How Is Your Investment Doing?

The year 2010 was a tumultuous one for real estate. The market held steady for the 1st half spurred by the homebuyer tax credit. During the 2nd half we saw a dip as the market came back to reality. High unemployment and foreclosures seemed to weigh on buyers’ minds.

Taking the year as a whole the median average price in Stamford was $588,000. This was a 2.2% increase over 2009. We are using the median average prices rather than the typical mean averages because they more clearly reflect the market changes. The total number of sales was 535, or 9.6% more. These numbers are for single-family homes only as of  January 8, 2011. All data are from the Consolidated Multiple Listing Service.

Focusing on the Ridges, specifically zip code 06905, the median average selling price  was $523,750. This was up by 1.2% compared to 2009. The number of houses reported sold was 116, which is exactly the same as in 2009. The houses that sold took an average of 93 days on the market. The median averages for the last seven years are as follows:

    Year     Qty  Aver Sell Pr   %Change

    2003   205     499,900  +12.3

    2004   231     553,000  +10.6

    2005   220     606,500  +9.7%

    2006   176     610,250  +0.6 %

    2007   157     605,000  -0.9%

    2008   118     576,000  -4.8%

    2009   116     517,500  -10.2%

    2010   116     523,750  +1.2%

For more detailed charts by month go to www.stamfordridges.com and click on Statistical Charts. Data for the surrounding towns are available as well.

As we go into 2011 we face uncertainty. While a healthy number of buyers are out looking at homes, few are making decisions to purchase. Mortgage interest rates are at attractive levels although lending standards have stiffened. If you would like to discuss your options in this market, contact me any time.