Real estate sales in New Milford ended in 2012 with a whimper. A total of 11 single family homes sold, a very bad number beaten only by February of 2012 when only 9 homes sold.
The good news is the housing inventory was down for December of 2012, it was actually the lowest month of single family homes for sale in the year. However, because of the low amount of sales, the real estate absorption rate, or the amount of time to sell what is currently on the market, if no other homes come on, is 17 months. That is a long, long time.
Looking over the past 5 years, our sales are just not improving enough to say the market is improving. It is still extremely fragile here in New Milford, CT.
If someone needed or wanted to sell their home in New Milford at this time you need to think about The 5 P’s, Price, Preparation, Pliability, Patience & Prolific (marketing). It is imperative that the home be priced correctly, according to local market conditions (not what the national news has to say), according to condition and location. It is equally as important that the home be marketed properly to as many prospective buyers as possible.
Real Estate Stats for New Milford, CT year ending 2012. How is the real estate market doing? Take a look at the statistics for 2012.
Buyers should be aware that the current real estate market climate in New Milford, CT is certainly a buyers market. Interest rates and low housing prices make for a very favorable buying experience. However, the inventory is shrinking. This does mean it may take longer than expected to find your new home. You can start your home search in New Milford, CT right here!
With the inventory shrinking the market may indeed take a more favorable turn in 2013. Don’t count us out yet!