Market Activity Report for Bloomfield CT - August 2011
Welcome to the Bloomfield, CT Real Estate Market Update
presented by The Master's Key Realty for the
Month of AUGUST 2011.
RESIDENTIAL SINGLE FAMILY HOMES
Currently there are 161 actively listed Residential Homes in Bloomfield, CT. Of these, 24 were listed during the month of August. Also, this inventory is up from 142 just five months ago.
These homes range in price from $68,900 to $1,590,000.
11 Malone Drive is the lowest priced home in town at this time, asking $49,900. It is listed as a 1000 sq.ft. brick Ranch w/5 rooms, 2 bedrooms and 1 bath, built in 1951, with a slab foundation and 1 car detached garage. This bank-owned property is being sold in as-is condition, needing a considerable amount of work.
211 Woodland Avenue is the median priced home in Bloomfield CT at this time, asking $212,000. It is a 1974 built Raised Ranch with 2338 sq.ft. of living space, 8 rooms, 3 bedrooms, 1.5 baths, a 1 car attached garage, on a 0.35 acre lot. It also has a fireplace and central air conditioning.
60 Gun Mill Road is currently the highest priced home in Bloomfield, CT, asking $1,590,000. This is a spacious 5577 sq.ft.Historic Colonial on a private road near Penwood State Park. Built in 1772, it offers 15 rooms, 6 bedrooms, 4 full baths and 2 half baths, and storage for 6 cars. This home is on a 9.33 acre lot and has up-to-date restorations.
Market Time: Actively listed homes have been on the market from 1 day to 550 days. It is not uncommon that the days on the market will often extend if there is not sufficient demand to absorb the inventory of homes on the market. Right now there are 26 homes on the market in Bloomfield that have been on the market for more than six months without selling.
Of interest is that there are currently 26 houses on the market in Bloomfield for under $150,000. This is a great time for buyers to find that affordable home or investment property!
During the month of August, six homes went under contract in Bloomfield CT. In comparison, in 2010, thirteen homes went under contract in the month of August. This reflects that sales activity for the month of August was off by more than 50% as compared to this time last year. Sales are running even with the previous month (July) which also saw six homes go under deposit.
In addition, nine properties were sold (closed sales) in Bloomfield during the month of August 2011, ranging from $19,900 to $350,000. Closed sales were on the market before going under deposit an average of 152 days. In comparison, in 2010, there were 10 closed sales in the month of August, but the average days on market was only 112.
While August's closed sales activity is running fairly even with last year, it is taking more time on the market for homes to sell. Further, with August's 50% drop in new properties going under deposit, we will expect that days on market will lengthen, or prices may drop slightly as some sellers attempt to make their homes the "best priced" among their competition.
With nine homes selling in one month, and 161 homes on the market, the absorption rate is 17.8. This means that it could take 17-18 months to absorb the current inventory of homes now on the market. If you are thinking about selling your home in Bloomfield, CT, this should help you determine the most suitable pricing on your house for sale to meet your desired selling time.
Currently there are 43 actively listed Condominiums in Bloomfield, CT. Of these, four were listed during the month of August 2011. These condos range from in price from $50,000 to $775,000. and 4 of the 43 listed condominiums are New Construction units.
The average list price of a condo in Bloomfield CT is $276,514--nearly the same as last month.
1077H Blue Hills Avenue in GasLite condominiums is still the lowest priced active listed condo in Bloomfield at this time. It is listed for $50,000., and is a 3 room, 1 BR, 1 bath garden flat. The monthly condo fee for this unit is $244 including heat and hot water, and the property is conveniently located on a busline. It has been on the market for 35 days.
7 Font Hill Park in Balbrae Condominiums is still the median priced condominium in town, currently listed for $239,900. It is a Wellington model townhouse unit of 2059 sq.ft. w/6 rooms, 3 bedrooms, 3 full baths and a 1 car detached garage. It has a fireplace in the Living Room, a full basement, and a private deck with views. The monthly fee for this unit is listed as $567/month. It has been on the market for 149 days.
11 Schuyler Lane in Bloomfield represents the top of the active condominium market in Bloomfield priced at $775,000. This ranch style detached home was built in 1988 and offers 4177 sq.ft. of living space. With 8 rooms, 3 bedrooms, 3.5 baths and a 2 car attached garage, this unit is listed with a Master Bedroom suite, central air, deck, fully finished basement. The monthly condo fee is listed as $784/month. It has been on the market for 54 days.
There were NO new deposits on condos taken in Bloomfield CT in August 2011. In comparison, in August of 2010, there were five deposits taken on condominium listings, and last month saw just two condominiums go under deposit.
There was ONE condominium sales closed in Bloomfield CT in the month of August 2011. It was 18 Avery Road, a single detached home in Still Mountain Estates. It listed six rooms, three bedrooms, 2.5 baths, central air conditioning, a 2 car attached garage and 3308 sq.ft. of living space, and a monthly HOA fee of $315.00. This 2003 built Cape with 1st floor master suite sold for $415,000 after 144 days on the market.
With an average of no more than 1-2 condominiums selling in one month, and 43 condos on the market, the absorption rate is 21-43. This means that it could take between 21 and 43 months to absorb the current inventory of condominium homes now on the market. If you are thinking about selling your condominium home in Bloomfield, CT, this should help you determine the most suitable pricing on your condo for sale to meet your desired selling time.
If you are thinking about buying or selling a home in Bloomfield CT or anywhere in Hartford County, please call me for a personal consultation. I would be more than happy to discuss marketing and pricing strategies, and how absorption rates and current market conditions affect your pricing, or to answer any other questions you may have about real estate.
If you know somebody who may be having difficulty in the current economy or is struggling to make their monthly mortgage payment and doesn't know what to do, I may be able to help them understand their many options, especially if theywant to avoid a possible foreclosure! Please suggest they give me a call. All referrals will be handled professionally and confidentially, just as you would expect!