 2017. Updated information is available on our Pawcatuck Real Estate Page.
If you are looking for a house in Pawcatuck or if you would like to work with a Realtor in the Pawcatuck, please feel free to call us. We look forward to helping you find just the right home for you.