The real estate market in Stamford CT 06902 is on a roll and the Spring market has sprung...here are the numbers......
Stamford's median price of single family homes sold has increased almost 7% since February 2011 to $505,000, not as healthy as the median price in 2012 of $615,000, but it looks as if the tide might be turning. However the current median price of available homes on the market is $649,000...so we have a bit farther to go.
Supply and demand is Economics 101. Remember the chart?
Since 2011, we've seen a decrease in inventory of approximately 16%. While the number of homes put under contract is high, only a small portion of these homes are closing. A couple reasons for this may be the number of short sales in the pipeline. While they are called "short sales" anyone familier with real estate, knows the transaction time from accepted offer to closing can be anything but "short". Sometimes the seller and bank may lose the buyer who is tired of waiting for the short sale to be approved. In addition, another reason for deals not to make it to the closing table would be the inability of the seller and buyer to agree on negotiations on repairs identified during the home inspection. These are just a couple of examples of why some properties are not closing at a higher rate.
The number of months of sales inventory has decreased. In February 2011, it would have taken 16 months to sell the amount of inventory at the sales rate during that time (assuming no additional homes came on the market). In February 2012, it would have taken 13.8 months to sell the inventory on the market. Now contrast that to our current 2.6 months of inventory. At the current rate of sales (in February 2013, 33 single family homes were sold in Stamford) we are getting closer to low inventory to sell. Economics 101 - Supply and demand, when the supply decreases, demand increases and prices go up.....this could be huge! Stay tuned for next month's statistics and to see if the trend continues.
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Until next month.....
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