How is the real estate market in New Milford, CT doing?
Again we have a plethora of short sales and foreclosures to slog through. Out of the 191 active single family homes that are showing as active, 14 of this are short sales (7.34%) and 6 are foreclosures. This represents more than 10% of our active market for single family homes!
It does look as if short sales are here to stay for the foreseeable future in New Milford.
These short sales range in price from $129,000 to $649,000. The majority of these are in the first time home buyer price point, under $300,000 and this can be a problem for these particular buyers. They often don't have the time to wait for short sale approval, nor the money to address deferred maintenance the home owner can't pay for.
Single family homes sales were down in July 2013 for New Milford.
We slipped down a bit, there were 25 single family homes listed as sold, compared with 30 for June of 2013. We were showing an upward motion for the previous few months.
The average sales price was also down.
We had been showing a slow but steady increase in our sales price, but slipped down under $300,00 for the month of July to show an average sales price of $295,526.
Is there any better news for the New Milford, CT real estate market?
Yes there is. There are currently 32 homes that are under deposit and 38 that are in the pending sale (in contract) status. Those are good numbers! That represents the possible sale of 70 more homes.
The only issue I see is that out of those 70 potential sales, 20 of them are short sales, which is 28%. It is anyones guess if they will actually close or have to be put back on the market.
What price points are selling?
The majority of single family homes sold in New Milford CT for July of 2013 were between $200-300,000. You can see the breakdown in the pie chart below.
How can I make sure my home gets sold in New Milford CT?
There are no guarantees. You need to be ahead of the pack in your price point. There are always three recommendations I have for selling your home here.
Price your home according to the condition of your local market, the condition of your home and the location of your home. Then make sure you are getting the most aggressive and progressive marketing you can get. Check out how we do that for you in New Milford, CT here.
If you are looking to purchase a home in New Milford, CT, stay on top of the local real estate market in New Milford, CT. Search homes for sale in New Milford and get real time information on new listings and price reductions.
A hint for buyers, if you are in the market for a home in New Milford, CT, make sure you are ready to go.
The lower price points can be very competitive, buyers must be prepared to submit an offer, to pull that trigger so to speak. Make sure you are armed with a pre approval from a reputable lender. If you need names of local people you can trust, give us a call at 860.946.0686, we can provide you with a list of trusted mortgage professionals that can help.
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