Norwalk CT - Real Estate Market Statistics Weekly Report - October 25, 2011

NORWALK CT HOMES: Inventpry is exactly the same as last week. The median list price in Norwalk is now at $429,950.  As of this morning, there are still 465 homes that are actively on the market. These homes have been available an average of 125 days and are listed at an average price of $716,294.

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

Twelve new listings came on the market this week, and three homes  came back on the market after being under deposit.  There were 21 properties that had a price change. Again, this was yet another solid week for deposits, and twelve properties have gone under the initial deposit stage, which we call CTS. Seven properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $447,843 and their  market time was 97 days on average..

There are 48 pending single family homes townwide, and their average price was $505,985 and they were on the market for 146 days.

CLOSINGS:  Ten single family homes were reported sold this past  week.  These homes had an average price of $408,660 and  were on the market an average of 92 days. There were 80 status changes in the last week.

NORWALK CT CONDOS:  The 278 condominiums that are available in Norwalk are listed at an average price of $304,338 and have been on the market an average of 134 days, although the median price of a condo in Norwalk is has dropped slightly to $231,950. 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: 18.91 months, and up ever so slightly 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 nine properties that had a price change. In the last week, six properties went into CTS status,  and seven properties went into pending status at an average price of $262,811 after being on the market for 170 days.

There are currently 23 condos in pending status townwide and are waiting to close. Their average price was $286,759 and they were on the market an average of 146 days.

CLOSINGS:  There were three condominiums that were reported as closed in the last week, and they were listed on average at $261,333 and  on the market an average of 228* days.  There were 39 status changes for the week. (*One property was on the market for 818 days before it closed, and skewed that statistic and the market time as noted is a truer representation,  however just an estimate.)

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 145 homes or apartments available. The median monthly price is $1,850 and the average price is $2,976 per month. These year round rental opportunities have been on the market an average of 48 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

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