Jan 2016 v. Jan 2017 Single Family and Condo Sales – Stamford, CT

Jan 2016 Jan 2017 Percentage Change
SF Total # Sold 50 50 0%
SF Median Sold Price $518,000 $550,000 6.2%
SF Median Sold PSF $226 $262 +16%
SF Newer Homes* # Sold 3 7 +133%
SF Newer Homes Median Sold Price $900,000 $875,000 -2.8%
SF Newer Homes Sold PSF $225 $194 -14%
CN Total # Sold 33 39 18%
CN Median Sold Price $343,000 $245,000 -8.6%
CN Median Sold PSF $169 $144 -17%
CN Newer Homes* # Sold 10 10 0%
CN Newer Homes Median Sold Price $515,000 $432,500 -16%
CN Newer Homes Sold PSF $233 $266 +14%

Observations:

The median SF sold price was up in January of this year compared to last year. PSF was also up for SF homes, which indicates that demand continues to strengthen overall. However, when you look at newer homes that have been commanding a premium, the median price and the median PSF were slightly down, so buyers might be getting more cautious about paying more and more for newer SF homes. Due to sluggish condo demand (especially by entry-level buyers), the condo median price is down reflecting a decline in value for the older condos that make up most of the inventory. Newer condo PSF is up 14%, indicating a continued preference and willingness to pay more for newer condo construction. While more older condos were sold this January, the median price was still down 8.6% reflecting the financially conservative and analytical nature of current buyers. Note the flat numbers for total SF unit sales and newer condo unit sales. Don’t expect dramatic shifts in prices in these categories anytime soon if demand remains unchanged.

Click here to see homes that reflect the median price and median psf for Jan 2016 and 2017.

Please note:

*”Newer Homes” refers to single family homes and condos built in 1990 or later.

PSF is Price per Square Foot

Condo data does not include coops

“Newer Homes”data sets are subgroups of the total figures

Data includes CMLS recorded transactions only

Surrounding small towns tend to follow similar market trends when compared to Stamford. For data on your specific town, please email your request to prattray@kw.com

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