The real estate market in New Milford, CT seems to be picking up. There are fewer active listings and more buyers are out looking. This is very good news for people selling their homes as the last two months have been slow in both closed home sales and buyer activity. For buyers it may be a bit frustrating as there are more of you out looking for the same piece of pie. And your favorite pie may not exist!
One thing I will note, southern Litchfield County is behind the real estate times. While other parts of the country are pulling out of short sales we are seeing more of them. With rules and laws changing, this could mean some challenges are ahead of those who need to sell but owe more than their homes are worth. The unemployment rate in Connecticut is still higher than the national average, people need jobs to buy homes, point blank. We do hope to see the downward trend of November and December unemployment rates continue, however much of that may have been seasonal employment for the holidays.
For sellers in New Milford, CT the message is very clear. Your home must be
- priced better than the competition
- your home must present well to buyers
- issues with your home must be addressed by either fixing them or pricing according to the issues
- presented by your listing agent in the best light possible to as many buyers as possible.
For buyers, although it is most definitely a buyers market, the inventory is shrinking and buyers need to be ready to move when the right house comes along. You should be pre approved for a mortgage before you go out and look!
Understanding the real estate market, study the stats for New Milford, CT.
- January 2013 saw 15 single family homes sell.
- January 2012 saw 12 homes sell.
- December 2012 saw 16 homes sell.
- In January 2013, the average list price for single family homes was $337,153.
- In January 2013, the average sale price for single family homes was $295,767.
- It took an average of 213 days to sell these homes.
- Homes sold at 95.2% of their last listed price, however they actually sold at 94% of their original list price.
As I write this, (February 3, 2013) the stats are as follows:
- There are 149 active single family homes for sale. 9 are short sales and 6 are foreclosures.
- There are 19 homes in the sale contingent status. 4 are short sales and 1 is a foreclosure.
- There are 24 homes that are under contract waiting to close. 6 are short sales and 3 are foreclosures.
The real estate absorption rate for New Milford, CT is an important number to understand. It shows how long it will take to sell the current inventory of homes if no more homes come on the market. Currently we have 11 months of inventory. Anything over 6 months is a buyers market, 6 months is a balanced market, and under 6 months is a sellers market. Although our inventory is shrinking, we are in a buyers market. Sellers would do well to understand this.
Real estate market graphs for New Milford, CT.
The above data was compiled from CMLS, it is not the only MLS used in New Milford, but it is the most widely used. The data is deemed to be reliable, but not necessarily accurate.