|SF Total # Sold||740||715||-3.38%|
|SF Median Sold Price||$574,350||$555,000||-3.37%|
|SF Median Sold PSF||$262||$255||-2.52%|
|SF Newer Homes* # Sold||74||65||-12.16%|
|SF Newer Homes Median Sold Price||$975,000||$875,000||-10.26%|
|SF Newer Homes Sold PSF||$264||$277||4.81%|
|CN Total # Sold||509||613||20.43%|
|CN Median Sold Price||$303,500||$317,000||4.45%|
|CN Median Sold PSF||$249||$251||0.98%|
|CN Newer Homes* # Sold||125||163||30.40%|
|CN Newer Homes Median Sold Price||$875,000||$490,000||-44.00%|
|CN Newer Homes Sold PSF||$454||$305||-32.78%|
There was a significant increase in demand for condos in 2016 compared to 2015. There were 20% more buyers of condos overall, and 30% more buyers who bought newer condos (built in 1990 or later). Even though more buyers were willing to commit to a condo purchase, they refused to pay more per square foot compared to last year, and their budgets were lower.
Fewer buyers bought a single family home in 2016 compared to 2015. Accordingly, the median price and price per square foot slipped downward since these homes became more difficult to sell. Even though fewer newer homes sold in 2016, buyers were willing to pay almost 5% more per square foot to secure a newer single family home.
These numbers suggest that there is still strong demand for home ownership in Stamford. 715 single family units sold in one year reflects a healthy amount of activity historically. However, buyers are increasingly price conscious and they have high expectations for modern features and design. Prices will most likely remain affordable in the near-term due to this high level of discernment shown by local buyers. The lack of newer inventory will also continue to constrain demand.
*”Newer Homes” refers to single family homes and condos built in 1990 or later.
Condo data does not include coops
“Newer Homes”data sets are subgroups of the total figures
Data includes CMLS recorded transactions only