Market Activity for Residential Property in Pawcatuck ? Greg Broadbent ? Winter

Posted by Lee Walker on February 22nd, 2017

In summary, there were 37 homes listed for sale in Pawcatuck by local Realtors as of February 1st.  This was 5 fewer than the 42 which had been actively listed a month ago on January 3rd.  33 of the 37 properties had been actively listed on January 3rd also.  And 22 of them were actively listed three months ago on November 1st as well.  In addition, 5 homes were under deposit on February 1st.  Finally, there were 6 closings and 2 new listings added to the CTMLS in January for Pawcatuck.

The average size for the 37 homes actively listed on February 1st is comfortably over 2400 square feet with the range going from about 975 to over 7800 square feet.  There were between 2 and 5 bedrooms in these homes with the average at 3.4 bedrooms. And these homes have between 1 and 5 full bathrooms with 2.0 as the average.   19 (~51%) of these homes had at least one half-bathroom.  The following charts give a little more data about the size-related attributes of these homes.

The range of listing prices for these 37 homes varied widely from 5,000 to almost ,000,000.  And, these homes had an average listing price of about 2,000, well above the 0,000 median price.  The chart below provides more context on the distribution of the asking prices.

And the chart below gives more detail about factors related to the listing price in breaking down the number of homes by living area (square feet) and number of bedrooms (for homes with 2-6 bedrooms), and the average listing price for each combination of living area/#bedrooms, for homes with active listings as of February 1st.

As of February 1st, there were also 5 homes under deposit.   The average size for these homes was right around 2000 square feet with an average of 3.0 bedrooms and 1.8 full bathrooms.  In addition, the average listing price was about 5,000.  And prices ran in the range from about 0,000 to 0,000 for the homes currently under deposit.  The average number of days on which the corresponding 5 listings were active was 32 days for these homes.

There were closings for 6 homes in January 2017 which was 3 more than the 3 which closed in January 2016.   The average size for the 6 homes which closed in January 2017 was about 1680 square feet with an average of 3.3 bedrooms and 1.7 full bathrooms.  The corresponding listings were “active on the market” for an average of 88 days, just under 3 months.  And the average closing price for these homes was almost 2,000 with prices ranging narrowly from 5,000 to 3,000.

80 homes had closing transactions in 2016.  Living areas ranged from around 750 to over 3700 square feet.  Also, the average size was about 1750 square feet with the median somewhat lower at almost 1600 square feet.   They had an average of 3.0 bedrooms and 1.7 full bathrooms. 39 (~49%) of these included one or two half-bathrooms as well.  The corresponding listings were “active on the market” for an average of 68 days with a 49 day median value.  The average closing price for these 80 homes was almost 5,000.  But the median was a little lower at almost 0,000.  Prices were in a range extending from ,000 to almost 0,000.

For comparison, 85 homes had closings in 2015.  The average size for these homes was about 1880 square feet with the median lower at around 1725 square feet. The living areas offered did vary widely between 400 and almost 4200 square feet. These homes had an average of 3.1 bedrooms and 1.7 full bathrooms. And, 43 (~51%) of these included one or two half-bathrooms.  The corresponding listings were “active on the market” for an average of 82 days with the median value at 58 days.  The average closing price for these 85 homes was a little under 0,000.  The 7,500 median was over ,000 lower for prices in the range ,000 to 0,000.

Some longer term perspectives are presented in the charts below.  The first chart shows the number of homes sold over the past 5 years broken out by number of bedrooms for homes offering from 2 to 6 bedrooms.  It suggests that the total number of homes sold in the past 5 years did not vary much.   But it also suggests that there was more activity in homes with smaller numbers of bedrooms more recently.

Next, the chart below shows a 12-month quarterly “rolling average” of closing prices for homes with 2,3,4 and 5-6 bedrooms as well as an overall average for the same time period.  It suggests that closing prices hit a bit of a low point in 2014 but have started to recover generally, especially for the homes offering the higher numbers of bedrooms.

The background bars in blue in the chart above show a 12-month quarterly “rolling average” for the number of days listings stayed active for the same period, regardless of number of bedrooms.  This suggests that these listing durations are fluctuating, but recently, that homes are selling more quickly on the average.

Finally, the chart below gives another perspective on closing prices over the past several years.  It suggests that generally the closing price per square foot for homes with 2, 3, and 4 bedrooms has been increasing over the past two years after reaching a low point in 2014.

We’ll continue to watch the residential property market and bring you additional observations and data in future blogs. The data reported above were based on data obtained from the CTMLS as of February 1st, 2017.  Updated information is available on our Pawcatuck Real Estate Page.

If you are looking for a house in Pawcatuck or if you would like to work with a Realtor in the Pawcatuck, please feel free to call us.  We look forward to helping you find just the right home for you.