Norwalk CT Real Estate Market Weekly Report & Update 11/1/11

NORWALK CT HOMES: Inventory has dropped a whopping five percent in one week! As of this morning, there are 443 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 $715,744. The median list price in Norwalk is now 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 $145,166.  

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 13.74 months and is down from last week. The goal for a neutral market in Norwalk  is about six months.

Thirteen new listings came on the market this week, and two homes  came back on the market after being under deposit.  There were 10 properties that had a price change. Again, this was yet another solid week for deposits, and seven  properties have gone under the initial deposit stage, which we call CTS. 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 $609,022 and their  market time was 102 days on average..

CLOSINGS:  It was a great week! Fifteen single family homes were reported sold.  These homes had an average price of $447,980 and  were on the market an average of 130 days. There were 86 status changes in the last week.

NORWALK CT CONDOS:  The 278 condominiums that are available in Norwalk are listed at an average price of $304,456 and have been on the market an average of 132 days, although the median price of a condo in Norwalk has dropped slightly to $230,750. 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: 20.18 months, and up again from last week. The goal for a neutral condominium market in Norwalk is about eight months.

There were four new listings this week, and one home came back on the market after being under deposit. There were seven properties that had a price change. In the last week, three properties went into CTS status,  and four properties went into pending status at an average price of $311,175 after being on the market for 317 days.

CLOSINGS:  There were seven condominiums that were reported as closed in the last week, and they were listed on average at $303,971 and  on the market an average of 127 days.  There were 36 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 150 homes or apartments available. The median monthly price is $1,847 and the average price is $2,983 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