Irit Granger Market Watch: 2016 Year in Review

Irit Granger

Market Watch 2016 YEAR IN REVIEW

Irit Granger | c: 203.803.3748 | igranger@williampitt.com | iritgranger.williampitt.com

Irit Granger Market Watch 2016 YEAR IN REVIEW

Across most markets, 2016 saw a continued upward trend in sales since the recession first began to wane in 2009-10. The first half of 2016 was strong, followed by a lull, and then 4th quarter sales exceeded all expectations in most towns - not only with closings, but also with buyers jumping off the sidelines and entering the market. As a result, 2017 is off to an excellent start!

In Litchfield County, with which Sherman is most closely aligned (despite its being situated just over the Fairfield County line), sales remained steady through year’s end, with an 8% increase in units and a 9% increase in volume. Fairfield County did less well, primarily resulting from the slower activity in southern county communities, like New Canaan, Darien and Westport.

Sherman ended the year in a steady position with a 4% increase in units sold. However, price continued to remain under pressure, with the average sales price down in Sherman by 11%, and sales at the higher end particularly lagging. However, all indications point to a stronger year in 2017, as mirrored in the national scene, with existing home sales reaching their highest levels since 2007, according to the National Association of Realtors.

Litchfield County Single Family Homes Closed Sales by Price Point CLOSED SALES

CLOSED SALES

% CHANGE

INVENTORY

CY 2015

CY 2016

YOY

4Q AVERAGE

1,322

1,736

31%

1,370

$400,000 - $749,999

186

193

4%

415

$750,000 - $999,999

33

35

6%

140

$1,000,000 - $1,999,999

43

64

49%

43

$2,000,000 - $4,999,999

21

14

-33%

12

$5,000,000+

2

1

-50%

0

PRICE POINT $0 - $399,999

A Sampling of 2016 Sales by Irit Granger

SOLD Offered at $365,000

SOLD Offered at $399,900

SOLD Offered at $625,000

Irit Granger | c: 203.803.3748 | igranger@williampitt.com | iritgranger.williampitt.com

SOLD Offered at $649,000 williampitt.com

Sherman Market Sales Data Buyers are back. 2016 had highest unit sales in over 10 years.

SHERMAN

PRICE POINT

Inventory levels are relatively low. Buyers are waiting for fresh offerings.

$0 - $249,999

10

$250,000 - $499,999

28

$500,000 - $749,999

13

$750,000 - $999,999

3

$1,000,000 - $1,499,999

1

$1,500,000 - $1,999,999

1

$2,000,000 - $2,499,999

0

Total

56

Price it right. Properties that are priced right at the start sell quickly.

Presentation is key. Freshen up your home and undertake any repairs, painting, etc. prior to listing.

The internet is the most important source for buyers.

Properties must maximize their presence on Real Estate websites as well as social media.

CLOSED SALES 2016

(Listings) Active- 43 | Pending- 8 Average $442,728 | Median $392,450

Single Family Homes 11-Year Calendar Year Sales Closed Sales

Median Selling Price

2,100

$275,000

1,900

$260,000

1,700

$245,000

1,500

$230,000

1,300

$215,000 $200,000

1,100 CY 05

CY 06

CY 07

CY 08

CY 09

CY 10

CY 11

CY 12

CY 13

CY 14

CY 15

CY 16

“Irit has built a reputation as a hardworking, intelligent broker, who is known for providing exceptional, personalized service in residential real estate for buyers and sellers throughout upper Fairfield and Litchfield Counties. Irit is recognized for her broad knowledge of the market, exemplary performance, consummate professionalism, and the highest professional and ethical standards.”

–Kristine Newell, Regional Brokerage Manager of Litchfield County, CT, William Pitt Sotheby’s International Realty

SOLD Offered at $749,000 williampitt.com

SOLD

SOLD

Offered at $795,000

Offered at $999,000

SOLD Offered at $1,295,000

iritgranger.williampitt.com | igranger@williampitt.com | c: 203.803.3748 | Irit Granger

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William Pitt Sotheby’s International Realty 27 North Main Street, Suite 3, Kent, CT 06757

Local Postal Customer

Recent Client Testimonials “We want to thank you yet again for all that you’ve done for us. You’re a true master at what you do and we honor that in you! We can see that even with the vast panorama for the various houses and regions in which you work, that you extend yourself which is truly something to be admired...talk about dedication to the nth!”

G. Chirlian “Irit recently helped us sell our home. She is a consummate professional. She advised on the list price and worked aggressively to find just the right buyer for our place. Two days after we listed our home we had an offer at practically full price. The deal went off without a hitch and best of all, Irit found us a buyer who truly loves the house, which made the whole process a very lovely and painless experience. I very highly recommend her as a realtor with the highest integrity and professionalism.”

E. Archer

Cover Property | Strawberry Fields Farm, Sherman, CT | MLS L10188109

If you are contemplating selling your home, call me for a detailed analysis and comprehensive marketing plan. I can assure you of the very highest level of personalized, ’bespoke’ service coupled with the truly extraordinary marketing reach of our globally renowned brand.

Irit Granger *Five Star Agent Award for Outstanding Customer Service, Connecticut Magazine *William Pitt Sotheby’s International Realty Platinum Award Recipient *Licensed in Connecticut and New York c: 203.803.3748 | igranger@williampitt.com | iritgranger.williampitt.com | Kent Brokerage

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Information Sources: Case-Schiller reports, Various MLS services, National Association of Realtors, Connecticut Economic Digest, local mortgage brokers, Realty Trac., HGMLS, CMLS, CT-MLS, NCMLS, DARMLS, Greenwich MLS, BCBOR. While information is believed true, no guarantee is made for accuracy. Each Office Is Independently Owned and Operated. Equal Housing Opportunity.