Litchfield County Real Estate Market News, New Milford CT. Housing market news from The Warren Group.
Let's translate that to the housing market in New Milford, CT. How do we stack up against the entire state? Recovering real estate market or not.
According to a study done by The Warren Group, there is good news/bad news. Their study looks at the last 10 years, specifically the month of September for all of Connecticut. According to their findings:
The Good News
Home sales have increased every month in 2012. The Warren Group believes this is a very strong indicator that the housing market in Connecticut is indeed improving.
The Bad News
Looking at the month of September over the last 10 years, 2012 showed the lowest median sales price since September 2002.
Timothy M. Warren Jr, CEO of The Warren Group was quoted saying: “The drop in prices is concerning, but it’s typical to see sales volume increase before prices do in a recovery period.”
How does this translate to New Milford? I pulled the stats over the last 10 years for only New Milford for the month of September and October. Please note, I pulled the average sales price as opposed to the median sales price. I do prefer the average sales price.
September 2012 has the second lowest average sales price, higher than 2002.
September 2012 was tied for the second lowest total home sales at 17.
Then I looked at October over the last 10 years.
October 2012 showed the highest number of sales since 2006.
October 2012 showed a higher average sales price than 2002, but lower than 2011.
What does this mean? I believe we are in a very fragile recovery mode. The storms that hit the northeast may have a slight impact, but I think we will do ok. Only time will tell. It is concerning that prices are not improving, but as Mr. Warren notes, sales increase first, prices will follow. We will not ever see again the type of increase that caused this mess in the first place. But we do seem to be on the mend.
I still maintain that being in the sales ring in New Milford, CT means you have to be the best in your class. Price depends on condition of your house, condition of the local real estate market. There is fierce competition out there, get it right or you won't ever step into the winners circle. You can read about our marketing and sales strategy for selling your New Milford CT home in a fragile real estate market, The 5 P's to Selling Your Home in New Milford, CT.
Real estate statistics obtained by Greater Fairfield County CMLS, information deemed reliable but not necessarily accurate.
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