Norwalk CT Real Estate Market Conditions as of July 2011- The Year in Review

Norwalk's real estate market has been active all year, and shows signs of steady growth, both  in pricing and in sales. The absorption rate is among the best in the state for a city of its size, and Norwalk remains a good investment.

There are currently 476 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there have been 135 sales reported during the last three months with a median list price of $499,000 and a median sales price of $435,000. The sales price to list price ratio is 95.26 percent. The monthly absorption rate is 45 and there is an 10.58 month supply of housing inventory. Average Market Time for listings during this period is 87 days, and the average market time for the sales reported during this period was 71 days.

Compared to the prior 4-6 months: There were 466 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there were 104 sales reported during this period with a median list price of $499,000 and a median sales price of $412,500. The sales price to list price ratio  during this period was 95.28 percent. The monthly absorption rate during this time was 34.67 and there was a 13.44 month supply of housing inventory. Average Market Time for listings during this period is  139 days, and the average market time for the sales reported during this period was 92 days.

The prior 7-12 months statistics show that there were 380 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there were 224 sales reported during this period with a median list price of $499,900 and a median sales price of $425,000. The sales price to list price ratio  during this period was 95.85 percent. The monthly absorption rate during this time was 37.33 and there was a 10.18 month supply of housing inventory .Average Market Time for listings during this period is 176  days, and the average market time for the sales reported during this period was 91 days.

About the reports. These reports include the same information that home appraisers submit to a bank, and use as an addendum to their reports on individual properties. We have provided this data for you on a townwide basis. Individual property values will be different. Contact an appraiser if you need a specialized report, or contact me for a Market Analysis of your home when you are ready to sell.

Market Conditions: The Listing count is a representation of the last day of a  particular time period
1.Months Supply - The number of months it will take to deplete the inventory at the current rate of sales. In Norwalk, a neutral market  would  be indicated by anywhere from 5.5-6.5 months, dependent upon additional conditions.
2. Absorption - Quoted as a per month figure. The average number of sales in any given time period (e.g., 90 sales in a 3 month period would mean an absorption rate of 30 per month)
3. Sales - The amount of reported  sales in the given time period.

Median Sales Price and List Price-
1. Median List Price compared to Median Sales Price. This may not  coincide with the quoted Sales Price to List Price ratios, as that takes into account average pricing, as opposed to Median List and Sale Pricing.