Norwalk CT - Weekly Real Estate Market Statistics Report - October 18, 2011

NORWALK CT HOMES: We've had a decent week in sales and projected sales, but the marekt seems somewhat sporadic and a little on the volatile side.  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. Hopefullty that will change come 2012.

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 $430,000.  As of this morning, there are 465 homes that are actively on the market. These homes have been available an average of 121 days and are listed at an average price of $720,137.

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: 14.26 months. The goal for a neutral market in Norwalk  is six months.

Just five new listings came on the market this week, and two homes  came back on the market after being under deposit.  There were 17 properties that had a price change. Again, this was yet another solid week for deposits, and seventeen properties have gone under the initial deposit stage, which we call CTS, and ten properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $551,400 and their  market time was 168 days on average..

CLOSINGS:  Eight  single family homes were reported sold this past  week.  These homes had an average price of $403,900 and  were on the market an average of 85 days. There were 77 status changes in the last week.

NORWALK CT CONDOS:  The 277 condominiums that are available in Norwalk are listed at an average price of $307,232 and have been on the market an average of 134 days, although the median price of a condo in Norwalk is still fairly consistent at $234,500. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $39,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 17.80 months, and virtually unchanged from last week. The goal for a neutral condominium market in Norwalk is about eight months.

There were eight new listings this week, and one home came back on the market after being under deposit. There were 21 properties that had a price change. In the last week, six properties went into CTS status,  and four properties went into pending status after being on the market for 170 days.

CLOSINGS:  There were four condominiums that were reported as closed in the last week, and they were listed on average at $319,750 and  on the market an average of 154 days.  There were 54 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 137 homes or apartments available. The median monthly price is $1,850 and the average price is $3,009 per month. These year round rental opportunities have been on the market an average of 47 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.

f you have a question about buying or selling Real Estate in Norwalk, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy