We've heard a lot of negative press in the last two weeks about the down real estate market. And while on average the national statistics are indesputably dipping, our area seems to be quite busy, and these numbers certainly tell a better, more uplifting story. Happy reading!
Snapshot of the Ridgefield real estate market:
“On the Market” today….
▪ 290 Single Family Homes on the market for sale
▪ Average Days on Market for Single Family Home: 89
▪ Average List Price for Single Family Home: $1,073,225
▪ Highest List Price for Single Family Home: $18,000,000
▪ Lowest List Price for Single Family Home: $225,000
▪ 48 Condos on the market for sale
▪ Average Days on Market for Condos: 69
▪ Average List Price for Condos: $391,756
▪ Highest List Price for Condo: $785,000
▪ Lowest List Price for Condo: $164,800
Last week SOLD statistics (June 8 – June 14):
▪ 5 Single Family Homes / Average Sale Price $667,900 / Average Days on Market 138
▪ No Condo sales last week
Year To Date (YTD) Sold….
▪ YTD Average SOLD Price for a Single Family Home: $805,837
▪ 93 Single Family Homes SOLD YTD
▪ Highest SOLD Price for Single Family Home: $3,700,000
▪ Lowest SOLD Price for Single Family Home: $165,000
▪ YTD Average SOLD Price for a Condo: $414,111
▪ 9 Condo SOLD YTD
▪ Highest SOLD Price for Condo: $679,500
▪ Lowest SOLD Price for Condo: $117,500
SOLD Town Comparison (Single Family Homes) - May 2011...Town Units Sold Highest Selling Price Lowest Selling Price Average Selling Price Avergage Days on Market Ridgefield 22 $1,700,000 $160,000 $750,981 111 New Canaan 26 $5,500,000 $685,000 $2,064,115 184 Wilton 11 $2,175,000 $325,000 $960,800 137 Darien 29 $4,900,000 $448,000 $1,860,380 123 Westport 41 $4,782,500 $400,000 $1,417,529 80 Stamford 52 $3,550,000 $250,000 $806,385 91
Have you heard? Connecticut Conveyance Tax to Rise on July 1st, 2011:
When selling a home it’s important to keep track of closing costs so that there are no surprises on the day of closing. One important change for all sellers to know is that, as of July 1st, 2011, there will be an increase to the Connecticut real estate conveyance tax, a tax imposed on the transfer of real property and paid by the seller to the state and local municipality. On residential homes the current state conveyance tax is 0.5% of the purchase price up to $800,000, and 1.0% on the amount in excess of $800,000. After July 1st the tax will increase to .75% for the first $800,000 and 1.25 for anything in excess of $800,000.
Additionally, the local municipal tax, which is 0.25%, will become the permanent tax rate on July 1st. It had been “temporary” increased from 0.11% in 2003. In lower Fairfield County there are only two towns, Stamford and Norwalk, in which the municipality conveyance tax is slightly higher (.35% and .5% respectively). There are also exemptions to the conveyance tax, so please ask your attorney to see if you would qualify. If you object to this tax increase, the best course of action is to contact your state legislators.
Open Houses in our area this weekend -- just one this time from those realties that contributed:Address Price MLS# Date & Time Listing Agent / Listing Broker 144 Old Sib Rd, Ridgefield $379,000 98493269
Sunday, June 19
Michael Aldrich / Weichert Realtors
Fairfield County Fannie Mae Loan Limits Dropping in October
The conforming loan limit will revert back to those established under the Housing and Economic Recov- ery Act (HERA) of 2008. HERA was the act that increased the loan limits and was recently altered by the Economic Stimulus Act (ESA) of 2008 and the Continuing Appropriations Act of 2011. According to the Federal Housing Finance Agency website (http://www.fhfa.gov/Default.aspx?Page=185), for loans originated after September 30, 2011, the new number is going to be $575,000, down from $708,750. The formula used to determine this number was based on a percentage of the median sales price for Fairfield County. This is the first step in the governments attempt to reduce its footprint in the nation’s higher end mortgage market. In simple terms, the Government Sponsored Enterprises (GSE’s), also knows as Fannie Mae and Freddie Mac, will now buy smaller loans from the nation’s lenders. Locally, this puts significant pressure on lenders who originate the larger loans. The consensus among local originators is that rates for larger loans will most likely increase.
HERA changed Fannie Mae's charter to expand the definition of a conforming loan. Two sets of limits are provided for first mortgages -- general conforming loan limits, and high-cost area conforming loan limits. There is a mortgage rate for loans up to $417,000 and a slightly higher rate for up to $708,250 (soon to be $575,000). Loans above that limit are currently served by local/regional lenders who keep the loans in their own portfolios.
A special thanks to Carl Bulgini, Fenwick Mortgage for this contribution.
For more information about these homes or other fine properties in our area please contact Sandra Juliano (203.249.8625).
All Ridgefield agencies are invited to submit their weekend Public Open house information. This may not be a comprehensive list due to the voluntary submissions by each office. Information is deemed to be reliable but is not guaranteed. Home sales are public information and sales data is taken from Greater Fairfield County CMLS. Sandra Juliano is real estate contributor to the Patch and a licensed Realtor in the state of CT through the Connecticut Association of Realtors. She is an associate at Barbara Cleary's Realty Guild. She can be found at 6 South Avenue, New Canaan, CT. All information is accurate as of this publication date - June 15, 2011.