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

Mar 2016 Mar 2017 Percentage Change
SF Total # Sold 52 62 +19%
SF Median Sold Price $475,000 $607,000 +28%
SF Median Sold PSF $330 $210 -36%
SF Newer Homes* # Sold 2 9 +350%
SF Newer Homes Median Sold Price $950,000 $1,050,524 +11%
SF Newer Homes Sold PSF $305 $199 -35%
CN Total # Sold 41 52 +27%
CN Median Sold Price $285,000 $290,000 +2%
CN Median Sold PSF $145 $242 +67%
CN Newer Homes* # Sold 8 11 +37%
CN Newer Homes Median Sold Price $510,000 $450,000 -12%
CN Newer Homes Sold PSF $258 $405 +57%

Observations:

The data was interesting in March. Buyers decided not to pay more per square foot for newer single family homes even though the median price was up. This is because buyers are beginning to think renovated is the new normal.  It is expected that even older homes are supposed to be renovated, energy efficient and have all the bells and whistles, so both an older updated home and a younger home can trade at a similar price. The median PSF for condos was higher than for Single Family Homes in March. This is rare and most likely due to the fact that condos with great floorplans are closing at a premium since they are often more convenient to town, trains and highways than many sold Single Family Homes. Convenience is something buyers are increasingly seeking. The sold price for 25 Sleepy Hollow (the reflection of the median for Single Family Homes) is similar to what a buyer would pay for new construction, but it was built in 1947. I predict flipping is a good plan for the future of Fairfield County as our inventory continues to age.

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

Please note:

*The 2016 data sample for this is too small to be meaningful

*”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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