New Milford CT is losing ground in the real estate market.
Nationwide things look good, even other parts of Connecticut are doing better than we are in Litchfield County. So what is happening in New Milford?
Currently we have 211 single family homes listed for sale. Out of those 211 homes on the market, 8 are foreclosures and 22 are short sales. The amount of short sales is slowing creeping up.
- 10% of the single family homes listed for sale in New Milford, CT are short sales
- 4% of the single family homes listed for sale in New Milford, CT are foreclosures
While the number of sales is falling a bit, the amount of homes listed as short sales is still high. 14% of our total inventory in New Milford, CT is a distressed property of some type.
- 20 single family homes sold in September 2013
- Average list price: $333,716
- Average sale price: $261,390
It's still a buyers market in New Milford, CT.
The absorption rate in real estate tells us how long it would take to sell the current inventory if no other homes come on the market. This is based on the amount of sales that have taken place over the past 6 months. A balanced inventory is 6 months, under 6 is a sellers market, over 6 months is a buyers market. We are currently at 12 months, which is most definitely a buyers market.
You can see that most of the homes sold were under $300,000, which tells me the majority of sales were to first time home buyers. This has been true for a while now.
How can I make sure my home gets sold in New Milford CT?
There are no guarantees. You need to be ahead of the pack in your price point. There are always three recommendations I have for selling your home here.
Price your home according to the condition of your local market, the condition of your home and the location of your home. Then make sure you are getting the most aggressive and progressive marketing you can get.
If you are looking to purchase a home in New Milford, CT, stay on top of the local real estate market in New Milford, CT. Search homes for sale in New Milford and get real time information on what is for sale in New Milford, CT. You can register to get new listings and price reductions.
A hint for buyers, if you are in the market for a home in New Milford, CT, make sure you are ready to go. The lower price points can be very competitive, buyers must be prepared to submit an offer, to pull that trigger so to speak. Make sure you are armed with a pre approval from a reputable lender.
If you need names of local people you can trust, give us a call at 860.946.0686, we can provide you with a list of trusted mortgage professionals that can help.
Statistical information obtained from CT-MLS. It is deemed reliable but the information may not be 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