Stamford Market News» single family

Update: Storm Damage Effect

Chris McClave — Wed, 24 Mar 2010 02:38:39 +0000

A quick look at the possible effect of this past week’s storm on overall sales.
3/1/09 – 3/23/09 Single Family Sales = 18
3/1/10 – 3/23/10 Single Family Sales = 5

I recently drove by an active listing at 291 Chestnut Hill Road and they certainly had quite a bit of property damage. A large tree from the edge of the street fell across their yard and landed feet from the house. Luckily it appeared the house came away unscathed.

Anyone else know of any active listings which sustained damage?

2003 Stamford Home Prices in 2010?

Chris McClave — Fri, 26 Feb 2010 19:28:43 +0000

You hear a lot of people say that homes in Stamford are selling at prices seen in 2003. That fact is pretty incredible (and sad) when you start to think about it. After all, someone’s home is often their largest investment and a zero percent return on in investment made in 2003 is astonishing. Although, investing in the stock market in 2003 was no better, the Dow just recently broke through 2003 levels after a sharp drop.

So is it a myth that homes are selling at 2003 prices? I pulled data outlining the median home price for a single family home in Stamford over the past 9 years. Sure enough the median home price in 2009 was just about where it was in 2003.

Median Single Family Home Price

Year	Median Price	Single Family Units Sold
2010	$548,750	24
2009	$575,000	498
2008	$630,000	453
2007	$689,500	640
2006	$699,000	728
2005	$703,500	908
2004	$645,000	980
2003	$583,750	846
2002	$530,000	845
2001	$455,000	819
2000	$433,250	884

I had been skeptical since my assumption was that million dollar plus homes were not moving, thus causing the median price to drop while homes priced under $1,00,000 were maybe at 2005/06 levels. For some further confirmation, I also took a look at seven recently sold homes which had also sold in the previous 8 years. This is not an exact science, since a lot about a home can change in 8 years, but it gives you an idea of where your home may be valued if you purchased it within the past couple of years. It could also be used as a negotiating tool for buyers looking to spot a deal.

Recently Sold Price and Previous Sale Prices

Recently Sold Home	2010	2006	2004	2003	2002	2001
51 LANTERN CIR	$570,000		$613,000		$450,000
11 CRESTVIEW AVE	$535,000		$590,000			$430,000
10 BAKER PL	$547,500	$690,000		$552,000
57 RED FOX RD	$554,000					$550,000
116 WOODBURY AVE	$580,000		$582,000		$462,000
176 BARCLAY DR	$709,000		$690,000		$650,000
35 SAINT GEORGE AVE	$722,500		$725,000		$552,000

2010 YTD Closings vs. 2009

Chris McClave — Tue, 23 Feb 2010 03:39:24 +0000

In terms of Single Family and Condo closings in 2010, we have so far seen an increase in Stamford versus 2009.

Closings from Jan 1 to Feb 22:

2009 = 55 (Median Sale Price = $400,000)

2010 = 87 (Median Sale Price = $401,000)

Interestingly the gap between list price and sale price has also been getting narrower in 2010. Perhaps sellers are more willing to list their homes aggressively…