Norwalk CT - Weekly Real Estate Market Statistics Report - October 11, 2011

NORWALK CT HOMES: Pay close attention to the market here in Norwalk. The changes occurring week by week, and they indicate a somewhat slower market ahead. It is not the same market that it was earlier this year.

The median list price in Norwalk has dropped again ever so slightly after remaining fairly constant for the past few weeks to where it is now at $432,500.  As of this morning, there are 475 homes that are actively on the market. These homes have been available an average of 119 days and are listed at an average price of $722,647.

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: 14.51 months, and has risen week by week as of late. To put it into perspective, on September 13th, which is less than one month ago, the inventory was at 10.87 months.  That's almost a three MONTH increase. The goal for a neutral market in Norwalk  is six months.

Just six new listings came on the market this week, and one homes  came back on the market after being under deposit.  There were 20 properties that had a price change. Again, this was yet another solid week for deposits, and ten properties have gone under the initial deposit stage, which we call CTS, and six properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average price was $358,117 and their  market time was 88 days on average..

CLOSINGS:  Three single family homes were reported sold this past  week.  These homes had an average price of $339,633 and  were on the market an average of 71 days. There were 61 status changes in the last week.

NORWALK CT CONDOS:  The 276 condominiums that are available in Norwalk are listed at an average price of $306,576 and have been on the market an average of 133 days, although the median price of a condo in Norwalk is still fairly consistent at $235,500. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $42,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 17.87 months, and virtually unchanged from last week. The goal for a neutral condominium market in Norwalk is about eight months.

There were eleven new listings this week, and no homes came back on the market after being under deposit. There were 14 properties that had a price change. In the last week, five properties went into CTS status,  and three properties went into pending status after being on the market for 107 days.

CLOSINGS:  There were four condominiums that were reported as closed in the last week, and they were listed on average at $223,250 and  on the market an average of 144 days.  There were 48 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 142 homes or apartments available. The median monthly price is $1,925 and the average price is $3,070 per month. These year round rental opportunities have been on the market an average of 46 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.

Norwalk CT - Weekly Real Estate Market Statistics Report - October 4, 2011

 NORWALK CT HOMES: Norwalk's market is changing. At one point during the year, Norwalk was an absolute best bet- no questions about it. Of course, the market isn;t dead by any means, but I see some changes here that are NOT going on in neighboring towns or cities. Pay attention to the market. Just do your due diligence if you wish to buy or sell, and contact me!

The median list price in Norwalk has dropped slightly after remaining fairly constant for the past few weeks to $431,450.  As of this morning, there are 472 homes that are actively on the market. These homes have been available an average of 117 days and are listed at an average of $716,092, which is about a $10,000 drop over last week..

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $149,900.

The biggest price pocket in town continues to be between the $300-350,000 dollar range, and these 60 homes comprise almost eight percent of the inventory.  

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 13.56 months, and has risen week by week as of late. To put it into perspective, on September 13th, which is less than one month ago, the inventory was at 10.87 months.  That's almost a three MONTH increase. The goal for a neutral market in Norwalk  is six months.

Sixteen new listings came on the market this week, and one home  came back on the market after being under deposit.  There were 24 properties that had a price change. Again, this was yet another solid week for deposits, and eleven properties have gone under the initial deposit stage, which we call CTS, and eight properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average proce was $435,825 and their  market time was 71 days on average..

There are currently 50 properties citywide in pending status, and their average price is $536,021.

CLOSINGS:  Eleven single family homes were reported sold this past  week.  These homes had an average price of $7933,791 and  were on the market an average of 197 days. There were 93 status changes in the last week.

NORWALK CT CONDOS:  The 268 condominiums that are available in Norwalk are listed at an average price of $309,618 and have been on the market an average of 132 days, although the median price of a condo in Norwalk is still fairly consistent at $236,250. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $42,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 17.66 months, and virtually unchanged from last week. The goal for a neutral condominium market in Norwalk is eight months.

There were thirteen new listings this week, and two homes came back on the market after being under deposit. There were 19 properties that had a price change. In the last week, seven properties went into CTS status,  and one property went into pending status after being on the market for 141 days.

There are 21 condominiums citywide that are currently in Pending status. Their average list price is $280,233.

CLOSINGS:  There were six condominiums that were reported as closed in the last week, and they were listed on average at $218,800 and  on the market an average of175 days.  There were 67 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 146 homes or apartments available. The median monthly price is $1,900 and the average price is $3,056 per month. These year round rental opportunities have been on the market an average of 41 days.

There is only one seasonal rental available throughout Norwalk, and it has  been on the market for 142 days and it is listed at $3,750.

Click here for FOURTH QUARTER real estate market advice.

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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Norwalk CT Real Estate Market Conditions, Forecast and Advice -10/2011

Norwalk, Connecticut  is an historic and  diverse city of 36.3 square miles and approximately 80,800 residents living in  31,700 households. Incorporated in 1651, just over 31 percent of the current housing stock was built prior to 1950. Approximately 60 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Norwalk, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Norwalk at a particular time, then you should do it. You should also contact me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
State of the Market: Current home sales averages at about 33 per month and is down from last quarters sales by about 20 percent. The second quarter  usually posts the strongest activity for the year, but the absorption rate is still a it lower than I would like at this time. Final third quarter numbers are not all in, but I do think we are in for a little lull in activity, until February with just a slight upsurge at the end of December. Inventory is down from last quarter, but still up signifcantly from the first half of the year. Condo sales are averaging about 14 per month, but have declined from the last quarter's peak of nearly 20 per month. 

What's Ahead in General:  I am just a little concerned about what's going on in Norwalk's real estate market. Prices have been consistent, but the sales are "all over the lot", meaning they really don't match what other data is telling us about the market. I am not concerned enough to say don't sell if you want to sell, or don't buy if you want to buy, just make sure you have ALL of the facts before you delve into a real estate transaction, and that means detailed analyses to make sure the price you are selling at, or the price you are purchasing your home at is in fact the best market price. I do not anticipate any big changes in pricing anytime soon. On the plus side, market time has gotten better and better throughout the year.  
 
ADVICE FOR SELLERS: Is there a better time to sell your home in Norwalk? Yes, List it in the beginning of the year.  As of today, there is over a year's supply of inventory, although the current supply is lower than it has been. While I might advise you to go ahead and list your home now and get a jump on the market, other indicators tell me to advise you to wait until January, unless you really need to sell your home very quickly. There is no urgency at the moment, and no bonuses if you choose to sell now, or start at the beginning of the year instead.

On the other hand, iIf you want to sell your condo, do it now. Right now. I am watching the condo market prices and I think it's best to get in while the getting is good. Sure there is over a year and a half inventory supply, but the prices have declined a little, and that troubles me just enough to advise you to sell now, instead of waiting for next year. Nothing to be overwhelmed about, I am just saying if it was me selling my own condo, I would do it now. Just remember, you REALLY have to price your home right, there is no question about it. Think about it this way- with the amount of overpriced listings available, you should have no problems. There is activity, take advantage of it.
 
ADVICE FOR BUYERS:If you are looking to buy in Norwalk CT, now is as good of a time as any. The rates are low, and there is still enough inventory to choose from. I wouldn't delay, but there is no dire urgency,  and you may have a better selection of properties come February or March. Give yourself some time if you want to look now, and if you don't find something you like right away, it will come. You should be able to negotiate a little, so look at some of the houses that seem to be priced a little out of their range. I wouldn't be surprised if the sellers went with a lower offer. If you are looking to buy a condo in Norwalk, you have absolutely wonderful negotiating power, take advantage of it.

BEST BETS FOR BUYERS AND SELLERS: Three bedroom homes, and/or homes priced within the $300,000-$400,000 range. Two bedroom condos, and/or condos priced between $200,000-$300,000.

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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Norwalk CT - Weekly Real Estate Market Statistics Report - September 27, 2011

NORWALK CT HOMES: The median list price in Norwalk is remaining fairly constant these past few weeks at  $437,000.  As of this morning, there are 477 homes that are actively on the market. These homes have been available an average of 116 days and are listed at an average of $727,890, which is consistent with last week..

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $149,900.

Homes with three bedrooms comprise nearly 46 percent of the inventory, and their average price is $558,645  and they have been on the market an average of 111 days. There are 151 four  bedroom homes on the market that are listed at an average price of $862,824 and they have been on the market an average of 109 days.  

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 12.10 months, and is up slightly again  from last week. The goal for a neutral market in Norwalk  is six months

Eleven new listings came on the market this week, and no homes  came back on the market after being under deposit.  There were 25 properties that had a price change. This was yet another solid week for deposits, and eleven 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 market time was 187 days.

CLOSINGS:  Twelve single family homes were reported sold this past  week.  These homes had an average price of $709,242 and  were on the market an average of 198 days. There were 84 status changes in the last week.

NORWALK CT CONDOS:  The 266 condominiums that are available in Norwalk are listed at an average price of $311,421 and have been on the market an average of 137 days, although the median price of a condo in Norwalk is still fairly consistent at $236,950. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $42,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 17.93 months, and is up  again from last week. The goal for a neutral condominium market in Norwalk  is eight months.

There were ten new listings this week, and four homes came back on the market after being under deposit. There were eleven properties that had a price change. In the last week, four properties went into CTS status,  and three properties went into pending status. Their average market time was 143 days.

CLOSINGS:  There was one condominium that were reported as closed in the last week, and it was listed at $195,000 and  was on the market for 168 days.  There were 48 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 149 homes or apartments available. The median monthly price is $1,925 and the average price is $3,042 per month. These year round rental opportunities have been on the market an average of 40 days.

There are two seasonal rentals available throughout Norwalk, and they have been on the market an average of  89 days, and their average price is  $7,875. The median  price of both furnished and unfurnished seasonal rentals is  $7,875

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.

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Norwalk CT - Weekly Real Estate Market Statistics Report - September 20, 2011

NORWALK CT HOMES: The median list price in Norwalk is remaining fairly constant these past few weeks at  $437,450.  As of this morning, there is a nice upsirge in availbale properties bringing the total to 478 homes that are actively on the market. These homes have been available an average of 114 days and are listed at an average of $726,096, which is a slight dip over last week..

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

Twenty-two new listings came on the market this week, and two homes  came back on the market after being under deposit.  There were 21 properties that had a price change. This was yet another solid week for deposits, and seventeen properties have gone under the initial deposit stage, which we call CTS, and four properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average market time was 133 days.

CLOSINGS:  Nine single family homes were reported sold this past  week.  These homes had an average price of $465,656 and  were on the market an average of 148 days. There were 96 status changes in the last week.

NORWALK CT CONDOS:  The 266 condominiums that are available in Norwalk are listed at an average price of $312,762 and have been on the market an average of 143 days, although the median price of a condo in Norwalk is still fairly consistent at $237,000. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $42,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 15.66 months, and is up  from last week. The goal for a neutral condominium market in Norwalk  is eight months.

There were ten new listings this week, and one home came back on the market after being under deposit. There were ten properties that had a price change. In the last week, four properties went into CTS status,  and seven properties went into pending status. Their average market time was 130 days.

CLOSINGS:  There were three condominiums that were reported as closed in the last week, and it was listed at $239,667 and  were on the marketan average of 154 days.  There were 49 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 142 homes or apartments available. The median monthly price is $1,925 and the average price is $2,931 per month. These year round rental opportunities have been on the market an average of 37 days.

There are two seasonal rentals available throughout Norwalk, and they have been on the market an average of  89 days, and their average price is  $7,875. The median  price of both furnished and unfurnished seasonal rentals is  $7,875

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.

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