To summarize activity for the Stonington Borough, local real estate agents had 15 homes listed for sale on June 1st. 11 of those listed on June 1st had also been listed on May 1st. 8 of these same listings were also active 3 months ago back on March 1st. There were 4 homes under deposit as of June 1st, but there were no closings in the Borough last month. Finally, real estate agents added 4 new listings to the CTMLS in May.
The 15 homes actively listed on June 1st had an average living area of just under 4250 square feet. The median was about 3650 for these homes with living areas ranging from about 1150 to over 9300 square feet. The average number of bedrooms was 5 with the number of bedrooms offered running between 2 and 15. Also, these homes offered between 1 and 17 full bathrooms with 4.9 as the average number. 9 (60%) of these 15 homes included either 1 or 2 half-bathrooms as well. The charts below provide some additional information on size-related attributes of the homes actively listed as of June 1st.
These 15 homes varied widely in listing price running between $420,000 and $5.125M. The average price was just over $2.0M and the median was just $60K below the average price. The chart below provides some additional detail about the number of homes listed by number of bedrooms and range of living area size as well as the corresponding listing price or average of listing prices.
There were 4 homes under deposit as of June 1st. The average living area for these homes averaged just over 2000 square feet. The living areas were in a narrower range of about 1300 to over 3350 square feet. These homes offered either 2 or 3 bedrooms and either 1 or 2 full bathrooms. Also, 3 of the 4 offered a single half-bathroom as well. The homes ranged in price from almost $225,000 to just under $500,000. Finally, the average active duration for the corresponding listings was 128 days.
Longer Term Retrospective
There were 2 closings so far in 2017 for homes in the Stonington Borough; both were 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. The closing prices for these homes were around $255,000 and $400,000.
Looking at the data over the longer term, the following chart shows the number of homes actively listed on the first business day of the month in the Stonington Borough for the preceding 12 months. For purposes of comparison, it shows the same data for Stonington overall, Pawcatuck, and the Stonington side of Mystic.
The next chart displays the number of homes sold in the Borough per year from 2012 through 1Q2017 by quarter, noting that no sales transactions have closed in the 2nd quarter (yet! – remember that 4 homes were under deposit on June 1st).
There were 5 homes sold over 2016 in the Stonington Borough. The closing prices ran in a relatively narrower range from $420,000 to $750,000 with the average closing price at about $640,000. These homes all had either 3 or 4 bedrooms and between 2 and 4 full bathrooms. 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, sales transactions closed 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. These homes offered between 2 and 5 bedrooms with 3.3 as the average. They included from 2 to 5 full bathrooms. 5 of the 7 homes 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 a chart which shows the average closing price for homes per year by number of bedrooms. It includes an overall average per year as well.
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.
The trends reported above were based on data obtained from the CTMLS as of June 1st 2017 for single family residential properties.
We will post any updated information on our Stonington Borough Real Estate Page. 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.