Norwalk CT - Weekly Real Estate Market Statistics Report - August 8, 2011

NORWALK CT HOMES: The median list price in Norwalk  is $442,450.  As of this morning, there are 475  homes actively on the market. These home have been available an average of 108 days and are listed at an average of $758,707.

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

Ten new listings came on the market this week, and two homes  came back on the market after being under deposit.  There were 18 properties that had a price change. This was yet another solid week for deposits, and 14 properties have gone under the initial deposit stage, which we call CTS, and nine properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

CLOSINGS:  Nine single family homes were reported sold this past  week.  These homes had an average price of $676,511 and  were on the market an average of 182 days. There were 77 status changes in the last week, which is down almost 25 percent from just a few weeks ago.

NORWALK CT CONDOS:  The 286 condominiums that are available in Norwalk have been  listed an average price of $310,777 and have been on the market an average of 128 days, although the median price of a condo in Norwalk is fairly consistent at $235,900. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $49,500.

There were nine new listings this week, and two homes came back on the market after being under deposit. There were 14 properties that had a price change. In the last week, four properties went into CTS status,  and three properties went into pending status. CLOSINGS:  There were five condominiums that closed in the last week, and they were listed at an average price of $312,401 and  were on the market for an average of 51  days. There were 56 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 52 homes or apartments available. The median monthly price is $3,000 and the average price is $4,778 per month. These year round rental opportunities have been on the market an average of 40 days.

There are three seasonal rentals available throughout Norwalk, and they have been on the market an average of 84 days, and at an average price of $9,583. 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.

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.

Norwalk CT - Weekly Real Estate Market Statistics Report - July 26, 2011

NORWALK CT HOMES: Norwalk's market continues to be fairly steady and somewhat predictable,  just  like the Fairfield and Westport markets. The median list price in Norwalk  is $440,950.  As of this morning, there are 480  homes actively on the market. These home have been available an average of 103 days and are listed at an average of $760,887.

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $95,000. There are 92 homes available between four and five hundred thousand dollars, and 36 homes available between one and two million dollars.

Fifteen 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. This was another solid week for deposits, and 13 properties have gone under the initial deposit stage, which we call CTS, and 15 properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

CLOSINGS:  14 single family homes sold this past  week.  These homes had an average price of $395,254 and  were on the market an average of 111 days. There were 100 status changes in the last week.

NORWALK CT CONDOS:  The 287 condominiums that are available in Norwalk have been  listed an average price of $301,877 and have been on the market an average of 126 days, although the median price of a condo in Norwalk is fairly consistent at $234,650. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $49,500. There are 82 condos available in the 200-300k price range.

There were 12 new listings this week, and one home came back on the market after being under deposit. There were eight properties that had a price change. In the last week, four properties went into CTS status,  and three properties went into pending status. CLOSINGS:  There were six  condominiums that closed in the last week that were listed at an average price of $619,150 and they were on the market for an average of 128  days. There were 46 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 113 homes or apartments available. The median monthly price is $1,600 and the average price is $2,787 per month. These year round rental opportunities have been on the market an average of 43 days.

There are three seasonal rentals available throughout Norwalk, and they have been on the market an average of 71days, and at an average price of $9,583. The median  price of both furnished and unfurnished seasonal rentals is also $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.

Norwalk CT Real Estate Market Weekly Statistics Report - July 19, 2011

NORWALK CT HOMES: The median list price in Norwalk  is $444,500.  As of this morning, there are 488  homes actively on the market. These home have beenavailable an average of 102 days and are listed at an average of $760,700.

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $95,000. The most active price range in Norwalk is between five and six hundred thousand dollars.

Seventeen new listings came on the market this week, and two homes  came back on the market after being under deposit.  There were 26 properties that had a price change. This was a solid week for deposits, and 12 properties have gone under the initial deposit stage, which we call CTS, and 8 properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. CLOSINGS:  Ten single family homes sold this past  week.  These homes had an average price of $424,370 and  were on the market an average of 90 days. There were 96 status changes in the last week.

NORWALK CT CONDOS:  The 279 condominiums that are available in Norwalk have been  listed an average price of $306,662 and have been on the market an average of 129 days, although the median price of a condo in Norwalk is fairly consistent at $237,350. The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $49,500.

There were seven new listings this week, and no homes came back on the market after being under deposit. There were nine properties that had a price change. In the last week, five properties went into CTS status,  and three properties went into pending status. CLOSINGS:  There were five  condominiums that closed in the last week that were listed at an average price of $373,960 and were on the market for an average of 78  days. There were 45 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 122 homes or apartments available. The median monthly price is $1,600 and the average price is $2,738 per month. These year round rental opportunities have been on the market an average of 40 days.

There are four  seasonal rentals available throughout Norwalk, and they have been on the market an average of 49 days, and at an average price of $8,062. The median  price of both furnished and unfurnished seasonal rentals is also $7,750.

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 Real Estate Market Weekly Statistics Report - July 12, 2011

NORWALK CT HOMES: The median list price in Norwalk  is $450,500.  As of this morning, there are 482  homes actively on the market. These home have been on the market an average of 103 days and are listed at an average of $766,256.

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $95,000. The most active price range in Norwalk is between five and six hundred thousand dollars.

Twenty-one  new listings came on the market this week, and one home  came back on the market after being under deposit.  There were 21 properties that had a price change. This was a solid week for deposits, and 13  properties have gone under the initial deposit stage, which we call CTS, and 12 properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. CLOSINGS:  Eight single family homes sold this past  week, which  These homes had an average price of $615,275 and  were on the market an average just 51 days. There were 92 status changes in the last week.

NORWALK CT CONDOS:  The 286 condominiums that are available in Norwalk have been  listed an average price of $306,089 and have been on the market an average of 128 days, although the median price of a condo in Norwalk is fairly consistent at $237,400. There are 56 condos in the the city listed between $200,000 and $250,000.

The highest priced condominium for sale in the city is listed at $2,600,000 and the lowest priced condo available is $49,500.

There were five new listings, including one  home that came back on the market after being under deposit. There were nine properties that had a price change. In the last week, three properties went into CTS status,  and  six properties went into pending status. CLOSINGS:  There was one condominium that closed in the last week that was listed at $179,900 and was on the market for 117  days. There were 32 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 126 homes or apartments available. The median monthly price is $1,625 and the average price is $2,618 per month. These year round rental opportunities have been on the market an average of 39 days.

There are just two seasonal rentals available throughout Norwalk, and they have been on the market an average of 78 days, and at an average price of $8,375. The median  price of both furnished and unfurnished seasonal rentals is also $8,375.

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.