Home sales are UP in New Milford, CT!
We are seeing an improving real estate market in New Milford. Single family home sales for the month of June 2013 reached 30, which is the highest it has been for a long, long time. (June 2010 had 31 sales). According to the absorption rate we are still in a buyers market, but that number is sliding down. The tide could turn very quickly in the next few months to a sellers market. Buyers should take advantage of this while they can!
It is still a buyers market.
The absorption rate is how long it would take to sell the current inventory if no more homes came on the market. A balanced market is 6 months. Anything under 6 months is a sellers market, anything over is a buyers market. We are at 8 months right now.
What is selling?
- 40% of the homes sold in June 2013 in New Milford CT were between $200,000-$299,000. This is still the hottest market!
- 27% of the homes sold in June 2013 in New Milford, CT were between $300,000-$399,00.
Are short sales affecting the real estate market in New Milford, CT?
Out of the 191 active single family homes for sale in New Milford, 15 are short sales. That is almost 8%. We are seeing more short sales than we have in previous times.
- Out of the 33 single family homes that are "under deposit", 7 are short sales. That represents 33%.
- Out of the 38 single family homes that are "sale pending", 9 are short sales. That represents 23%.
Because short sales can take so long to sell and can be very complicated to close, only 3 closed in the month of June out of the 30 sales. That still represents 10% of the sales.
Yes, short sales are affecting the real estate market in a big way in New Milford, CT.
A few other quick facts:
Homes are showing an average of 230 days to sell, this is way up over last month, and is higher than it has been since September of 2012. Short sales are probably affecting this number.
- Homes sold for 95.5% of the original listed price.
- Homes sold for 96.6% of the last listed price.
These numbers are getting closer together, but still need to be higher. Homes are taking reductions before they sell.
If you want or need to sell your home in New Milford, CT you need to
- Price it properly for condition, location and current market conditions.
- Have a powerful marketing system in place to present your home to as many buyers as possible in the best light possible.
A year of real estate statistics in New Milford, CT.
Thinking of selling your home? Check out our powerful marketing system and information about pricing your home in New Milford CT.
Buyers need to get off the fence! With the changes in the mortgage world including rising interest rates, if you want to buy, now is the time! Search homes for sale New Milford, CT.
Andrea Swiedler, Realtor, Southern Litchfield County Real Estate
2017 President, Greater New Milford Board of Realtors
2017 Connecticut Magazine 5 Star Realtor
Coldwell Banker Residential Brokerage
Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776
© Andrea Swiedler 2009 - 2017
Always do right. This will gratify some people and astonish the rest. - Mark Twain