Monthly Market Analysis for Litchfield County and Ten Towns. Synopsis
In the time frame of 8/1/2009-9/30/2009, according to MLS reported transactions reviewed mid October Litchfield County had a total of 49 residential closings with a total sale value of $26,118,000 with the average sale price of $533,020. Lot closings in the county were six recorded sales of $2,672,000 with an average sale value of $445,333 Compared to the sales numbers from the previous time frame in 2008 the total quantity of residential was almost the same, 46 in 2008 vs. 49 in 2009, and the associated sales dollars also decreased in 2009 as compared to 2008. In lot transactions, the total quantity of sales and the associated sales dollars has increased from the prior time frame up one from 5 to 6 sales.
The highest producing towns for residential and lot sales for the time frame warrant mention. Of the 57 residential closings county-wide, 11 occurred in Litchfield with a combined sale price of $6,082,000 and an average sale price of $552,909. Cornwall had one outstanding land sale, $1,750,000 for a 100 acre parcel on College Street.
Sale prices generally decreased in the area, but List Price to Sale Price remained close on high end properties. Days on market for most properties continue to increase both on Homes and General Land Sales continue to slip in transaction numbers.
Momentum of new potential buyers appears to be picking up as mortgage companies bring out new financing options. Buyers are still cautious and appraisers have a new set of rules to comply with relative to market value. As the fall continues we will just have to wait and see what happens next
Closing Stats for Ten-Town Report - August 1,2009-September 30, 2009
Cornwall: Two Residential closings, with a combined sale value of $701,500 and an average sale price of $350,750. One lot closing reported for a sale price of $1,750.000
Goshen: Three Residential closings with a combined sale value of $1,050,000 and an average sale price of $350,000 and two lot closings with a combined sale value of $337,500 and an average sale price of $168,750.
Kent: Residential closings, six, reported with a combined sale value of $2,228,900 and an average sale price pf $371,483. No lot closings were reported.
Litchfield: Residential closings, eleven occurred in Litchfield with a combined sale price of $6,082,000 and an average sale price of $552,909. One lot closing was reported with a sale value of $55,000.
Morris: Residential closings, two with a sale value of $485,500. One lot closing reported with a sale value of $70,000.
New Hartford: Residential Closings, eight reported with a combine sale value of $1,795,000 and an average sale price of $224,375. One lot closing reported with a sale value of $90,000.
Salisbury/Lakeville: Residential closings, ten with a combined sale value of $$6,367,100 and an average sale price of $636,700. No lot closings were reported.
Sharon: Residential closings, four reported, with a combined sale value of $4,118,000 and an average sale price of $1,029,500. No lot closings were reported.
Roxbury: Residential closings, one reported with a sale value of $902,500. No lot sales were reported.
Washington: Two residential sales reported for a total sale value of $2,480,000 and an average sale price of $1,240,000. No land sales reported.
"Disclaimer" note: 10/9/2009 A true market indicator is measured quarter by quarter. For a market analysis breakdown, review the current market and go back three months to look at market trends.
Reporting is based on MLS participating listings, is subject to error, and is intended to give a general idea of the real estate climate for this area. Contact our offices for more market information and availability of properties in this area.
PPG - Goshen, CT 800.920.9342 860.491.2000
PPG - Canaan, CT 877.888.0848 860.824.5100
ZIP Code: 06763 Location Characteristics: Morris borders on Bantam Lake, the largest natural lake in Connecticut. Mainly agricultural, Morris offers beauty, opportunities for fishing and boating, and chances to pick farm produce. Morris combines its resources with two other nearby towns in its fine school system.
About Stephen Drezen:
Stephen began his career in real estate with the Davos Corporation, which became the first United State Corporate merger in real estate in 1971. Through out Stephen’s career, his knowledge and experience has been shared with his clients from all over the world. Stephen has been referred to by the by members of the real estate industry as “The Broker’s Broker”. With thousands of transactions during his lifelong career in real estate, he has accomplished many milestones with many more to be met. His career spans nearly four decades with achievements and recognition by his peers.
Often quoted by the New York Times, Barron’s and the Wall Street Journal, offering insight to the diverse real estate markets, Stephen quickly became a leader in the company and was posted to the New York headquarters of Davos Corporation. In 1974, Stephen was relocated to Litchfield County, Connecticut to prepare for a sales and marketing program for a private community called Woodridge Lake. Stephen became a partner in the real estate firm of Landmark Real Estate, the sales and marketing arm of the community. During his many years in Litchfield County, he opened numerous offices in well recognized towns throughout the area.
The early 1980’s brought Stephen to Southampton, New York, where he created sales and marketing programs for three high profile projects. In 1982 he was responsible for the regional New England Marketing Program for the first pilot sales program for the properties located on the Island of Bermuda, which sold out in 1983. Next, a group from Providence, RI, engaged Stephen to create a study for a proposed time-share project on the renowned location of Ocean Drive in Newport, RI. This historic property was built by the Hutton family, whose famous daughter, Barbara, summered there.
In the late 1980s Stephen was engaged by a Swiss industrial group to restructure and reformat a large private golf community in Naples, Florida. In 1997 he returned home to develop and sellout a number of company owned projects in Connecticut. During the late 1990’s he consulted for a New York holding company, which owed the Greenbrier in West Virginia and Ford Plantation properties in the South Carolina.
Throughout the years Stephen has worked on many real estate related and non related projects. His love for real estate and the challenge to be innovative has driven his successes. Litchfield County’s beautiful countryside has kept him as a resident in one of the countries most desirable area to live.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
