Black Rock Real Estate Update – Year End 2012

After six years of decreasing prices and slow sales, 2012 marks the first year of good news in the U.S. housing market.  Many believe it is the beginning of a housing recovery.  According to NAR (the National Association of REALTORS), existing home sales increased 9.2% in 2012 compared to 2011 and they expect a similar increase in 2013.  

NATIONWIDE – Prices Up, Sales Up, Inventory Down

A combination of rising sales and the lowest inventory in six years helped existing-home prices post annual gains for the tenth month in a row in October, according to the National Association of Realtors (NAR).  Sales of existing homes were up 9.2 percent from a year ago.  At $176,600, the national median price was up 6.3 percent (for all housing types including single-family homes, townhomes, condominiums and co-ops) from a year ago.  The last time the national median price posted ten consecutive months of annual gains WAS BEFORE THE DOWNTURN — from August 2005 to May 2006.

NAR estimated there was a 4.4-month supply of homes for sale at the end of December. That’s the lowest inventory since May 2005. A six-month supply of housing is an even balance between buyer and seller demand, so we have moved from a Buyer’s Market to a Seller’s Market after six years.

Distressed homes accounted for 25 percent of all existing-home sales in December — down from 36 percent last December — with an even split between foreclosures and short sales. Foreclosures and short sales sold for a discount of 17 percent and 16 percent, respectively, below market value.

CONNECTICUT – Prices Down, Sales Up

NAR anticipates that Hurricane Sandy will continue to influence the region’s housing market in coming months.  Approximately 2,000 homes in the town of Fairfield had some damage from Hurricane Sandy and many other homes along the shoreline were damaged as well, which could cause a delay in closing or sales to be cancelled.

FAIRFIELD COUNTY – Prices Down, Sales Up 

BLACK ROCK – Prices Down, Sales Up

Number of homes sold is up 23% from a year ago.  27 single family homes sold in 2012 compared to 20 single family homes in the first 10 months of 2011.  Sale prices are down 7% from a year ago.  The median sales price of a Black Rock single family home is $220,000 for 2012 compared to $236,000 for 2011. 

There were fewer luxury home sales in Black Rock with only three sales over $500,000 in 2012 compared to five sales over $500,000 in 2011.  Although it should be noted that Black Rock had its highest sale since 2005 with a direct waterfront home at 98 Grovers Avenue, which sold for $1.75 million on 12/20/12.  Other notable luxury home sales were 350 Hilltop Avenue at $725,000 and 280 Grovers Avenue at $560,500.

2012 BLACK ROCK REAL ESTATE MARKET REPORT

Every year since 2005, we have published an 8-page market report focusing solely on the Black Rock market are.  This report is available only to subscribers of this newsletter.  The report will be published in the next two weeks and will be sent as an attachment to the next newsletter. Become a subscriber today (put your e-mail address in the box on the right sidebar for e-mail updates).

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