Stamford Real Estate Market Conditions in Stamford Connecticut. Property Listings, Stamford Homes for Sale by local Stamford real estate agent Lena Getman.

Stamford CT Real Estate Market Conditions. Homes and Condos Values.

April 15th, 2006

Stamford real estate property prices have just been going up and up since 1994. Although the fall and winter are traditionally the slowest real estate seasons, the prices have increased and have been keeping the momentum. So far it does not look like the Stamford real estate market is close to turning point. Although slower then last couple of years, the market prices still continue to grow this spring.

How To Define The Current Real Estate Market Condition?

The two main factors we need to watch is the interest rates and the inventory or the time on the market.

The interest rates are the main factor. Fed officials hint in April 2006 that the rate hikes finally nearing the end. It give us some hope that the mortgage rates will stay low and the real estate market will continue to be very active.

Realtors measure housing supply in months, with a six month inventory considered normal. The national backlog reached 9.2 months in the 1990 recession. We have a 5 months supply in Stamford in March 2006, if properties were to sell at the same average rate as during the last year 2005. The number of homes and condos on the market have slowly started to grow compare with the last year. We are currently have a fast to balanced market. There are variations by price. For example, under $800,000 the market clearly favors the sellers. Over $1.3 million it is quite balanced.

Keep These Important Facts In Mind...

Stamford CT real estate, homes prices Stamford CT real estate, homes prices Stamford CT real estate, homes prices

The charts on your left show you the growth of the value of an average Stamford condos and single family houses by Stamford real estate areas or ZIP codes. The value as you can see, more than doubled since year of 2000.

You are likely asking yourself these questions...

Are these double digits percent of price growth still sustainable?

Will prices still keep going up?

Is the housing market ready for correction?

Are home buyers 'irrationally exuberant'?

Are we close to a turning point?

To tell you the truth nobody knows for sure. Many experts tell that the bubble is about to pop up. Others tell you that the market is strong and will continue to grow with the slower pace.

What is the first question you ask your agent when he shows you a property?

How long it have been on the market?

It take 72 days to sell a house and 57 days to sell a condo in 2006. That indicates a very healthy demand for the new listings. (This time includes an escro period - the time a buyers need to finalize the contract, get the mortgage...). Just compare these numbers with the market time for 1994.

 

The number of sold properties is a good indicator that the market is going into another strong year. The record number of condos that have been sold in 2005 and the close to the pick number of houses still indicate a good demand

Here are the average sales prices, market time, and the price appreciation for the single family homes in Stamford real estate areas since 1994

Year Stamford Downtown North Stamford Midridge Springdale Newfield Average Stamford Price Change Market Time
1994 $335,777 $439,860 $295,757 $214,019 $230,610 $303,205 7% 129.92
1995 $334,481 $414,959 $265,718 $226,248 $261,238 $300,529 -1% 121.14
1996 $361,834 $442,868 $264,936 $211,018 $269,040 $309,939 3% 113.59
1997 $410,406 $454,709 $287,059 $235,420 $265,736 $330,666 7% 90.4
1998 $391,942 $513,645 $302,517 $258,079 $296,951 $352,627 7% 83.73
1999 $478,654 $559,762 $326,133 $275,233 $309,690 $389,894 11% 67.04
2000 $501,829 $657,869 $377,263 $306,039 $338,667 $436,333 12% 59.96
2001 $585,952 $723,891 $417,526 $339,214 $391,133 $491,543 13% 58.67
2002 $645,506 $757,936 $479,962 $406,116 $440,194 $545,943 11% 61.71
2003 $688,140 $859,387 $551,223 $431,542 $440,972 $594,253 9% 75.43
2004 $768,013 $929,567 $598,297 $537,196 $530,062 $672,627 13% 57.92
2005 $772,900 $951,639 $648,110 $564,630 $569,700 $701,396 4% 53.84
2006 $813,854 $1,029,315 $681,787 $573,250 $591,945 $738,030 5% 57.5

Here are the average sales prices, market time, and the price appreciation for the condos in Stamford real estate areas since 1994

Year Stamford Downtown Midridge Springdale Newfield Average Stamford Price Change Market Time
1994 $82,071 $115,105 $117,732 $125,790 $110,174 152.98
1995 $106,276 $167,172 $137,116 $125,794 $134,089 12% 137.36
1996 $116,523 $172,609 $146,530 $139,525 $143,797 7% 136.25
1997 $135,498 $186,787 $167,366 $140,542 $157,548 10% 117.83
1998 $139,052 $197,633 $182,648 $149,004 $167,084 6% 87.11
1999 $146,527 $204,027 $192,965 $190,136 $183,414 10% 87.76
2000 $144,204 $248,321 $209,714 $210,760 $203,250 11% 75.14
2001 $169,376 $286,699 $235,026 $237,962 $232,266 14% 74.34
2002 $194,412 $293,989 $277,903 $261,169 $256,868 11% 70.99
2003 $199,123 $329,074 $320,571 $302,800 $287,892 12% 88.51
2004 $229,165 $385,658 $347,657 $336,617 $324,774 13% 68.93
2005 $261,654 $413,604 $389,333 $392,202 $364,198 12% 64.73
2006 $337,443 $439,402 $417,952 $399,445 $398,560 9% 72.42

Source: Consolidated Multiple Listing Service (CMLS).

I think the demand on the local market is still strong and prices still likely continue to grow, but much slower. About 5% per year, that is multi-year National average. If you are serious about buying or selling this year you should continue to watch the local market statistics and then decide.

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The Bottom Line Is...

Correlate it with your own needs and plans. Ask yourself how long you are planing to live in your new home? Will it satisfy your family needs for the next five years? And follow the market updates.

One thing is sure - if you buy your home today the five-six years from now it would cost more then today. And you and your family would enjoy much better quality of life and much lower payment because of the mortgage rates are still low!

And look at the buyers that have kept waiting all these years for the prices to turn down! They just missed their best life and investment opportunity! And if prices had go down for a short period of time who can guarantee that they would catch the lowest price?

 

 

The market in Stamford during August - January was somewhat slower than the last Spring. However, properties in the lower price ranges that are priced correctly are selling fairly quickly, as buyers are taking advantage of sill very low interest rates. The homes that are in move in condition sell very fast.

There are only 217 single family homes on the market in Stamford today, 177 condominiums, and 190 rental properties available. The average market time is 83 days, up from last month. The average listing price is $884,693, up slightly from last month. There is something for everyone - from a 3 bedroom ranch near the center for $329,000 to a dazzling new Colonial at $4,995,000 with maximum list price for a lot: $24,500,000 (which I excluded from calculation of the Average list price because it is not "an average" property in Stamford).

Source: Data is compiled from the Consolidated Multiple Listing Service.

There are some great values in the market right now for buyers! For sellers- homes which are priced correctly are still selling at a good clip!

If you would like to get more detailed report that will cover your area and type of your home please drop me an email to Lena@homes-source.com and I'll create the report for you.

Or click here for FREE no-pressure evaluation of your home over email or phone!

Call me (203)918-5955 for the latest market info and a free CMA!

National Summary

After surging to a record in July, home sales can be expected to dip slightly but hold at historically strong levels through next year, according to the National Association of REALTORS®.

David Lereah, NAR's chief economist, said the recent rise in mortgage interest rates was one of the fastest on record. "But even with the increase, mortgage interest rates currently are below the average for all of 2002," he said. "Given that last year was a record for home sales, today's interest rates are still very attractive and will keep sales at relatively strong levels going forward. We expect only a modest rise in interest rates, with the 30-year fixed staying below 6.5 percent for the rest of the year."

NAR forecasts a record of 5.76 million existing-home sales this year, up 3.5 percent from 5.57 million sales in 2002. New-home sales are seen to grow by 5.4 percent to a record of 1.03 million units. Housing starts should increase 1.7 percent to a total of 1.73 million units.

"Home sales are likely to slow 6 to 7 percent in 2004. Even so, that would be the third-best year on record," Lereah said. "Housing will continue to provide a solid foundation for the economy for the foreseeable future."

"With a more balanced market between buyers and sellers expected in 2004, home prices should rise in the range of 4 to 4.5 percent," Lereah said.

He projects growth in the U.S. gross domestic product (GDP) to rise to an annual growth rate of 4.9 percent in the current quarter, with GDP for all 2003 increasing 2.6 percent. Consumer price inflation should be 2.3 percent for the year.

The unemployment rate should decline to 6.0 percent in the fourth quarter, then average 5.7 percent next year. Inflation-adjusted disposable personal income is forecast to grow 2.9 percent in 2003, while the consumer confidence index should rise to 95 by the fourth quarter


Source: The National Association of Realtors®.

 

 

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