Norwalk CT Real Estate Market Weekly Update for January 10, 2012

NORWALK CT HOMES: Inventory is still somewhat low, and there are 335 homes that are actively on the market as of this morning, and you can begin to expect that more homes will be coming on the market in the weeks ahead. These available homes have been on the market an average of 142 days and are listed at an average price of $693,865. The median list price in Norwalk is at $404,000.

The highest priced home for sale in the city is listed at $4,700,000 and the lowest priced home available is $134,900.

Twenty-one new listings came on the market this week, and two homes came back on the market after being under deposit. There were 14 properties that had a price change. Eight properties have gone under the initial deposit stage, which we call CTS, and two properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $272,400 and their market time was 86 days.

TOWNWIDE PENDINGS: There are 42 properties scheduled to close, and their average price is $484,192.

CLOSINGS: Six single family homes were reported sold.  These homes had an average price of $1,373,167 and  were on the market an average of 174 days. There were 70 status changes in the last week.

NORWALK CT CONDOS:  The 205 condominiums that are available in Norwalk are listed at an average price of $296,815 and have been on the market an average of 129 days. The median price of a condo in Norwalk is $222,500. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $39,500.

There were fourteen new listings this week, and no homes came back on the market after being under deposit. There were 11 properties that had a price change. In the last week, four properties went into CTS status,  and four properties went into pending status.

TOWNWIDE PENDINGS: There are 28 properties scheduled to close, and their average price is $218,685.

CLOSINGS:  There were five condominiums that were reported as closed in the last week, and their average list price was $928,160. They were on the market an average of 230 days.  There were 46 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 174 homes or apartments available. The median monthly price is $1,737 and the average price is $2,477 per month. These year round rental opportunities have been on the market an average of 59 days.

There are no seasonal rentals available at this time in Norwalk.

Seven Year Annual Norwalk Real Estate Market Recap

2012 Norwalk Real Estate Forecast, Advice and 2011 Recap

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.

If 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

Norwalk CT Real Estate Market Weekly Update January 3, 2012

NORWALK CT HOMES: Inventory has decreased again in Norwalk with just 320 homes that are actively on the market as of this morning. These homes have been available an average of 147 days and are listed at an average price of $705,193. The median list price in Norwalk is at $407,000.

The highest priced home for sale in the city is listed at $4,700,000 and the lowest priced home available is $134,900.

Ten new listings came on the market this week, and one home came back on the market after being under deposit. There were five properties that had a price change. Twelve properties have gone under the initial deposit stage, which we call CTS, and five properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $1,145,955 and their market time was 183 days on average.

TOWNWIDE PENDINGS: There are 45 properties scheduled to close, and their average price is $621,450.

CLOSINGS: Fourteen single family homes were reported sold.  These homes had an average price of $400,686 and  were on the market an average of 124 days. There were 95 status changes in the last week.

NORWALK CT CONDOS:  The 197 condominiums that are available in Norwalk are listed at an average price of $297,687 and have been on the market an average of 132 days. The median price of a condo in Norwalk is $221,950. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $39,500.

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

TOWNWIDE PENDINGS: There are 29 properties scheduled to close, and their average price is $353,003.

CLOSINGS:  There were three condominiums that were reported as closed in the last week, and their average list price was $353,267. They were on the market an average of 440 days.  There were 44 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 163 homes or apartments available. The median monthly price is $1,725 and the average price is $2,574 per month. These year round rental opportunities have been on the market an average of 58 days.

There are no seasonal rentals available at this time in Norwalk.

Seven Year Annual Norwalk Real Estate Market Recap

2012 Norwalk Real Estate Forecast, Advice and 2011 Recap

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.

If 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

2012 Norwalk CT Real Estate Market Forecast, Advice & 2011 Recap

Norwalk is one of the few cities that enjoyed an increase in value from 2010, and even though it was only 1.7 percent, it was still there. Given the fact that unit volume was down fourteen percent to 438 unit sales, I'd say that was quite good, actually. However, the year ahead holds some uncertainty for Norwalk. The first quarter's activity will be very important. In the beginning of 2011, Norwalk's market seemed to be the steamroller in the area, and sometime around the third quarter, it lost most of its steam.

Fortunately, and historically, presidential elections have brought about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, it should help this market considerably in the coming year, but there are other very important factors involved.

Anticipate a few hurdles to overcome in the market come spring and early summer, when it is expected that we will begin to see Norwalk's shadow inventory coming on to the market, and competing with owners wishing to sell their homes. Over 1,000 properties are on the horizon for upcoming bank owned properties that will be coming on the market in 2012 and early 2013- maybe even into 2014, and that number is more homes than sold in all of 2010 and 2011 combined.

The shadow inventory is disconcerting. Of course, these properties are not all going to come on the market at the same time, and it will take at least a few years for the market to absorb them, but they ARE out there, and most certainly WILL affect the market here, if only by the sheer volume of properties in the pipeline.

The condo market here took a big hit, both in volume and average sales prices. Volume was down just under 20 percent from 2010 to just 192 unit sales. The average sales price suffered, too. Condo prices are down 11.8 percent on average

Seven of the sixteen market segments measured in Norwalk achieved an increase in average pricing.

The biggest winners were:

Five bedroom homes
Waterfront properties
Homes between 2001-2500 square feet

Those segments suffering the most:

Condominiums
Homes over 4000 square feet
Six bedroom Homes
New Construction

Very surprising that five bedroom homes are pretty much in demand across this part of Fairfield County, but the buyers are shying away from the larger homes at the same time, which is just what is happening across the country. Smaller is getting better.

Best bets for selling for top dollar in the year ahead are five bedroom homes  waterfront properties, and homes between 2001-2500 square feet.

Best bets for buyers are where the market has suffered, and they are apt to get a better deal, and that would be any condo in the city, any home over 4000 square feet, and new construction.

Bottom Line: Norwalk's market has a chance to get volatile this year. The first quarter can set the stage- let's hope it's a good one. Stay tuned for weekly updates and further forecast as they become more clear.  This is a market to watch. Pay close attention, and we'll certainly keep you informed.

If 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

2011 Year End Estate Norwalk CT Market Stats are in!

2011's final real estate sales figures are here, and we have compiled the Market History for Norwalk Connecticut with seven years of annual statistics dating back to 2005. Quick recap by year includes number of sales, average sales price and sales to list price ratio.

Initial numbers show 2011's average sales price at $574,476- while 2010 average sales price was at $564,976,  which appears to be a 1.5% increase, but the condo market is a different story.

It is VERY important to note that when you look at year over year figures, amount of sales, and average sales prices, that it does not necessarily mean that condominium prices have dropped significantly. THEY HAVEN'T. For example, the average sales price for a condominium in Norwalk in 2011 was $252,500 and the average price in 2010 was $321,451. Condo prices in general did not take a 27 percent hit last year, I can assure you.

Although it may look initially that prices have dropped in some segments of the market, other markets within NOrwalk appear to have gained ground. There are certain adjustments that will need to be made, and pricing anomalies that have to be addressed before any percentage of gain or loss is calculated. Certain sales can skew statistics out of probable proportion, and have to be looked at and analyzed quite closely before a true overview and forecast can be given.  What I am saying is don't get too excited just yet.

Click to view Norwalk CT 7 year Real Estate  Recap and Reports

PRICE RANGE RECAP: statistics for single family homes with sales data sorted by incremental price ranges and this report includes market time, median, high and low sales prices, plus total dollar volume in sales.

BEDROOM COUNT RECAP: Sales statistics for single family homes and rentals sorted by bedroom count. This report includes number of sales, average sale prices, sale to list price ratio, and multi family home sales are included for your convenience.

Remember, these are raw statistics at this point, and need expert interpretation before you can start celebrating the market change, or remain conservative. We will be posting  our opinions on the Norwalk market within the next few weeks, so stay tuned.

If 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

Norwalk CT Real Estate Market Weekly Update December 27, 2011

NORWALK CT HOMES: Inventory has decreased again in Norwalk with just 348 homes that are actively on the market as of this morning. These homes have been available an average of 149 days and are listed at an average price of $729,432. The median list price in Norwalk is at $407,450.

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $139,900.

Four new listings came on the market this week, and no homes came back on the market after being under deposit.  There were two properties that had a price change. Seven 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 $520,750 and their  market time was 117 days on average.

TOWNWIDE PENDINGS: There are 54 properties scheduled to close, and their average price is $520,750.

CLOSINGS:  Nine single family homes were reported sold.  These homes had an average price of $586,489 and  were on the market an average of 157 days. There were 46 status changes in the last week.

NORWALK CT CONDOS:  The 217 condominiums that are available in Norwalk are listed at an average price of $295,623 and have been on the market an average of 140 days. The median price of a condo in Norwalk is $219,950. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $39,500.

There were no new listings this week, and no homes came back on the market after being under deposit. There were two properties that had a price change. In the last week, six properties went into CTS status,  and five properties went into pending status. Their average list price was $224,360.

TOWNWIDE PENDINGS: There are 31 properties scheduled to close, and their average price is $355,093.

CLOSINGS:  There were five condominiums that were reported as closed in the last week, and their average list price was $249,580. They were on the market an average of 238 days.  There were 38 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 167 homes or apartments available. The median monthly price is $1,700 and the average price is $2,535 per month. These year round rental opportunities have been on the market an average of 57 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.

If 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