Litchfield County real estate information, local events and more.

head_left_image

New Milford CT Real Estate Market Stats February 2013

Single Family Homes, real estate statistics for New Milford, CT February 20New Milford CT Real Estate Market13. Litchfield County Real Estate.

For the 9th month in a row New Milford, CT is seeing fewer active listings. February 2012 showed a sharp decline of homes available for sale. This is a good thing, a glut of homes on the market does not bode well for home owners looking to sell. I would like to see an increase in sales also, but this didn't happen in February. It was a short month, but closed sales were down.

A marked increase in the number of short sales for sale in New Milford is evident. Currently there are 15 short sales. In January of 2013 there were only 9 active short sales. This, coupled with a shrinking inventory does mean a tougher overall buying experience. Many would be buyers are shying away from short sales.

In other parts of the country short sales are either leveling off or in decline. Not here, and this is indicative of our fragile market.

New Milford CT real estate statsIs the shrinking inventory of homes for sale in New Milford, CT causing home prices to rise? Statistics for the last three months show an increase in the average list and sale price. However, homes that sold in February 2013 sold for 94.1% of the LAST LISTED price and 89.9% of the ORIGINAL LIST PRICE.

How does that translate to the seller? If you overprice your home it will sit on the market longer and still sell for much lower than you probably hoped for. To illustrate, statistics say that if you list your home for $350,000, it will sell an average of 180 days later for $315,000. Big difference.

I remain cautiously optimistic for the future of the real estate market in New Milford, CT. Only time will tell as the market is still so very fragile. Buyers are very aware it is a buyers market and are looking for a bargain. With the amount of active listings shrinking it can be very frustrating for them.

Sellers still need to price their homes according to recent sales and competitive active listings. Although it seems prices are increasing, the truth is with such a small amount of sales happening, one high priced sale can skew the stats. Low home sales combined with a 15 month inventory still make it a buyers market all the way around.

New Milford CT real estateNew Milford CT Real Estate statsNew Milford CT Real Estate MarketNew Milford CT Real Estate stats

Remember, real estate is hyper local! Contact Swiedler, Pomerantz & Adams for up to date Southern Litchfield County real estate information.

Originally posted at New Milford CT Real Estate Market February 2013


Statistics obtained from the Greater Fairfield County Multiple Listing Service, the main MLS for the area. Although there may be other homes sold on another MLS, this information is deemed reliable for statistical purposes.



 

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 4 commentsAndrea Swiedler • March 11 2013 06:56PM

Comments

Andrea

This is an excellent report, and you clearly know what is going on in the New Milford real estate market and can share what this means for buyers and sellers. Interesting to see how each market has it's own nuances. Low inventory, however, seems to be the common theme.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) almost 6 years ago

Good Morning Andrea,

Only the very best and most knowledgable REALTORS®  know what impact an overpriced home has on the market and to the homeowners and you are truly the best and most knowledgable lising agent in your area.

 "If you overprice your home it will sit on the market longer and still sell for much lower than you probably hoped for," is positively true! 

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) almost 6 years ago

Andrea - This is very comprehensive report laying out the latest stats for the New Milford CT real estate market.  There are still plenty of areas in CT that are still in a fragile market.  Do you think the winter storms may have contributed in any way?

Posted by Donna Bigda, Greater New Haven CT Real Estate (RE/MAX Alliance) almost 6 years ago

Andrea, excellent market report and glad to hear that things are looking up in New Milford. 

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

Participate