Stonington Borough Home Real Estate Market Activity – Greg Broadbent – Winter 2017

Summary

To summarize activity for the Stonington Borough, local real estate agents had 10 homes listed for sale on March 1^st.  This was the same number as was actively listed on February 1^st, and 7 of those homes listed on March 1^st had also been listed on Feb 1^st.  3 of these listings were also active 3 months ago back on December 1^st.  No homes were under deposit as of March 1^st.  There were 3 new listings added as well as closings for 2 homes in February.

Recent Activity

The 10 homes actively listed on March 1^st had an average living area of just over 3500 square feet.  The living areas ranged from about 1150 to just over 7525 square feet.  The average number of bedrooms was 3.8 with the number of bedrooms offered running between 2 and 6.  These homes offered between 1 and 6 full bathrooms with 3.3 as the average number.  Also, 8 of these 10 homes included either 1 or 2 half-bathrooms as well.  The charts below provide some additional information on size-related attributes for homes actively listed as of March 1^st.

These 10 homes varied widely in listing prices which ran between $475,000 and $5.125M.  The average price was almost $2.1M and the median was just $40K below the average price.    To complete the review of active listings, the chart below provides some additional detail about the number of homes listed by number of bedrooms (for homes with 2-6 bedrooms) and range of living area size, as well as the corresponding listing price or average of listing prices.

There were 2 closings so far in 2017 for homes in the Stonington Borough, both last month in February.  The living areas for these homes were about 1035 and just over 3675 square feet. One home offered 2 bedrooms and 1 full bathroom.  The other included 5 bedrooms and 5 full bathrooms.  Both homes offered a single half-bathroom.  Finally, the closing prices for these homes were around $255,000 and $400,000.

Past Activity

Looking at the data over the longer term, the following chart displays the number of homes sold in the Borough per year from 2012 through 2016 broken down by number of bedrooms in the home.

There were 5 homes sold over 2016 in the Stonington Borough.  The closing prices ran in a relatively narrow range from $420,00 to $750,000, with the average closing price at about $640,000.   These homes all had 3 or 4 bedrooms and between 2 and 4 full bathrooms.  Also, 2 of the homes offered a single half-bathroom, but one of them included 5 half-bathrooms.  Their respective listings were active on the market for an average of 295 days with the median at 176 days.

For comparison, closings completed for 7 homes in all of 2015.  Closing prices for these homes ran in a much broader range from $250,000 to $2.2M, with the average closing price at about $815,000.   Also, these homes offered between 2 and 5 bedrooms with 3.3 as the average.  They included from 2 to 5 full bathrooms with that average being 2.9; 5 (~71%) of them offered either one or two half-bathrooms as well.  Their respective listings were active on the market for an average of 230 days with the median at 63 days.

Finally, here’s one additional view of closing prices over the same period.  It shows the average closing price after being divided by SQUARE FEET of living area for homes using the same breakdown by number of bedrooms.  Note there were no 2 or 5-6 bedroom homes sold in 2016.

The trends reported above utilized data obtained from the CTMLS as of March 1^st 2017 for single family residential properties.

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 in future blogs.   We will post updated information on our Stonington Borough Real Estate Page.

Finally, if you are considering purchasing a home in Stonington or if you would like to work with a Realtor in the area, please feel free to call us.  We would love to help you buy or sell your next home.