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How's the Condo Market in New Milford, CT?

Carlson Ridge Condos New Milford CTWe have quite a few condo complexes in New Milford, CT, from luxury units in active adult communities to investor specials, all prices and sizes, large complexes with pools and tennis courts, condos with lake rights. Most of our condos in New Milford, CT are situated in a peaceful and quite country setting, no asphalt jungle!  Check out the current condos for sale in New Milford CT.

Like the rest of the real estate market in New Milford, CT, the condo market has been slow however the average sale price was better in October than it has been for a while. In order for it to be a trend, it would have to continue for a few more months. The best way to sell your condo in New Milford, CT is to make sure it is cleaned up, priced well and ready to show. Statistics tell us that many condos on the market in New Milford, CT are selling well below their original listed price, and with only 8% of the active condos selling in October, you will want to be priced right and looking good in order to attract that buyer. I would pay special attention to the last two stats in the list below when pricing a condo for sale in New Milford, CT.

October 2012, New Milford, CT condo market

  • There were 66 active condos for sale
  • 5 condos sold
  • Average list price for active condos: $171,769
  • Average sale price: $179,200
  • List to sale price: 91.20%
  • Original list price to sale price: 88.8% (ouch!)

If no other condos came on the market in New Milford, CT it would take 15 months to sell the current inventory. This is known as the real estate absorption rate.

Where has the condo market in New Milford been? Where will it go?
New Milford CT real estateNew Milford CT real estate

New Milford CT real estateNew Milford CT real estate

There are a few things that affect the condo market, of course the current economy is the biggest thing. However many of our condo complexes had lost their FHA accreditation when they expired, and are just now getting it back. This does make a difference as to who can get a loan for a condo. We do have a few complexes that are mostly tenant occupied, and this also makes it tough to get the accreditation. Most of those condos will be purchased by investors if the price is right.

Things to consider when buying a condo in New Milford, CT.

  • Are they FHA approved? Will you be able to obtain a loan for the condo?
  • What amenities are offered in the complex? Pool? Tennis court? Club house?
  • Is the association solvent? Do they have money in reserve?
  • Is there any special assessment coming up? ie: Are they planning on putting on new roofs?
  • Is there an assessment that is being paid right now? If yes, is the seller paying the balance off? You don't want to end up having to pay for something like windows that were changed 10 years ago, you can ask the seller to pay it off prior to closing.
  • Is the association managed by a management company or are they self managed?
  • How much are the monthly association fees? This will have to be considered when calculating how much of a loan you are able to obtain.

If you want more information about purchasing a condo in New Milford, CT give us a call at 860.946.0686. In the meantime, see what condos are for sale in New Milford, CT right now.



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 5 commentsAndrea Swiedler • November 28 2012 03:07AM

Comments

Nice to hear sales improved in October Andrea but yes sale price to list ratio, ouch! Good luck there!

Posted by Al & Peggy Cunningham, Brokers, Our Family Wants To Help Your Family! (RE/MAX West Realty Inc., Brokerage) almost 6 years ago

Andrea  I like your things to consider but you cannot always have the seller pay off an assessment. Sometimes the complex/association takes out the loan and it can't be individually paid off .

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 6 years ago

Andrea, you are correct condo's have taken a big hit.  One of the big reasons for that hit on condo's around me is because many of them did not re-certify with FHA.  But many have seen the error of their decision and have started re-certify again.

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

Andrea, condos have taken a beating all over CT, and as George points out, no FHA certification is a primary reason. Home prices have also fallen so much that they have become an alternative to potential buyers. Good report on the New Milford condo market.

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

Hi Al & Peggy, yes, that is a big ouch. Our market is still sluggish, and very, very fragile. Price is everything right now.

Hannah, I was referring to those that each unit owner is paying. That can be paid off before closing by the seller. For instance, a 5,000 sewer assessment to each owner, paid off in installments. The seller is often asked, or even notes in the MLS that they are paying the assessment off prior to closing. Or if they don't spell it out you can bet your bottom dollar they are asked to!

George, yes, some of ours have gotten re-certified, and it helps. Otherwise it cuts out a whole lot of buyers!

Ed, they have taken a hit. I look at market reports from all over the country and notice that in MA they are doing better than we are. I hope it means it will sneak down here..... We are still struggling when all these reports come out that say the market is doing better. Not here...

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) almost 6 years ago

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