How’s the real estate market in New Milford, CT? Check it out.
As of December 7, 2011 in New Milford, CT there were 209 single family homes for sale. This is down 47 from last month at the same time. I would attribute some to the storm damage (again), some to the time of the year, and some to the general state of the real estate market. For sellers, this is a good thing, when there is less on the market there is a greater chance your house will sell.
16 single family homes sold in New Milford, CT in November 2011. This is down 1 from October. Of these homes that sold, the average list price was $331,100. The average sale price was $317,007, which is up $24,000 from last month. But because October was down from September, we are still behind a bit. The average market time was 106 days which is down from October. Only one short sale was included in November’s sales and no foreclosures.
The median sales price in November was $278,500.
The October snow storm probably did not have anything to do with the number of closed sales in November as they were, most likely, already under deposit prior to the storm. Where we may be seeing consequences of Snowtober is probably in the amount of homes that went under deposit in the weeks after the event.
The average list price of single family homes for sale in New Milford, CT is $482,010, down appx. $10,000 from last month.
The average market time for these active listings in New Milford, CT is 195 days, up from last month. (Snowtowber result I am sure)
The median price of a home for sale in New Milford, CT is $349,900.
The highest price home for sale in New Milford, CT is $5,900,000, a beautiful estate belonging to a world famous comedienne, and located on the New Milford, New Preston, CT border. This home, as of today, has been on the market for 951 days as of today.
The lowest priced home for sale in New Milford, CT is $107,100, an antique near town, built in 1900. This home is a foreclosure and will require quite a bit of work.
Of the 209 single family homes for sale in New Milford, CT, 11 homes are under deposit. The average list price of these homes is $355,036, the average market time is 103 days.
Currently there are 25 homes that are in the pending sale status in New Milford, CT. The average list price of these homes in the pending sale status is $280,970. The average market time for these homes is 137 days. Three of these are foreclosures and 5 are short sales.
What does all of this mean? As I said previously, the October snow storm had a huge impact on the market. Many properties were damaged, without power, unavailable to be shown. The cleanup still continues. We continue to see up and down every month, and now that we are so close to the end of the year we show sales are still down, prices are still down, it is a buyers market and will continue to be so for a while to come. Predicting the real estate market is something I don’t think anyone can do these days with figures that look the way they do. I know one thing.
The key to selling a home in this market is to price it far better than the other competing homes in the same category. You must grab the buyers attention right from the start, not chase the market down or languish on the market because you outpriced yourself right out of the game.
Buyers can take advantage of some pretty amazing deals these days, between jaw dropping interest rates and home prices, as long as the seller realizes that, in all honesty, the best price they will realize
from the sale of their home is the one a buyer is willing to pay and the bank is willing to loan on it. Still, with the uncertain job market, many seem to be hesitant to get out there and look.
Check out the previous home sale market activity report for October, 2011.
Interest rates are still low, housing prices are low, are you are ready to buy a home in New Milford, CT?
The above statistics are provided courtesy of Greater Fairfield County Multiple Listing Service (CMLS). Information provided is deemed reliable, but not necessarily accurate. There may be discrepancies, as mistakes in inputing can be made, and the fact that Connecticut has more than one multiple listing service. There may be instances where a home was/is for sale in New Milford and is on the other multiple listing service. Most of the homes for sale are listed on CMLS, therefore that is where I base my statistical information. I do believe it gives a good sense of what is happening in New Milford.