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Is it a nationwide trend? Are these large homes declining all over?
mmm, I'd venture to say high end West coast is doing pretty well all over and shows no signs of slowing down. My former home on the west coast sold for over $1M last year. Unfortunately, I wasn't the seller at the time.
Your'e on the mark here. Those Berskshire reports everyone gets emailed are useless. 2019 vs 2018 is too short. Comparisons vs the earlier part of the decade would paint a different picture. Aquaintances of ours in the Bronson Rd area of your town bought in 2010 for $1.3M, they are on the market now for 9 since the spring, got an offer for 8 even, turned it down, haven't had any showing since. Here's the scary part, in 2010 they thought they were getting a great deal.
A simple realtor engine search will turn out numerous other examples of this if you look at the property history data.
The Berkshire report is putting lipstick on a pig. There is a lot of self-interest there to make things seem fine and dandy. But there is one problem Berkshire cannot control - all the For Sale signs.
The Berkshire report is putting lipstick on a pig. There is a lot of self-interest there to make things seem fine and dandy. But there is one problem Berkshire cannot control - all the For Sale signs.
Your'e not kidding. Ever since Al Gore invented the internet realtors have become less and less relevant yet still get to skim 5% off the top. I wish I had a dime for every generic For Sale sign I see go up in New Canaan.
Your'e on the mark here. Those Berskshire reports everyone gets emailed are useless. 2019 vs 2018 is too short. Comparisons vs the earlier part of the decade would paint a different picture. Aquaintances of ours in the Bronson Rd area of your town bought in 2010 for $1.3M, they are on the market now for 9 since the spring, got an offer for 8 even, turned it down, haven't had any showing since. Here's the scary part, in 2010 they thought they were getting a great deal.
A simple realtor engine search will turn out numerous other examples of this if you look at the property history data.
And my friends that have a large house on 2 acres in Greenfield Hill had a good offer in less than a week on a house they bought several years ago. They are getting all they put into it back plus a modest profit. The days of making big bucks on home sales are long gone. Not just here but all over the country. A lot depends on what you bought and paid and the updates you make. Jay
There are now 365 homes on the market, which is an increase of 13 homes over last year at this time.
These currently available properties have been listed for an average of 126 days, with a cumulative market time of 222 days. The average list price is almost exactly the same as it was a year ago at $2,151,306, however the median price is at $1,469,000, which is down $143,500 from this same time last year.
The Berkshire report is putting lipstick on a pig. There is a lot of self-interest there to make things seem fine and dandy. But there is one problem Berkshire cannot control - all the For Sale signs.
Facts are facts. They can't inflate numbers that are on the MLS. These are the same numbers that independent organizations like the often quoted Warren Group use in their analyses. Again, if what you are claiming is true, the numbers for the first half of the year, which includes the bulk of the peak selling season, would be much different. Jay
And my friends that have a large house on 2 acres in Greenfield Hill had a good offer in less than a week on a house they bought several years ago. They are getting all they put into it back plus a modest profit. The days of making big bucks on home sales are long gone. Not just here but all over the country. A lot depends on what you bought and paid and the updates you make. Jay
Sure, I'm not suggesting it's literally ALL bad. Those examples are a small percentage of the total market though.
A work accomplice just sold his recently deceased parent's home after total renovations and received 3 offers the first day back in May or June. It's on Ponus Avenue in Norwalk, you can look it up.
Hopefully things will turn around soon.
There are now 365 homes on the market, which is an increase of 13 homes over last year at this time.
These currently available properties have been listed for an average of 126 days, with a cumulative market time of 222 days. The average list price is almost exactly the same as it was a year ago at $2,151,306, however the median price is at $1,469,000, which is down $143,500 from this same time last year.
A cumulative market time of 222 days is very high.
High end homes like you find in towns like Westport take a lot longer to sell than lower priced homes. That is pretty much true across the country. As the article and the data I posted show, this is about the same as it was last year. Four months to sell a home is not horrible. Jay
High end homes like you find in towns like Westport take a lot longer to sell than lower priced homes. That is pretty much true across the country. As the article and the data I posted show, this is about the same as it was last year. Four months to sell a home is not horrible. Jay
True, but note the massive price drops on those high end homes. That’s the most concerning.
Is it a nationwide trend? Are these large homes declining all over?
Definitely a nationwide problem and not specific to CT. I agree with the other poster that it hits CT harder because there are so many of them there.
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