Stonington Real Estate Market Report 3/12/14


The Stonington Real Estate Market Report is a monthly statement of the median sales price for homes, the number of sales, the average price per square foot for homes, the number of homes for sale, and the average listing price of Stonington homes for sale.

STONINGTON REAL ESTATE REPORT

According to Trulia.com, the median sales price for homes in Stonington from Dec 13 to Mar 14 was $235,000 based on 5 sales.

Compared to the same period one year ago, the median sales price decreased 60.8%, or $364,000, and the number of sales decreased 28.6%.

Average price per square foot for homes in Stonington was $149, a decrease of 44.2% compared to the same period last year.

There are currently 194 resale and new homes in Stonington on Trulia, including 5 open houses, as well as 1 home in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

The average listing price for homes for sale in Stonington was $718,434 for the week ending Mar 05, which represents a decrease of 5.8%, or $44,304, compared to the prior week.

According to Zillow.com, The median home value in Town of Stonington is $369,100.

Town of Stonington home values have declined -9.9% over the past year and Zillow predicts they will fall -4.3% within the next year.

The median list price per square foot in Town of Stonington is $229, which is higher than the New London Metro average of $146.

The median price of homes currently listed in Town of Stonington is $435,000 while the median price of homes that sold is $475,000. The median rent price in Town of Stonington is $1,600, which is higher than the New London Metro median of $1,200.

Foreclosures will be a factor impacting home values in the next several years. In Town of Stonington 9.7 homes are foreclosed (per 10,000). This is greater than the New London Metro value of 5.0 and also greater than the national value of 5.0

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Town of Stonington is 2.7%, which is lower than the national value of 8.0%.

With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Town of Stonington homeowners underwater on their mortgage is 8.9%, which is lower than New London Metro at 22.9%.

For graphs of the Real Estate Market Report CLICK HERE.

Bridget Morrissey is a 2012-13 Woman of FIRE (FINANCE-INSURANCE-REAL ESTATE) Recipient awarded by the Warren Group and The Commercial Record of Boston, MA and presented by Lt Governor Nancy Wyman.

If you want to list your home for sale then call, text or email Bridget and ask for her FREE 27 point TOP DOLLAR MARKETING PLAN!

Bridget Morrissey

Licensed in Connecticut and Rhode Island

RE/MAX Coast and Country

Olde Mistick Village

27 Coogan Boulevard

Mystic, CT 06355

Cell/Text: (860) 857-5165

Email: bridgetmorrissey@remax.net 


              

Office: (860) 536-7600

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