Norwalk CT Weekly Real Estate Market Report & Update Nov. 8, 2011

NORWALK CT HOMES: Norwalk continues its inventory slide. Available properties have dropped another four and one half percent this past week right on the heels of a five perecnt drop the week before. As of this morning, there are 428 homes that are actively on the market. These homes have been available an average of 128 days and are listed at an average price of $713,729. The median list price in Norwalk is holding  at $429,950.  

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: 13.18 months and is up slightly from last week. The goal for a neutral market in Norwalk  is about six months.

Nine new listings came on the market this week, and no 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 nine  properties have gone under the initial deposit stage, which we call CTS. Nine properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $343,785 and their  market time was 134 days on average..

CLOSINGS:  It was a great week for sales! Fifteen single family homes were reported sold.  These homes had an average price of $519,380 and  were on the market an average of 133 days. There were 92 status changes in the last week.

NORWALK CT CONDOS:  The 269 condominiums that are available in Norwalk are listed at an average price of $301,169 and have been on the market an average of 131 days, although the median price of a condo in Norwalk has dropped slightly to $229,250. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $39,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 19.80 months, and down slightly from last week. The goal for a neutral condominium market in Norwalk is about eight months.

There were seven new listings this week, and two homes came back on the market after being under deposit. There were five properties that had a price change. In the last week, three properties went into CTS status,  and five properties went into pending status.

CLOSINGS:  There were four condominiums that were reported as closed in the last week, and they were listed on average at $232,200 and  on the market an average of 225 days.  There were 43 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 152 homes or apartments available. The median monthly price is $1,725 and the average price is $2,771 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.

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