In summarizing real estate market activity for February in Noank, Realtors had 11 homes listed for sale on March 1st. Also, of the 11 homes listed on March 1st, 10 of these same listings were active on February 1st. Of these, 7 were actively listed 3 months ago on December 1st as well. There were 2 homes under deposit on March 1st. Finally, there were 2 closings and 1 new listing added to the CTMLS for February in Noank.
The average listing price for the 11 homes listed as of March 1st was a little over $620,000. The median was higher at $695,000 with prices in the range $339,900 to almost $1M. The chart below gives a percentage breakdown of homes in different price ranges listed for sale in Noank on March 1st.
The average size of these homes was approximately 2150 square feet. Living area sizes ran from almost 1600 to slightly over 3550 square feet and 2013 was the median value for this measure. There was an average of 3.4 bedrooms and 1.8 full bathrooms. Of these homes, 7 (~64%) included one half bath.
The chart below provides some additional detail about the how the number of bedrooms and range of living area sizes varied with the list price.
The average listing price for the 2 homes under deposit as of March 1st was $562,000. These homes averaged a bit over 3000 square feet. Both offered 4 full bathrooms and one offered an additional half-bath. These homes included 3 and 4 bedrooms as well.
The average closing price for the two homes which closed in February was $331,000. These homes had an average of approximately 2600 square feet of living area. As with the homes under deposit, the homes offered 3 and 4 bedrooms. However, those homes which closed in February only offered 2 full baths, and one included an additional half bathroom. The corresponding listings for these homes were active on the market for 200 and 471 days.
For some longer term perspective, 21 homes sold in Noank in all of 2016. They averaged about 2075 square feet in living area. The range was wide, running from over 850 to almost 4150 square feet. They offered from 2 to 4 bedrooms with 3.3 as the average. These homes had between 1 and 3 full bathrooms with 2.0 as the average. 10 (~48%) of them offered 1 or 2 half-bathrooms as well. The average closing price was a bit over $382,000 with a slightly lower $329,000 median. The range was wide again, extending from $155,000 to a little over $1.2M. Finally, the listings for these homes were active for an average of 94 days with 56 days as the median.
For comparison, there were closings for 23 homes in Noank for all of 2015. The average living area was just over 2000 square feet. The range was a bit narrower – from 1025 to almost 3900 square feet. These homes offered from 2 to 4 bedrooms with 3.2 as the average. These offered from 1 to 4 full bathrooms with 2.0 as the average. Also, 11 (~48% again) included 1 or 2 half-bathrooms. The average closing price was a little lower at just over $355,000 with a correspondingly lower median at $298,000. The closing price range was much narrower, from $120,000 to just a little over $650,000. Finally, the listings for these homes were active for an average of 129 days with a median of 94 days.
For some additional perspective, the chart below shows the number of homes sold each year in Noank broken out by closing price range. With the exception of the drop in 2014, the sales volume seems to have been pretty consistent over the past 5 years.
Finally, the chart below provides some information on trends in closing prices, again broken down by range of closing price.
We’ll continue to watch market activity in Southeastern Connecticut over the coming months and share trends or other data of interest with you in future blogs.
The residential property data was taken from the CTMLS as of March 1st 2017. Updated information will be posted on our Noank Real Estate Page.
If you are looking to buy or sell a home in Noank or to work with a local CT Realtor, please feel free to call us. We look forward to helping you find just the right home for you.