Kent, CT • Web ID: L146641
which have double incomes, multiple children, more travel obligations and less free time, has put convenience at the forefront. New construction meets this need and is starting to exhibit above market sales gains. Raw land, the sister of new construction, is benefitting from this renewed activity. Yet it should be noted that builders remain very cautious about pure speculative projects, far preferring to custom “build to suit,” thereby minimizing their risk. Despite the overall improvements, all indicators suggest that it will be some time before new construction single-family home building will match levels experienced before the crisis. A by-product of the shift in lifestyle is the demand among buyers for “done” properties, even if they are not new. Sellers are constantly being challenged to present their homes in pristine condition both mechanically and stylistically. Entry to mid-tier properties that were priced right and beautifully maintained garnered immense interest this quarter. The low inventory in these categories often resulted in bidding contests among multiple buyers. We worked hard to educate our clients on how to most effectively manage these situations to meet their own personal goals. After experiencing meaningful gains in 2013, the luxury segment grew quiet this first quarter. We believe this is again a reflection of the available inventory rather than a lack of demand. One-of-a-kind estate-quality properties will always have a buyer pool, even if it is a relatively small one, but the weather conditions this winter did not allow these multifaceted properties to be shown in their full glory. Therefore many sellers elected to remain off the market until spring arrived. Selling prices remained stable during the first quarter of 2014 as supply and demand moved into greater equilibrium. Any increase in the quarterly median selling price typically reflected the mix of properties sold rather than upward pricing. Condominium and co-op sales continued to gain traction with notable gains in most areas. In Fairfield County they really became a hot commodity this quarter as supply could not keep pace with demand.
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MARKET WATCH • 5