CURRENT LISTINGSRENTALSRECENT SALESSTATE OF THE MARKETPROFILECONTACT
spacer
spacer
Luxury Market Report Year-End 2007
spacer
 

Affluent full-time and weekend people are colonizing at a steady pace in rural Litchfield County despite pessimistic media attention toward real estate nationwide. Litchfield County profited from growth and price appreciation in the $1m plus property sector during 2007 irrespective of the sub-prime mortgage crisis.

In 2007 both the total # and gross value of $1m plus property sales increased dramatically over 2006 and the average price for a $1m plus property set an all-time record by increasing +9% to $1,933,243. However, properties are taking longer to sell; the # days on the market increased by 33% in 2007 to 321 days. More good news ahead is likely as there is very limited supply growth of fine properties and demand continues.

This market has seen significant growth during 2007 at the higher-end (property sales $4m & over). The # of sales over $4m jumped by 133% to a record 7 sales last year. Klemm Real Estate participated in 5/7 of these sales and sold the 2 highest sales throughout the County during 2007: In Salisbury Klemm sold two properties: one for $6m and another for $6.3m.

Klemm had a record year! For 2007, Klemm has once again achieved the #1 market share in sales throughout Litchfield County. Klemm also continues to dominate the $1m plus home market with an overwhelming #1 market share, which is twice our nearest competitor.

Klemm is proud to claim record-breaking sales in 2007 in the Towns of Kent, Lakeville, Litchfield, Middlebury, Morris, New Milford, Roxbury, Salisbury & Washington.

 
PETER KLEMM’S LUXURY MARKET REPORT $1m + Properties Litchfield County, CT
 
- 2007
year end
% Change 2006
year end
% Change 2005
year end
% Change 2004
year end
% Change 2003
year end
% Change 2002
year end
# Sales 111 17% 95 -21% 121 20% 101 58% 64 19% 54
Total Sales $ $214,590,000 27% $169,054,399 -27% $232,359,149 23% $188,688,128 56% $120,970,257 26% $96,384,400
Ave Sale $ $1,933,243 9% $1,779,520 -7% $1,920,324 3% $1,868,199 -1% $1,890,160 6% $1,784,896
Median Sale $ $1,585,000 4% $1,525,000 -4% $1,595,000 4% $1,537,500 -4% $1,600,000 8% $1,487,500
# Days on Market 321 33% 241 16% 207 5% 198 -22% 254 39% 183
# Sales over $4m 7 133% 3 0% 3 -33% 4 100% 2 100% 1
Highest Sale in Millions $6.30   $5.50   $12   $5.65   $5   $5.60
 
Download this Market Analysis as a PDF file
spacer
Top 10 Sales

©2008 Peter Klemm | Klemm Real Estate, Inc.
spacer