Fab Real Estate Blog: Sherman, CT - March, 2007 Real Estate Market Report

Sherman, CT - March, 2007 Real Estate Market Report

Sherman, Connecticut Real Estate Update
March. 2007

Closed home sales in Sherman, Connecticut:

In March of 2007, there were 4 home sales closed in Sherman, CT.
List Prices ranged from $299,900 - $514,900.
Closed Sales Prices ranged from $299,900 to $505,000.

The average closed sales price was $383,725.  The median closed home sales price was also $365,000.

On average, these homes sold for 97% of their list price.
Days on Market ranged from 58 - 275 days, with the average being 172 days of market time.

This compares to 5 homes that closed sale in March, 2006 with an average closed sales price of $518,630 and a median closed sales price of $500,000.



Currently available homes for sale in Sherman, Connecticut:

Currently, there are 66 homes for sale in Sherman, CT.
List Prices range from $319,900 for a hi-ranch home in a lake community to $2,750,000 for 5,000 square foot estate home on nearly 10 acres.


Sherman, Connecticut is a small semi-rural community of about 4,000 residents that borders New York State to the west, New Fairfield to the south and hugs the northwestern shores of Candlewood Lake.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  The northernmost town in Fairfield County, Sherman is often cited as being the fastest growing town in Connecticut per capita, yet still retains its rural roots and charm.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

 

Data compiled from the Consolidated MLS and believed to be accurate.

 

Comment balloon 2 commentsDon Fabrizio-Garcia • April 14 2007 05:49PM

Comments

How many homes were on the market in Sherman for March of 2006?  Is the inventory building or shrinking? 
Posted by Philip Turner, Mortgage Banker Since 1980 (MCCUE MORTGAGE COMPANY) over 11 years ago

Hi Philip - I just started tracking these numbers as of January, 2007.  Of course, the MLS won't allow us to determine how many active listings there were on a certain date in the past.  I can tell you that the inventory is increasing.

When I prepared the January 07 report on February 2, 2007, there were 52 active listings.
When I prepared the February 07 report on March 24, 2007, there were 61 active listings.
Today, there are 66 active listings.
This represents a 27% increase in inventory since February 2.

Without having the hard numbers (historical figures) to back this up, it appears to me that we have now re-built the listing inventory up to the pre-holiday numbers of this past fall.

Anecdotally, we now seem to have more movement in the market.  But that movement is so dependent on each particular home and its price.  Homes that show well and are priced right are selling relatively quickly, and we are seeing multiple offers on some of these homes, which are then selling for very close to or at list price.  Again - these are homes that are priced right from the beginning and prepared for the market.  Homes that are priced high are sitting on the market and suffering through multiple price reductions as well as going stale in the market's eyes.

It's an interesting market to be in from my point of view.  But it reinforces the need for proper pricing and presentation of each home. 

 

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) over 11 years ago

Participate