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STAMFORD, Conn. With low-interest mortgage rates and steady pricing, the housing market in Stamford has picked up during the first six months of the year, according to several Stamford realtors.
Stable prices are a healthy thing for the market, said Tammy Felenstein, a realtor with Halstead Property and current president of the Stamford Board of Realtors. Sales are 11 percent higher for the first six months this year than last year, she said, adding that she doesn't expect prices or interest rates to rise significantly in the near future.
This has been a great spring, said Thaddea Sheridan, president-elect for the Stamford Board of Realtors and agent with William Pitt Sothebys International. Sheridan said the warm winter weather may have helped the spring selling season start early. You can see people are on the move.
Michael Manzino, an agent with Halstead Property, said that more people are taking advantage of the low-interest rates, feeling more comfortable with their jobs and are buying instead of renting. He explained that with the unstable job market of recent years, more people were renting despite the higher costs.
While the number of sales has gone up, the price of the sales has dipped about 4 percent for the same six-month span from 2011, Felenstein said. According to Trulia, a real estate search engine, the average sales price in Stamford decreased 1.9 percent from March to May 2012 in comparison to the same span in 2011 and has been decreasing over the past five years.
Preliminary numbers from the Consolidated Multiple Listing Service show the average sales price decreased 8.6 percent for homes under $750,000, decreased 2.9 percent for homes sold for $750,000 through $1 million, and $19.9 percent for houses sold for more than $1 million.
Although all three real estate officials said they dont know where the market is heading, the addition of businesses like Chelsea Piers, the development in Harbor Point, the renovation of Stamford Hospital and Stamford Transportation Center, are encouraging for the market to remain strong.
Its all pushing the ball forward, Manzino said.
Its really transforming Stamford, Felenstein said.
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