Stamford, Connecticut, is a vibrant and welcoming community with a rich history. Located on the Long Island Sound, the City offers stunning views and a wealth of activities for residents and visitors alike. From its vibrant downtown shops to the white sand beaches of West Beach and Cove Island Park, Stamford offers its residents a truly idyllic lifestyle. The city is also home to a lively arts and theater scene, with a generous selection of museums, galleries, and live music venues, such as the Stamford Museum & Nature Center and Palace Theatre. Whether you're looking for a luxurious waterfront estate or a cozy downtown condo, this New England haven is a great place to invest in luxury real estate.
If you're considering investing in Stamford real estate and looking ahead to what’s in store in 2023, keep reading for expert guidance from Dannel Malloy. Informed by years of experience, Dannel has a keen eye on the trends affecting high-end property markets. In this post, we'll discuss the current state of the Stamford real estate market and what we anticipate for the next few years. So, if you're thinking about buying or selling a home in Stamford or if you're just curious about what the future holds for the local market, this post is for you.
The current state of the Stamford market
A slight cooldown
According to the Stamford Board of Realtors’ most recent market update, Stamford has not been immune to declining inventory. With mortgage rates on the rise and the presence of inflation, many buyers were hesitant to enter the house hunt at the end of 2022. As of December 2022, the median sales price of Stamford homes is up by 7.2% year-to-date. In addition, pending sales are down by 25.5%, along with a 31.3% decrease in the number of closed sales.
Remaining competitive
While up to 36% of homes are selling for under the asking price at the end of 2022, meaning that many sellers are willing to negotiate on the final sales price, it’s also important to note that 46% of homes are still selling for over the list price. Stamford real estate remains a seller’s market, with home prices continuing to rise, albeit slower than what we saw in 2020 and 2021.
A major factor is the limited inventory of homes for sale in Stamford, CT. The Stamford Board of Realtors has noted a 43.5% decrease in inventory from November 2021 to November 2022. With fewer homes available on the market, competition between buyers remains fierce for the most sought-after properties. This trend is expected to continue well into 2023, making it an ideal time to sell a home in Stamford.
The latest trends impacting the Stamford market
Stamford, CT, is a desirable place to live for various reasons: its proximity to New York City, its many beaches and parks, and its small-town charm, to name a few. As a result, the real estate market in Stamford has been strong and stable. In recent years, we have seen an increased interest in luxury properties as more and more people are looking for a tranquil haven from the hustle and bustle of city life. The pandemic has only amplified this trend, as people are now seeking out second homes that offer more space and privacy. According to our 2023 real estate forecast, Stamford will continue to be a highly sought-after destination for buyers. We expect the market to be competitive as demand remains consistently high.
Implications for buyers and sellers
Despite the pandemic, the Stamford real estate market has remained stable despite a slight cooldown, as indicated by the decreased number of closed and pending sales. As we enter the new year, however, we expect to see continued demand for Stamford homes, especially among families looking for more space. This is good news for sellers, but it also means that buyers will have to compete for a limited supply of homes, as inventory has decreased by 43.5%.
Our advice for buyers in this situation is to be patient and be prepared to pay slightly above the asking price in order to secure their dream home that is new or has been recently updated. However, with closed sales dropping, you may be able to get a more reasonable price if you find the right seller who is willing to negotiate.
If you're thinking of selling your home in Stamford, on the other hand, now is the time. The Stamford real estate market is currently favoring sellers, with low inventory and high demand driving up prices modestly. So if you're looking to maximize your profit, now is the time to list your property.
Tips for selling
If you're thinking of selling your Stamford home in the near future, you're in luck. Despite some market uncertainties, the real estate forecast for 2023 is looking positive. In fact, now may be the perfect time to list your property. Here are a few tips to help you get started:
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Consult with a real estate agent who has insights into the local market and can help you price your home competitively and accurately.
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Take steps to make your home stand out from the competition. This might include renovating key rooms or updating your landscaping.
- Remember the first impression counts. Be sure to stage your home in a way that is inviting and appealing to potential buyers.
Tips for Buying
Are you thinking about investing in Stamford real estate? If so, you're not alone. Here are a few tips to help you make the most of your investment:
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Do your research. Learn as much as you can about the Stamford market, including current trends and future predictions. This will help you make informed investment decisions.
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Work with an experienced real estate agent. A professional can help you find the right property and negotiate the best price.
- Be prepared to act quickly. If you find a property you're interested in, don't hesitate to make an offer.
Ready to get started?
Dannel Malloy is committed to keeping clients informed of changes in the market so they can make the best decisions for their families. If you are thinking of buying or selling at any price point including luxury real estate in Stamford, CT, now is the time to act.
Contact Dannel Malloy today to learn more about exclusive listings in Stamford and the surrounding areas. He would be happy to provide you with a complimentary market analysis and answer any questions you may have.
*Header photo courtesy of Shutterstock
