When comparing the snapshot of the market of Single Family homes in Stamford taken on November 23 and the one taken today, we can conclude that Active Single Family Homes have seen Median Listing Price increased by 1.15%, and homes under contract today have a Listing Median Price 28.53%  higher than those under contract on November 23.

On the other hand, those shown today as "Price Reduced" have a Median Listing Price of 29.82% lower than those under the same status on November 23.
New Listings today have a Median Listing Price of $937,000 vs. $729,000 for the same group on November 23, or a 5.13% price reduction.

As you can see in the first chart below, representing the median selling prices in November 2007, 2006 and 2005, we found that:

• sales in November this year were better than last year and better than 2 years ago.
• in all types of properties, median selling prices this year were higher than in November2005 and November 2006.
• only Co-Ops did better in Nov. 2006 than in Nov. 2005.

In the chart below we see the number of units sold. We saw a decrease in terms of units sold this year compared to 2006 and 2005.

Less properties were sold, but those sold produced a Median Selling price higher than those observed in 2006 and 2005. Now, isn't it a sign of a strong market in Stamford?

What do you think?

How is your local market doing?

NESTOR N. ROMERO

WWW.HOMESBYNESTOR.COM

This is the current inventory offered by Stamford. Homes in the group 'Continue to Show'  are those whose sellers have already accepted offers but are consider still available.
Properties under 'Sale Pending' are those whose sellers have already accepted offers and are in the process of signing contracts. These are Single Family Homes.
This table shows that out of 531 properties, 443 homes are still available.

As you can see in the table below, Prices paid (median price) for Single Family homes in Stamford (3 or 4 Bedrooms, between 1,500 and 2,000 SqFt.) in October 2002 were 70.46% over the median price paid for similar homes in October 2000 ($479,000 vs. $360,500).
Prices have decreased from $614,500 in October 2004 to $505,000 in October 2007, or a 17.81%.

Overall, prices have increased 40% between October 2000 and October 2007 which represents a great ROI. A better performance than many stocks.

In the graphs below you can see how the number of listings sold and the average number of days on market have behaved in the last 7 years.

Prepared and published by Nestor N. Romero, REALTOR.

This last week we had 550 units showing as either Active or Under Contract, from which, 66.18% (364) listings were Active, 22 condos as  new listings (4%), 39 condos as Continue to Show (7.09%).

19 Condos (3.45%) showed a reduction in price, and 84 condos (15,27%) went under contract.

The average median listing price this week was $441,244.

It is interesting to take a look at the different Median Listing Prices. As you can see, MLP from high to low follows this order:

1. Condos Under Contract (Sale Pending),
2. Active Condos,
3. Condos (New Listings),
4. Continue to Show
5. Reduced Price.
   

I would infere from these figures that new listings show some more adjusted prices. Sellers seem to be adjusting their expectations to what the market is actually expecting: They priced their properties above those properties that already have offers (CTS - Continue to Show) and below what is currently on the market.

Nestor N. Romero

www.HomesByNestor.com

As reported by October 31st at midnight, Selling Prices (median) for condominiums sold in Stamford in October increased by over 22% compared to the median selling price one year ago.
The total number of units came down from 123 to 90, and Single Family homes from 55 in Oct. 2006 to 35 in Oct. 2007, a 36.36% reduction in terms of units reported and at a 2.09% price reduction.

Sales in Stamford in September 2007 showed a price (median) reduction of 31.03% as compared to sales one year earlier.

The highest price reduction was found in the 2-Family dwellings (11.61%). Good news is that condos and co-ops had their median selling price raised by 18.77% and 9.26% respectively in September 2007 compared to those sold in September 2006.

Some people are very good at selling the unsellable. I guess you need to keep your cool while showing some "special homes" ..., but I don't see myself being so enthusiastic...

Have you ever sold/shown a home with a ghost?

Now, there are other types of "ghosts". What about the tenant that is present, in bad mood, with a lot of stuff all over the place while the real estate agent is trying to highlight the nice features of the house, or the sellr who insists in being present at showings and tries to "sell" the house?

This is a weekly report that shows the current market in Stamford for Condos and Co-Ops.

Around 22% of the current 561 properties in Stamford are either CTS - Continue to Show or PEND - Under contract.

5.35% of Condos  currently on the market have shown a price reduction in the last days.

I will present a new snapshot next Friday.

This is a snapshot of the current market in Stamford (Single Family Properties).

As you can see, 203 of these properties are either CTS - Continue to Show or PEND - Under contract. This represents over 13% of the total 581 properties currently in the market.

26 listings or almost 4.5% of these homes show a price reduction.

I will follow up one week from now and publish a new snapshot.

We saw some interesting results in sales of Condominiums in Norwalk, Danbury and Stamford:

As oposed to what happened with Single Family properties in Stamford and Norwalk last month, the number of condo units sold in Sept. 2007 was lower than one year ago for these three towns. (Danbury showed the largest difference).

Prices, however, were higher this year than in 2006 for condos sold in Norwalk and Stamford.