Single Family Homes, real estate statistics for New Milford, CT February 2013.
For the 9th month in a row New Milford, CT is seeing fewer active listings. February 2012 showed a sharp decline of homes available for sale. This is a good thing, a glut of homes on the market does not bode well for home owners looking to sell. I would like to see an increase in sales also, but this didn’t happen in February. It was a short month, but closed sales were down.
A marked increase in the number of short sales for sale in New Milford is evident. Currently there are 15 active short sale listings. In January of 2013 there were only 9 active short sales. This, coupled with a shrinking inventory does mean a tougher overall buying experience. Many would be buyers are shying away from short sales. In other parts of the country short sales are either leveling off or in decline. Not here, and this is indicative of a fragile market.
Is the shrinking inventory of homes for sale in New Milford, CT causing home prices to rise? Statistics for the last three months show an increase in the average list and sale price. However, homes that sold in February 2013 sold for 94.1% of the LAST LISTED price and 89.9% of the ORIGINAL LIST PRICE.
How does that translate to the seller? If you overprice your home it will sit on the market longer and still sell for much lower than you probably hoped for. To illustrate, statistics say that if you list your home for $350,000, it will sell an average of 180 days later for $315,000. Big difference.
I remain cautiously optimistic for the future of the real estate market in New Milford, CT. Only time will tell as the market is still so very fragile. Buyers are very aware it is a buyers market and are looking for a bargain. With the amount of active listings shrinking it can be very frustrating for them.
Sellers still need to price their homes according to recent sales and competitive active listings. Although it seems prices are increasing, the truth is with such a small amount of sales happening, one high priced sale can skew the stats. Low home sales combined with a 15 month inventory still make it a buyers market all the way around.
Remember, real estate is hyper local! Contact Swiedler, Pomerantz & Adams for up to date Southern Litchfield County real estate information.
Statistics obtained from the Greater Fairfield County Multiple Listing Service, the main MLS for the area. Although there may be other homes sold on another MLS, this information is deemed reliable for statistical purposes.