Spring- the birds are chirping at 5:00AM, the peepers are
boisterous and the crocus are bursting and little league has started again.
This year it is especially welcomed after that hard, hard winter.
Over the last 12 months we have seen a season-like change in
the real estate market.
2013 marked a period in which the market started to shift
albeit subtly. Many of the properties
under pressure from the economic turndown were sold and finally taken off the
market leaving more market valued homes to compete for buyers.
Nationally the growth of values in many regions is
palpable. The economy is starting to get
legs and many segments of the economy reported stronger than average
figures.
Confidence is up.
Values are stronger locally. 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 49 homes and 19 parcels of land on the
market in Kent
which is considerably lower than the figure we had a year ago. There were 28
residential sales in the last twelve months slightly better than the 12 month
prior.
Kent 2013-14 Market
Report
|
Property Type:Residential
|
Status:
Closed/Sold
|
Number
of Properties: 28
|
|
|
Beds
|
Baths
|
SqFt
|
Listing
Price
|
LP$/SqFt
|
Sale
Price
|
SP$/SqFt
|
SP/LP
|
ADOM
|
Average
|
3
|
2.24
|
2,275
|
$762,936
|
$278.82
|
$692,501
|
$253.85
|
91.94%
|
168
|
Median
|
3
|
2
|
2,009
|
$374,450
|
$194.49
|
$352,500
|
$180.5
|
93%
|
122
|
|
|
Kent 2012-13 Market
Report
|
Property Type: Residential
|
Status:
Closed/Sold
|
Number
of Properties: 25
|
|
|
Beds
|
Baths
|
SqFt
|
Listing
Price
|
LP$/SqFt
|
Sale Price
|
SP$/SqFt
|
SP/LP
|
ADOM
|
Average
|
3
|
2.19
|
2,219
|
$521,451
|
$214.95
|
$474,206
|
$197.81
|
95.33%
|
213
|
Median
|
3
|
2
|
2,118
|
$385,000
|
$204.12
|
$350,000
|
$188.46
|
91.4%
|
174
|
|
Of note, the average sales price increased by nearly 32%,
the sales price per square foot rose 18% and the time on market dropped by a
month and a half. Keep in mind that the These data points reveal a Kent real
estate market that is more stable than it has been in years. These trends are apparent
in our neighboring towns as well indicating a systemic county recovery.
Yet, while seller’s confidence grows, the pool of prospects
is still rather low. Keeping the
interest of the buyers’ means proper pricing is still critical. There are presently only 3 residential
properties in contract to sell in Kent. I know you’ve heard it before
from us, but a well priced property gets the buyer’s attention and gets the
sale, and it is still true. Let’s see what sold!
Here is what transpired in the neighborhood:
Spooner Hill has seen dramatic changes in the last 5
years. One major alteration was the renovation
of 104 Spooner Hill Road that sold in the
Spring of 2010 and was considerably renovated from a 1750’s antique to a large
barn styled home. After this
transformation the property came back to the market and after 8 months on and
off the market this property closed for $1,900,000. The 1700’s house was rebuilt and joined to an
original Mennonite barn and built with a Geo thermal and solar systems. The soaring antique barn structure and the
old floorboards is juxtaposed to the modern wall of sliding glass, indoor pond
and cabled catwalk. Views to the west over a 30 acre field with stone walls and
pond make this a dramatic country home.
Over at 50 Highland Road
my firm sold this three bedroom 2 bathroom contemporary home built in
1986. With 1976 square feet, wood
flooring, a wood stove and a screened porch, this one level house is nicely
settled on a 1.6 acre parcel. It was
listed for $325,000 and was reduced to $275,000 until Toni Soule of my office
assisted the buyers with a purchase for $270,000.
On the other side of Highland
Road we have an 8.55 acre parcel with a barn, well and views to the west
listed for sale at $129,500.
4 Eber Road sold for $270,000 after being on the market for less than two months. This 1940’s Bungalow was in good repair and
offers view of Hatch Pond and is sited on 1.51 acres of land. The house maintains 3 bedrooms and 2.5
bathrooms in 1996 sq. ft. of living space.
Two doors down at 269 South Kent Road
a 1950’s cottage that was taken in foreclosure sold. With 3 bedrooms and 1 bath this house was
listed for $99,900 and sold for $82,000.
It has .48 acre of land and requires some restoration.
Over at 15 Mountain Road
my partner Chris Garrity has a secluded 3 bedroom country retreat on five
acres. With an open floor plan this log
cabin has a 25 foot native stone fireplace, and wide board flooring. Natural light floods the living room through
a bank of skylights. A loft bedroom and master suite with a new bathroom are
located on the second floor. The remodeled opens to the living room which in
turn opens to a 30 x 40 four season heated porch. Summer screens can be
installed and make accessing the pool all the better. It is listed for $675,000.
40 Camps Flat Road
includes a 3 bedroom house, guesthouse and a pool set amidst wonderful gardens,
towering oaks and maple trees. Since we sold this property over 16 years ago
additional property was acquired creating a 14 acre parcel with views over South Kent
School fields. The renovation of a kitchen and the addition
of an in ground pool were tastefully done.
The development of deer fencing also helped insure the ever beautiful
gardens protection. This lovely country
home lasted only 23 days on the market and selling for $837,500.
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