New Milford CT real estate market report, it's still a buyers market. The national news is clear, the real estate market is showing some signs of improvement... however... real estate is hyper local and "improvement" is a relative word.
How is the real estate market in New Milford, CT doing? It is still a buyers market. For sellers this might not be what they want to hear. However, a shrinking inventory is frustrating buyers to no end. Price it right and it will sell is a phrase worth remembering.
March 2013 saw 16 sales in New Milford, CT, an increase from February's 12 sales. The average sales price was up to $362,547, however.... there was a large sale of over 2 million dollars on Candlewood Lake which skewed the average sale price dramatically. If I remove the highest and lowest sales from the mix, I have an average sales price of $254,410. A sales price of that magnitude in New Milford is very, very rare. One needs to consider that when thinking sales prices are rising. On a positive note, it does say that the higher end market is not completely flat!
We are again seeing more short sales, out of 143 active listings in New Milford at this moment, 15 of them are short sales. As I said last month, this is higher than we have seen it before. Other parts of the country have gotten through the worst of their short sales, however we seem to be just heating up in that department.
List to sales price ratios are still lower than I would like to see, homes sell, on average, 194 days from start to finish at 92% of the original listed price. With a shrinking inventory a seller would do well to pay careful attention to the local real estate market and price the home according to condition, location and local real estate conditions. Not according to what they would like to get! Buyers are very, very savvy these days and understand the value of a home. Remember, at the end of the day your home is really worth what a buyer is willing to pay for it and a lender is willing to lend on it!
Remember, real estate is hyper local! Contact Swiedler, Pomerantz & Adams for up to date Southern Litchfield County real estate information. Search homes for sale in New Milford, CT here.
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
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