Neighborhood Update - North Kent

The last 12 months was extremely positive for us at Bain, the local real estate market and businesses alike. 2013 marked a period in which the market started to change.  Many of the properties under pressure from the economic turndown were finally taken off the market. So, as we head into the New Year, the momentum continues. 

Nationally we are seeing the growth of values in many regions.  The economy is starting to get legs and many segments of the economy reported stronger than average figures.  

Our local real estate market is active, and getting healthier incrementally as well. Values are stronger. Selling time has dropped to 6 months (5-7 months indicates a normal market). A 14% growth in transactions was seen in Litchfield County in 2013 and 17% in dollar sales. We at Bain had another productive year with very strong sales.  We appreciate your continued support and trust. 

There are presently 43 homes and 20 parcels of land on the market in Kent which is considerably lower than the figure we had a year ago. There were 29 residential sales in the last twelve months, equal to last year’s pace. 

Of note, the average sales price increased by over 30%, the sales price per square foot rose 21% and the time on market dropped by nearly two months. Keep in mind that the Median Sales price remained the same year over year and the median sq. ft. actually went down.  But all of these data points reveal a market that is healing well which is a nice trend.  We are seeing these same trends in other towns in the area.

Yet, while buyer confidence grows the pool of prospects is still rather low.  To keep the interest of the buyers, proper pricing is still critical.  There are presently 3 properties in contract to sell in Kent. You’ve heard it before, a well priced house gets the buyer’s attention, and it is still true. Let’s see what sold!

Here is what transpired in the neighborhood:

Starting up north I sold Leona Bell’s house at 492 Kent Road.  This 3 bedroom 2 and a half bathroom ranch style home has 2,200 sq. ft. of living space on a 2 acre parcel.  The house had been on the market for 111 days and listed for $248,500.  I sold it for $230,500.

Nearby at 383 Kent Road Toni Soule of my firm has listed another good quality ranch style home.  With four bedrooms and two bathrooms this house also features a renovated kitchen and family room, oak flooring and a wonderful fireplace.  It is set on 1.24 acres and is set well back off Route 7. It is listed for $235,000.

Brookwoods: The chart below shows trending of values from the lows of the early 2000’s to the peak in 2005-2007.  The foreclosed property in 2012 has given way to two traditional sales boosting the level of value.  Brookwoods once again has become a positive option for living in Kent. Unit 11 sold for $300,000. And its neighbor #12 sold for $195,000.  Both were in very good condition.

Here are the stats for Brookwoods from the previous years:

Chris and I, along with our whole firm hope you enjoy our updates of the market and want you to know you can find this letter and all our Kent market letters on our website www.bainrealestate.com under Neighborhood Stats. There is a place there where you can give us your email address to get these letters and other market updates electronically. We continue to work to assist buyer and sellers in their pursuit of their goals and thank you for supporting our success as the leading real estate firm in Sharon, Kent and Cornwall over the last 8 years.

Happy Spring!

Please note that not all listings and sales transactions are through David Bain Real Estate