The condo market in New Milford, CT is slow, the time it would take to sell the current inventory we have, if no more condo’s came on the market, is 18 months. Low monthly numbers, lower pricing can be a very good time for a buyer to purchase a condo in New Milford, CT.
New Milford, CT had 50 condo sales in 2012.
Average list price: $153,722
Average sales price: $117,734
Average days on market: 164
Condo’s in 2012 sold for 93% of the last listed sales price, however the percentage from the original list price to sales price was 90%. This, coupled with the time it takes to sell a condo translates to a tough time for anyone wanting to sell their condo in New Milford, CT.
But the national news says otherwise! I know it does, and we fight this on a daily basis. Real estate is hyper local. Strong condo markets in other parts of the country do not translate into a strong condo market in New Milford, CT. For a seller, this can be a very harsh reality. You have to have patience, you have to have flexibility, you have to adjust your price according to the local market conditions, to the condition and location of your condo. Your agent must have good marketing skills in order to get your condo seen by as many potential buyers as possible. You also need to know if your condo association is on the FHA approved list. If a condo association is not on the approved list it can be harder for a buyer to secure financing to purchase your home.
As of this date, January 3, 2013, there are only 5 FHA approved condo complexes on the list. They are:
- Aspetuck Village
- Canterbury Court
- Old Farms
- River Glen
- Willow Springs
The rest may be working on reinstating or obtaining FHA approval, however as of this point in time, that is all that FHA has showing.
For a buyer it translates to good news, especially if the condo is on the FHA approved list! Interest rates are low, condo prices are low, you just might be able to find the perfect condo to purchase. If you are interested, you can start your search for a condo in New Milford, CT here.
Take a look at the condo stats for 2012 in New Milford, CT month by month.