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

Feb 2016 Feb 2017 Percentage Change
SF Total # Sold 37 31 -16.2%
SF Median Sold Price $615,000 $602,500 -2%
SF Median Sold PSF $258 $231 -10.5%
SF Newer Homes* # Sold 7 3 -57%
SF Newer Homes Median Sold Price $852,250 $1,079,00 +26.6%
SF Newer Homes Sold PSF $284 $270 -5%
CN Total # Sold 26 30 +15.4%
CN Median Sold Price $314,000 $230,000 -26.8%
CN Median Sold PSF $304 $275 -9.5%
CN Newer Homes* # Sold 10 4 -60%
CN Newer Homes Median Sold Price $550,000 $429,500 -22%
CN Newer Homes Sold PSF $296 $322 +8.8%

Observations:

SF home sales in Stamford in February was sluggish compared to the prior year, most likely due to factors in the overall economy, business and political world more than anything else. Both demand (units sold) and PSF were down, although it is important to remember that demand can be artificially low when there is not enough desirable inventory to buy. This is often the case in Fairfield County this time of year and also as buyers get pickier and lean towards the exceptional properties only. Selective buyers are not only taking their time to buy, but they are generally more willing to wait until more inventory becomes available rather than bid the price up on a property they like that has buyer competition. This phenomena is what is keeping prices reasonable even though a large number of Fairfield County residents understand the advantage of buying versus renting. On the condo side, more units were sold at lower prices overall. Newer condos, however, experienced an increase in PSF’s even though the median purchase price was down. This means value is improving but budgets are not. Overall, the strong 15.4% increase in demand is refreshing. I predict demand will get stronger throughout the year as first-time buyers get weary of record high rents. Their only constraint will be inventory. I encourage current owners to study those terrific real estate design sites like Houzz and renovate with an eye for what younger buyers want. Failing to do so means your home will sit on the market and risk getting sale, only to trade painfully at fixer-upper pricing.

Click here to see homes that reflect the median price and median psf for Feb 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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