Friends and neighbors:
We are happy to share with you our "Snyder Donegan Real Estate Market Report" for the third quarter of 2011.
The full report, with all the tables and graphs, can be downloaded as a PDF file by clicking here:
Snyder Donegan Real Estate Market Report for 3rd Quarter 2011
- When we look at hard data - and look through the recent economic and stock market volatility and the turmoil from the Hurricane Irene flooding, it is clear that real estate sales activity is gradually improving. For example, in 3Q2011, twenty-three (23) residential properties sold in the Greater Woodstock area vs. seventeen (17) in 3Q2010, or a 35% improvement. This brings the YTD 2011 sold figure to sixty-two (62) residential properties vs. fifty-seven (57) in 2010, or a 9% improvement. Overall, we expect year-over-year sales will be up, yet remain roughly in line with the average of the past three year of 81 sales per year. This average is still down some 40% from the peak 3-years (2004-2006) when on average 134 residential properties sold in the area.
- The market for homes priced over $1 million also showed renewed signs of life this quarter, with six (6) sales of homes in that price range. [Our firm had the buyer - and listing - for the most expensive home sold in Woodstock this quarter at $2.1 million, and the most expensive sale in Barnard this quarter.] It is worth noting, though, that many of these six high-end deals were "inked" in the spring and early summer. With the stock market first stumbling in early August and continuing to be volatile since then, activity on the high end has been more quiet. We do anticipate another buying spree between here and year-end IF the markets can settle down (for more than a week or two) and the brewing national political storm does not kick up too much dust. There are 45 beautiful high-end homes for sale in the area, so plenty of wonderful properties for buyers to choose from.
- There are still a lot of homes for sale in the area in all price ranges. Specifically, there were 309 residential properties for sale across the seven towns, which is roughly in line with the number mid-summer. Even though sales are picking up, so is the number of new homes coming on the market. Thus, it continues to be a "buyers market". We have been saying for more than a year that sellers must offer comparatively attractive pricing in order to get deals done. This is evidenced again by the ratio of Sold to Last-listed-price, which average 85% this quarter. Said differently, sellers conceded an additional 15% from their last list price vs. the long-term average concession of about 9%. Homes already priced well have sold fairly tight to last list price, so the average can be misleading. But overall, it is still a buyer's market, so if you are a buyer, it is truly a great time to step up to the plate - with lots of great properties and attractive prices to choose from.
- We saw an uptick in the sale of homes in Barnard, Pomfret and Hartland this quarter. Normally, more homes with a Woodstock address sell than in other towns, which is to be expected given that there is a larger population and more homes to begin with. On average, Woodstock accounts for approx. one-third (1/3) of the sales in the whole area. YTD 2011, this has been closer to 50% (30 out of 62 sales). Yet in the 3rd quarter, Woodstock accounted for only twenty-six percent (26%) of sales, or 6 of 23 sales. This is explained both by a temporary slowdown in the sale of Woodstock homes, and by an uptick of sales in Barnard, Pomfret and Hartland. Specifically, Barnard had only two (2) sales in the first half of the year, but had six (6) sales in the 3rd quarter. Similarly, Pomfret - which had zero (0) sales in the first half, had three (3) sales in the 3rd quarter. And Hartland had six (6) sales in the 3rd quarter, bringing the YTD total to twelve (12). By contrast, Woodstock, which had twenty-four (24) sales in the first half, had only six (6) sales in the 3rd quarter.
- On a personal note, John and I are happy to report that our firm had a very successful quarter, and just crossed $11 million in closed sales this year for the two of us. During the third quarter, we had the buyer (and listing) for the most expensive homes sold in both Woodstock ($2,100,000) and in Barnard ($775,000). Interestingly, we also had the least expensive home sale in Woodstock ($300,000) during the quarter. We now have nearly 50 properties for sale in the Greater Woodstock area. Few of our sales have been straightforward...let's just say we chalked up a few more war stories on what it took to get deals done. Our business approach seeks to combine cutting edge online/web marketing - nationally and internationally - with excellence in old-school relationship management, networking, deal/negotiations skills - and hard work.
Please contact either of us at any time. John Snyder's cellphone is 802.280.5406 and his email is email@example.com. Our office phone is 802 457-2600. We are happy to consult on any real estate related matter.
We are taking new listings and look forward to hearing from you.
With best regards,