Tag Archives: New Milford CT

Is the New Milford CT Real Estate Market getting better or not?

Three bedroom home for sale in New Milford CT
Three bedroom home for sale in New Milford CT

It is so hard to listen to national news about the “hot” real estate market others are experiencing across the country and wonder if it is happening here in New Milford, CT. It is a complex answer as you can see below. Did we hit bottom and are now on the way up? Is it a sellers market in New Milford? . We are on track to have the best month in number of sales for 2013, if things continue to go as they have so far. I don’t believe the total number of sales will be jaw dropping, but any improvement is good. There are a few more days for homes to close in May, I will have to be patient to get the final numbers.

The success of the real estate market is tied to many other things,  the employment rates in the state, the proximity of jobs available to New Milford, confidence in the housing market, good rates and a lower housing inventory. Connecticut again posted a rate higher than the national unemployment averages which needs to come down in order for the real estate market to feel more positive effects.

The unemployment rate in Connecticut has been at 8.0 for the last three months, the national average for April posted at 7.5. When we hear that the real estate market in our neighboring state of Massachusetts is really heating up you must look at their unemployment rate, which was last posted at 6.4%, where it has been for a while. This means more people in Massachusetts are working and can afford to purchase homes. They have more jobs,  a shrinking pool of homes available for sale which creates the perfect storm. I must qualify that statement, I know that the Metro Boston area is doing very well in the housing market, I don’t know how the rest of the state is doing. The metro area seems to be on fire!

A new problem for New Milford CT seems to be an abundance of short sales.

Our inventory is still down, which is a great thing for sellers. Although for buyers looking up to $300,000 it is slim pickins, and much of those are short sales, a full 10% of the active single family homes for sale in New Milford are now short sales.

What impact does this have on a seller? If you are not in a short sale position and you price your home correctly according to condition and location, you should find that you will have lots of showings and hopefully an offer fairly quickly. I will warn you that overpricing can cause issues, especially when it comes time for the buyer to do an appraisal.

If you are a seller in a short sale position, it will take longer to sell, however with the inventory shrinking you just may procure that much needed offer. It is imperative that you are prepared to work with your agent, attorney and lender to get the ball rolling as quickly as possible once an offer does come in! Some short sales can be pre approved prior to going on the market, if you would like to know if that is your situation, give us a call at 860.946.0686 to further discuss the matter.

34 homes are under deposit. of these, the majority (15 homes) are in the $200,000-$300,000 price range. Again, this seems to be our hottest market right now. Of the homes that are under deposit, 4 are short sales and 2 are foreclosures.

40 homes are listed as sale pending. This means contracts are signed and most contingencies have been met. 15 of these homes are short sales which translates to 37.5%. That is very, very high. These short sales will sit in the pending sale status for far longer than a traditional sale making it very hard to judge what is going to happen. 3 homes that are pending sale are foreclosures.

Buying a home in New Milford, CT can be tight for anything under $300,000. First time home buyers can get very frustrated, many of the homes they are looking at are short sales that may need work, and very importantly, time to wait for the short sale to be approved by the lender. Homes that are priced well and are not short sales are moving very, very quickly. Often with multiple offers on them. This means you must be FULLY prepared when looking for a home.

  • Pre qualified, or better yet, pre approved (if possible)
  • Ready to run out and look at a moments notice
  • Be prepared to decide quickly to put an offer in or move on
  • Remember, in this lower price range it is NOT a buyers market, do not play around with low ball offers

What we are seeing is in a multiple offer situation, sellers are choosing buyers that are NOT using 100% financing. This does not mean there isn’t hope if you are using a product that is 100% financing, but you must be+ aware you may have to move on until you find someone that is not afraid of 100% financing. The housing market in New Milford is not sliding backwards and this is good news. It is fragile, and those who are selling or buying should know what the latest market conditions are.

Keeping you updated on the housing market in New Milford, CT.

We post detailed monthly market reports. Fill out the form below to get your monthly copy of our New Milford CT real estate market report. We do not sell email addresses, and will not use it for any other purpose than to notify you when the latest market report is ready.

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New Milford CT Real Estate Market Report April 2013

Home for sale New Milford, CT
Home for sale New Milford, CT

The question in most peoples minds in regards to real estate is… “how’s the real estate market doing”? With the national news still reporting it is a buyers market, that things are exploding, that things are much, much better is simply not true in most of Connecticut. All real estate is local, New Milford CT is not following the national averages. We are in a very fragile market, the economy, new jobs, unemployment rates, these things affect our local market. Not national averages.

There are many things to watch for that are important when answering the question about the health of the real estate market in New Milford, CT. Comparing the amount of active listings to the amount sold is very important. Then looking at how many average days it took to get these to close is also telling for a seller. A buyer wants to know if it is a buyers market, and we are in a buyers market no doubt. My favorite statistic is the list to sales price, however I prefer to look at the original list to sales price rather than the last list to sales price. That tells much to me, are listings still overpriced?

How many active listings are there? Currently there are 207 single family homes for sale in New Milford, CT. Last month at this time there were 176 active single family homes showing for sale. For sellers it means there is more competition and prices won’t rise simply because of supply and demand. Another telling factor is the amount of short sales we have listed are rising too. In March there were 15 active short sales, a number that seems to be on the rise here in New Milford. As of this moment in time 19 of the 207 active single family homes for sale in New MIlford are short sales. That represents 9% of the single family homes listed! That is a number we cannot ignore when both listing and selling homes and affects the saleability of these homes. Many buyers simply cannot or will not wait for a short sale to be approved and the purchase to happen.

April 2013, 16 single family homes closed in New Milford, CT. That is no change from March 2013.

April 2013, the average list price of a single family home rose dramatically with no sales justification. April 2013 average list price was $450.474. In March of 2013 the average list price was $369,794. We have not seen an average list price that high since September of 2012.

Average sales price in April of 2013 was down from the previous month. April’s average sales price for single family homes in New Milford, CT was $324,394. The average sales price for March 2013 was $362,547.

Mixed messages abound! The current real estate market in New Milford, CT is still fragile at best. I see more buyers out, more homes going under deposit, all good. I also know deals are tougher than ever to hold together. Homes that go under deposit often come back on the market.

It is still a buyers market in New Milford, CT. The absorption rate, or the time it will take to sell the current inventory, if no more homes come on the market, is 11 months. 6 months is a balanced market, under 6 months a sellers market, over 6 months is a buyers market. With current inventory on the rise, if we don’t have a good increase in sales this month it may go higher.

My advice to sellers, understand it is a buyers market. Get your house ready to sell, make it stand out above the competition, price it right according to the condition and location of your home and the current local market conditions.

My advice to buyers, although it is a buyers market, recent changes to the mortgage industry can make getting a loan more complicated. A good mortgage person to guide you, an agent with a grasp on the local market are what is needed. Although the inventory is rising, certain price points have less homes and the competition can make you feel like you are running the gauntlet.

Take a look at the graphs for New Milford CT real estate market. Then give us a call for a free market analysis of your home at 860.946.0686.

may 2013 active listings

April 2013 list price sales price no sales

april 2013 list sales ratio

ab rate april 2013

New Milford CT Real Estate Market February 2013

Single Family Homes, real estate statistics for New Milford, CT February 2013.
New Milford CT Real Estate Market
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.

New Milford CT Real Estate MarketI 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.

New Milford CT Feb 2013 no sales ab rate New Milford CT Feb 2013 active listings New Milford Feb 2013 list to sale price New Milford CT Feb 2012 list to sales ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

The Housatonic River in New Milford CT, Just For Fun!

IMGP6478 2_ 3__tonemappedI am afraid to say I have, at times in my tenure in New Milford, taken the Housatonic River for granted. Lately my thoughts have been consumed with the fact that today is the last day I have to drive over the bridge to get to my office. Suddenly it dawned on me that I won’t be driving over the river every day to get my office!

The Housatonic River begins its trek from the heart of the Berkshire Mountains in Massachusetts in two places. From Muddy Pond in Hinsdale, Ma and Pontoosuc Lake, located in Lanesborough and Pittsfield, MA. In my little neck of the woods the Housatonic River is fed by the East and West Aspetuck River (the East Aspetuck headway is Lake Waramaug). Candlewood Lake is fed by the Housatonic River at the Rocky River Power Plant on Route 7. A giant penstock carries the water up the hill and into Candlewood Lake. Driving by the penstock I do often wonder who thought to do that in the first place?!?

Map of the Houstaonic River Watershed.

Our area in New Milford was settled by the Weantinocks, a branch of the Paugussett Indian Nation, and the Pooatuck’s who left their mark forever with their lore of their mighty Chief Waramaug and his daugher Lillinonah. It is said they lived high above the gorge at Lovers Leap. And like any good native folk lore, his daughter plummeted to her death with her English lover. (really the story can’t be true, but it is a great one). It is said they summered at Lake Waramaug (hence the name). I guess they understood the beauty of the river and lake way back when as we still do. It is also said that Chief Waramaug had the biggest long house in New England built on the river, interesting. It was 100X20 feet, and was decorated by many famous native artists from tribes all over. Magnificent indeed! It was called Waramaug’s Palace. Some things just don’t change! Lake Waramaug is still a favorite summer destination with some magnificent homes dotting the landscape around the lake.

The native’s were mostly farmers and fishermen that lived on the Housatonic River.  In a history book by Samual Orcutt it is said the natives here were peaceful and helped the colonists as they moved here.  The natives called the river “usi-a-di-en-uk” which means “beyond the mountain place”. Over time the river has changed. Dams were added, Candlewood Lake was built, but the river remains a large part of our history. Much of southern New Milford along the riverbed was comprised of tobacco and dairy farms which gained their richness of soil from the Housatonic River.

These days the river is used by many for recreation. We see a resurgence of canoes and kayaks, I understand further north of New Milford there are some great white water rapids that many enjoy. There are plenty of hiking trails, even the Appalachian Trail runs along the Housatonic River in Kent at Bulls Bridge. (In my younger years I always wanted to hike the entire trail… dreams of youth I suppose. Although I have walked it just enough to say I was “on it” at Bulls Bridge.)

A drive from New Milford north up Route 7 is fantastic any time of year. The river is your companion along much of the trip, you can see fishermen, people riding bicycles,…..canoes and kayaks, there are wonderful shops and restaurants, and of course the covered bridges at Bulls Bridge and Cornwall Bridge. The trip is beautiful any time of year.

Today there are a variety of homes up and down the Housatonic River of all prices and sizes. Those that live on the Housatonic River get a daily dose of its beauty. The railroad does also follow the river, I hope someday they will bring the passenger railroad back, what a trip that would be! I know they are working on it.

Take a moment to enjoy the beauty of the Housatonic River. In Southern New Milford at the head of Lake Lillinonah you can hike through Lovers Leap State Park, I have gotten some fantastic photos of the river at the old mill on the river. It is said that Chief Waramaug is buried there in the hills above the gorge at Lovers Leap. (Sounds like a hike is in my future.) Perhaps the old Boardman Bridge will spark your imagination. There has been talk over the years of restoring this beautiful old bridge and I hope they will. You are no longer allowed on the bridge, but there is plenty of parking around to get out and enjoy the river views from the bridge area. Many times I stop at Addis Park on Grove Street, just to look at the Housatonic as it flows downstream to Lovers Leap.

What sparked my story of the Housatonic River? An email from an 86 year old woman who summered on one of the few islands of the Housatonic River asking me for more information about her beloved island. She shared a few precious memories of her time here, it was wonderful. I hope to get her some pictures soon and hear more of her stories. I do love history, sometimes we forget that our own local history can be just as exciting as the history of far away places.

The Housatonic River, a Litchfield County treasure!

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New Milford CT Real Estate Market Stats January 2013

House for sale New Milford CTThe 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!

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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.

New Milford CT real estate stats

New Milford CT real estate stats

New Milford CT Real Estate Stats

list to sales price 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.

Candlewood Lake Home For Sale in New Milford CT

Looking for a home with beach and boat rights to Candlewood Lake…. and seasonal views? Look no further. How about this home? Affordable and ready to go. This home is part of the Candleset Cove Community in southern New Milford, minutes to shopping and I84.  You can be here in time for this lake season!


Candlewood Lake Home with Beach and Boat Rights


Overview
Maps
Photos
Features
Description
Neighborhood

$230,000
Single Family Home
Main Features
3 Bedrooms
2 Bathrooms
Interior: 1,782 sqft
Lot: 1.05 acre(s)
Location
130 Carmen Hill Rd #2
New Milford, CT 06776
USA
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Swiedler, Pomerantz & Adams

Swiedler, Pomerantz & Adams

Prudential Connecticut Realty
(860) 946-0686
andrea@andreaswiedler.com
http://www.spa-realestate.com

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Price reduction to 289,000 for three bedroom colonial in New Milford CT

We have just reduced the price at 48 Reservoir Rd in New Milford, CT to 289,000! This is a wonderful 3 bedroom colonial with hardwood floors, granite kitchen with eating area and fireplace, large family room, formal living room and dining room, plenty of storage, good sized bedrooms, master with 2 closets and a full bath!

See for yourself, check out the photos of this fantastic 3 bedroom colonial in New Milford, CT.

48 Reservoir Rd is located minutes to the downtown area, great commuting location, easy access to Route 7 and I-84.

  • 2,650 square feet
  • 3 bedrooms
  • 2.5 bathrooms
  • 1.45 acres
  • fireplace
  • family room
  • formal living room
  • eat in kitchen with granite counter tops
  • formal dining room off kitchen
  • rear deck
  • 2 car garage

For more information or for a private showing contact The SPA Team at 860.946.0686.

2012 Year End Condos in Review, New Milford CT

Aspectuck Village New Milford CTThe condo market in New Milford, CT is slow, the time it would take to sell the current inventory we have, if no more condo’s came on the market, is 18 months. Low monthly numbers, lower pricing can be a very good time for a buyer to purchase a condo in New Milford, CT.

New Milford, CT had 50 condo sales in 2012.

Average list price: $153,722
Average sales price: $117,734
Average days on market: 164

Condo’s in 2012 sold for 93% of the last listed sales price, however the percentage from the original list price to sales price was 90%. This, coupled with the time it takes to sell a condo translates to a tough time for anyone wanting to sell their condo in New Milford, CT.

But the national news says otherwise! I know it does, and we fight this on a daily basis. Real estate is hyper local. Strong condo markets in other parts of the country do not translate into a strong condo market in New Milford, CT. For a seller, this can be a very harsh reality. You have to have patience, you have to have flexibility, you have to adjust your price according to the local market conditions, to the condition and location of your condo. Your agent must have good marketing skills in order to get your condo seen by as many potential buyers as possible. You also need to know if your condo association is on the FHA approved list. If a condo association is not on the approved list it can be harder for a buyer to secure financing to purchase your home.

As of this date, January 3, 2013, there are only 5 FHA approved condo complexes on the list. They are:

  • Aspetuck Village
  • Canterbury Court
  • Old Farms
  • River Glen
  • Willow Springs

The rest may be working on reinstating or obtaining FHA approval, however as of this point in time, that is all that FHA has showing.

For a buyer it translates to good news, especially if the condo is on the FHA approved list! Interest rates are low, condo prices are low, you just might be able to find the perfect condo to purchase. If you are interested, you can start your search for a condo in New Milford, CT here.

Take a look at the condo stats for 2012 in New Milford, CT month by month.

New Milford CT Condos for SAle NM ab rate NM Condo prices
Statistics from CMLS, information deemed reliable, not necessarily accurate.

End of Year Real Estate Market Report 2012, New Milford, CT

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.

New Milford CT Real Estate States 2012

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.

list to sales price 2012 nm New Milford CT Real Estate Stats 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!

Active Adult Communities in New Milford CT

Are you looking for a condo in an active adult community in Southern Litchfield County? New Milford CT has beautiful condos for sale in our active adult, 55 and over, communities. If you are looking for a more relaxed lifestyle in a 55+ community, I am sure we can find what you are looking for here in New Milford. We have three such communities, Carlson Ridge, Laurel Ridge and Park Glen. Each different, all price ranges, the one thing they share in common is the beauty of Litchfield County that surrounds them.

Search active adult condos for sale, New Milford, CT

Park Glen is a small complex, currently at 17 units. Park Glen is set in the beautiful Litchfield Hills conveniently located just off Route 202 in the Northville section of town. These are very high end condo’s in a wonderfully private setting. The units are large, with soaring ceilings. The lower levels can be finished for even more space if needed. Currently the condos for sale in Park Glen run in price from $584,000 to $459,000. There are a few resales, however there is still time to get in and customize your own unit if you prefer.

Next up is Carlson Ridge. This was the first active adult community in New Milford, the vary in size and price, lower than Park Glen. Many of the units have been upgraded, some are truly spectacular! You can’t help but notice all the beauty that surrounds you there. Carlson Ridge was built by Pulte Homes, starting in 2003. They are light filled with great floor plans, some have finished lower levels. There is certainly a great range of styles and prices for you to choose from.

The last is a newcomer to the active adult community in New Milford, called Laurel Ridge. When it is finished there will be 28 units. Laurel Ridge is located about 5 minutes from downtown New Milford, right off Kent Road. There is time to reserve the location of your choice and upgrade to your hearts content, or purchase a unit that is already in place.

Each complex has its own merit, they are all beautiful, convenient to shopping, medical centers, restaurants, movie theaters. Your choice of which complex is right for you!

Search active adult condos for sale in New Milford, CT.