Nationwise, home prices rose 11% in 2013, the largest increase in seven years! More good news the number of homes sold increased by 6%, marking the first increase in the pace of sales since 2005! (source: CoreLogic data) After 17 months of continuous price rises, we are now looking at the longest run of continuous gains since 2005 (data source: S&P/Case-Shiller 20 City Composite Index for October 2012).
Connecticut, Fairfield County, and Black Rock all experienced price gains and increased sales, with the exception of condos and co-ops. Please note that when we are dealing with Black Rock, the small number of sales per year make statistics unreliable.
The Fairfield Metro train station is still having an impact on sales in Black Rock. Buyers are citing the train station as a reason for buying and investors see the potential to rent out properties to train commuters. The Fox Street Pedestrian bridge which will link Black Rock to the new train station over Ash Creek, if funding and approvals are received. A feasibility study is underway by the state, but it will be 3-6 more years before it is built.
Black Rock had its most expensive non-waterfront sale EVER! A private sale at 41 Grovers Avenue which had been on the market four times from 2007-2012 (more than 600 days on market) sold for $1.65 million. This shows that homes at the high end in Black Rock can take a long time to sell. Altogether 3 homes sold for over $600,000 in 2013 of the 13 homes that were on the market. Luxury home sellers in Black Rock should plan for a longer showing period than mid-range sellers.
Single Family Home Sales. Median sale prices in Connecticut were up 10% and there were 6% more sales. Fairfield County median prices were up 4% and there were 19% more sales. (source: The Warren Group, 2013 YTD data through September). Black Rock median sale prices were up 16% to $252,500 (from $212,500) and there were 43% more sales (40 vs. 28). Only 35% of the sales in Black Rock were distressed properties compared to 50% last year and of these only 5% were foreclosures.
Comparison to Other Local Markets. Fairfield experienced a 5% increase in median price ($575,000 vs. $549,000 ) and 14% more homes sold (717 vs. 615). Bridgeport prices increased 3% at $134,038 compared to $129,900 in 2012, and only 15% of its sales were foreclosures, down from 23% in 2012 (81 vs. 102), 16% more homes sold. Sale prices in Trumbull were steady with a median price of $355,000 (vs. $358,250 in 2012), but there were 14% more sales than last year. Stratford sale prices increased 6% to $224,000 (from $210,000 in 2012) and number of sales increased 15%.
Black Rock Condos, Co-ops, and Multifamilies. Black Rock condo prices were down by 2% ($134,500 vs. $137,000), but more units sold (20 vs. 10). They also spent less time on the market (119 days vs. 130 days). Black Rock co-op sale prices decreased by 29% ($79,000 vs. $98,000) and the number of units sold decreased from 17 to 8. Condos and co-ops are lagging in the market recovery, but pending sales suggest these sectors are improving. Black Rock multifamily sales increased dramatically in price due to increased sales of higher end properties and fewer foreclosures or short sales. Three family properties had a 39% increase in price and two family properties had a 40% increase in price.
Disclaimer: Data for this report was obtained from CMLS unless otherwise cited. The information may be incomplete or inaccurate .