Real Estate Market in New Milford is alive and well!
After hearing all the doom and gloom for the past few days about the real estate market, I decided to take a look at the real estate stats in New Milford for July, from 2005 (before the bubble burst) though 2010. I can’t deny it is a scary time out there, that things are still not as they should be. People are losing their homes and jobs across the country. But fear won’t help us out of this situation.
What we need to remember is real estate is hyper local. What is true for one area is not true for another. The statistics were taken across the entire United States, even when the statistics involve the northeast, the averages for Maine are not the same as the averages for Connecticut. And within Connecticut the averages for Roxbury, CT are not the same for the averages for New Milford. Hyper local.
There were some that said the ending of the tax credit had stalled the real estate market. Plausible, especially in some areas. However this is not true of New Milford.
What to the statistics say? We certainly are off from 2005, we are holding our own, we seem to be climbing out of the real estate black hole as far as sales volume are concerned. We have more foreclosures and short sales now than we did before. You will continue to see some very low prices selling as time wears on.
See for yourself! The charts and graphs are self explanatory.
With interest rates at unbelievably low levels, historically low levels, housing prices lower than they have been in years, this is truly the time to buy.