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Good news bad news for CT housing market and New Milford CT

New Milford CT real estateLitchfield 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.

New Milford CT real estateTimothy 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.

New Milford CT real estateWhat 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

 

 Search homes for sale in Litchfield County, CT.

 

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

Comment balloon 11 commentsAndrea Swiedler • November 08 2012 05:56AM

Comments

Andrea - at least the home sales overall have increase every month in 2012 - definitely the right direction. Were you guys hit by Sandy? I know that's brought everything to a halt in NJ. Hope you're faring well through all this crazy weather!

Posted by Kristine Ginsberg, NJ Home Stager (Elite Staging and Redesign, LLC) about 6 years ago

Well, I'm on my way to interview a loan officer.  You've just given me my homework for when I return.

This is one of the most thoughtful and meaningful market reports I've seen.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 6 years ago

Andrea, this could mean prices are stabilizing where they were before the real estate boon. The market may have weathered the storm and is getting back to normal. Nice Report!

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 6 years ago

Andrea I have seen a similar situation here, the sale volume increase but price dipped.   I track the 10 year period each month and I have seen  at least 1 months were the price was the lowest over the 10 year period.

You are right, the housing recovery is fragile.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 6 years ago

Great post as always Andrea! Interesting stuff.

Posted by Adam Brett, The Adam and Eric Group, Fullerton's Finest (The Adam and Eric Group) about 6 years ago

Wow Andrea, a lot of work went into this one.  I don't even have data for ten years without going to the "books".  And heaven knows I don't want to even look a the numbers from 10 years ago when we were rocking it out in both volume and price.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 6 years ago
Hi Andrea, In our area, we are seeing the prices rise but because we have little in inventory, the sales are beginning to slow. I figured that after the election irrespective of how things turned out nationally, we would see some more enthusiasm and the delivery starting of the pent up demand. The fiscal cliff has taken over in the news and it may now be the harbinger of slowing down the recovery. I have always said that real estate is local but it now may need that caveat provided, " after the national economy proves it is on solid ground ". :-)
Posted by William Johnson, San Diego Real Estate Voice, GRI CRS e-Pro CDPE (RE/MAX Associates) about 6 years ago

Andrea, I found that statement interesting as well that "sales volume increase before prices do in a recovery period".  It does make sense when you stop and think about it.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 6 years ago

Andrea, I saw that report as well but haven't has a chance to see how it compares for our area, and I think I'm a bit concerned as to what I will find. Well done

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) about 6 years ago

I think many areas are experiencing a fragile recovery at the moment.  Hope your area continues to improve. :)

Posted by Jon Karlen, Louisville & Shelbyville Kentucky real estate (Finish Line Realty - Shelbyville & Louisville Ky Real Estate) about 6 years ago

Thanks for the good news first.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 6 years ago

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