Norwalk, CT Real Estate Forecast and Advice 2/2011

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 call 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:
 
What's Ahead in General: Current home sales averages at just over 40 per month and condos average about 19 per month,  and both figures are seasonally adjusted. Norwalk sales seem to peak in June for the year. Those numbers should remain about the same for 2011, but remain pretty much the same (around 40-45 per month) with the exception of July which should rise slightly for single family homes.  Condos, on the other hand, are lagging behind, and there are a lot on the market right now. I think condo sales will remain at or just below 2010 level with no real spike in sales until fall.

ADVICE FOR SELLERS: Is there a better time to sell your home in Norwalk? Yes, List it in the beginning of March.  Take advantage of the buyers that are already out and looking right now. . While Norwalk's market has improved from 2009 to 2010, the season's momentum is not as good as I would have hoped. Don't worry, there are still buyers out there, and Norwalk has a lot to offer, as you already know. If you want to sell your condo, put it on the market NOW!! Your best selling season is through the  end of the school year.  That doesn't mean that if you have a pressing need or desire to sell your home that you should or shouldn't wait, or if your timetable does not coincide with my predictions, so just do what you need to do.

ADVICE FOR BUYERS:If you are looking to buy in Norwalk CT, I would get going on it now, and give yourself some time, 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, now is as good as of a time as any. The market is trending as status-quo.

Norwalk CT Weekly Real Estate Market Statistics 2/8/11

NORWALK CT HOMES: There are currently 344 homes on the market for an average of 777,698 that have been on the market 127 days.  This weeks average pricing reflect an approximate 1.5% drop from last week. There were 11  new listings and no homes came back on the market after being under deposit.   8  Properties had a price change. In the last week,  6 properties have gone under deposit, which is what we call CTS. This means that the property just took a binder, but all the contingencies have not yet been met. 10 properties went into Pending status, which generally means that the all conditions have been satisfied, and the property is just waiting to close. The 5 properties that closed in the last week had an average price of 413,560 and were on the market an average of 102 days.There were 65 status changes.

NORWALK CT CONDOS: There are currently 213 condominiums on the market listed at an average price  of 332,656 and they have been on the market  an average of 145 days. There were 8 new listings and 1 property came back on the market. 1  Property had a price change. In the last week,  2 properties went into CTS status,  and 4 properties went into pending status. The 7 properties  that closed in the last week had an average price of 250,214 and were on the market  an average of 110 days. There were 33 status changes.

There are currently 187 rental opportunities in Norwalk.

Norwalk sales in January 2011 - details and pictures, too!

There were  28 single family homes and 10 condominium sales  that closed in Norwalk in the month of January that were recorded in our local MLS. Click on the link below to view this past months transactions.

January 2011 Home Sales         January 2011 Condo Sales  
If you would like to see our area's current listings, you can create a free MLS account, complete with addresses and instant notifications of new listings that meet your criteria by clicking the ListingBook logo below

Weekly Norwalk Market Statistics 2/2/11

HOMES: There are currently 349 homes on the market for an average of 788,088 that have been on the market 129 days. There were 14  new listings and 10 home came back on the market after being under deposit.  It may appear that there is lots of added inventory this week, but more properties went under deposit that were newly listed. 10  Properties had a price change. In the last week,  10 properties have gone under deposit, which is what we call CTS. This means that the property just took a binder, but all the contingencies have not yet been met. 10 properties went into Pending status, which generally means that the all conditions have been satisfied, and the property is just waiting to close. The 9 properties that closed in the last week had an average price of 394,411 and were on the market an average of 148 days.

CONDOS: There are currently 209 condominiums on the market listed at an average price  of 329,970 and they have been on the market  an average of 143 days. There were 5  new listings and 1 property came back on the market. 5  Properties had a price change. In the last week,  5 properties went into CTS status,  and 3 properties went into pending status. The 5 properties  that closed in the last week had an average price of 344,050 and were on the market  an average of 171 days.

Market Statistics for the week ending 1/27/2011

HOMES: There are currently 354 homes on the market at an average price of 780,801  that have been on the market 131 days. There were 14  new listings and 3 homes came back on the market after being under deposit. 10 Properties had a price change. In the last week,  6 properties have gone under deposit, which is what we call CTS. This means that the property just took a binder, but all the contingencies have not yet been met. 8 properties went into Pending status, which generally means that the all conditions have been satisfied, and the property is just waiting to close. The 12 properties that closed in the last week had an average price of 747,883

CONDOS: There are currently 216 condominiums on the market listed at an averageprice  of 327,555 have been on the market 141 days. There were 9  new listings, and 1 property came back on the market after being under deposit . 2 Properties had a price change. In the last week,  3 properties went into CTS status,  and 4 properties went into pending status. The 2 properties  that closed in the last week had an average price of 350,000