Real Estate News
Stamford CT Market Update for the Period Ending 12/31/09 – Single Family and Condominium Sales
February 12, 2010 by Melodye · Leave a Comment
If you were to examine data from the past three years of sales for each category you will notice that the number of single family homes sold in 2007 was 654 as compared to 488 in 2009, this reflects a decrease of about 25%. The average sale price in 2007 was $840,000 vs. $664,000 by YE 2009 reflecting almost a 21% decrease. It is obvious the market took a significant shift in the wrong direction over the past 3 years. The market peaked in 2005 and then began a downward trend shortly after.
When you take a look at the condo market, well things were much worse in this category to put it mildly. In this case the number of condos sold in 2007 was 845 as compared to 381 by YE 2009, this reflects a decrease of almost 55%. The average sale price in 2007 was $413,000 vs. $337,000 in 2009 reflecting an 18% decrease. Certainly not a good market to try and sell a condo.
Overall, we live in a pretty protected area when we compare Stamford and all of Fairfield County as a whole to the rest of the country. It is a blessing when we look at our figures compared to those who owned real estate in Florida, Michigan, Nevada and Arizona for instance. Those folks are struggling far more and losing their homes at a much bigger rate then we are.
