Norwalk CT - Weekly Real Estate Market Statistics Report - October 11, 2011

NORWALK CT HOMES: Pay close attention to the market here in Norwalk. The changes occurring week by week, and they indicate a somewhat slower market ahead. It is not the same market that it was earlier this year.

The median list price in Norwalk has dropped again ever so slightly after remaining fairly constant for the past few weeks to where it is now at $432,500.  As of this morning, there are 475 homes that are actively on the market. These homes have been available an average of 119 days and are listed at an average price of $722,647.

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $149,900.  

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 14.51 months, and has risen week by week as of late. To put it into perspective, on September 13th, which is less than one month ago, the inventory was at 10.87 months.  That's almost a three MONTH increase. The goal for a neutral market in Norwalk  is six months.

Just six new listings came on the market this week, and one homes  came back on the market after being under deposit.  There were 20 properties that had a price change. Again, this was yet another solid week for deposits, and ten properties have gone under the initial deposit stage, which we call CTS, and six properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $358,117 and their  market time was 88 days on average..

CLOSINGS:  Three single family homes were reported sold this past  week.  These homes had an average price of $339,633 and  were on the market an average of 71 days. There were 61 status changes in the last week.

NORWALK CT CONDOS:  The 276 condominiums that are available in Norwalk are listed at an average price of $306,576 and have been on the market an average of 133 days, although the median price of a condo in Norwalk is still fairly consistent at $235,500. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $42,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 17.87 months, and virtually unchanged from last week. The goal for a neutral condominium market in Norwalk is about eight months.

There were eleven new listings this week, and no homes came back on the market after being under deposit. There were 14 properties that had a price change. In the last week, five properties went into CTS status,  and three properties went into pending status after being on the market for 107 days.

CLOSINGS:  There were four condominiums that were reported as closed in the last week, and they were listed on average at $223,250 and  on the market an average of 144 days.  There were 48 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 142 homes or apartments available. The median monthly price is $1,925 and the average price is $3,070 per month. These year round rental opportunities have been on the market an average of 46 days.

There are no seasonal rentals available at this time in Norwalk.

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.