2013 Summer Real Estate Market Update News – Norwalk, Westport, Wilton

2013 Summer Real Estate Market Update

Great news continues for sellers! Home sales are enjoying a continued surge both in prices and activity. There is very good news to report this quarter!

Here is the latest update for the second quarter statistics.

Inventory in Norwalk is slightly up compared to last quarter with 361 single family and 158 condos on the market right now. Home sales are up dramatically from the first quarter. The numbers from last quarter show an increase in sales from 114 to 214 single family homes and from 51 to101 condos sold in the second quarter. More good news is that the homes which have offers and contracts on them are showing a total number of 118 as of July 1st. When these properties close our numbers will show the continued steady sales trend.

Westport inventory is up slightly showing 312 single family homes and 15 condos for sale right now. Single family sales are up from the first quarter. The numbers show a total of 85 sales last quarter compared to144 homes and 12 condos sold within the last three months. The next quarter numbers are off to a good start with a total of 71 properties which are under contract at this time.

Wilton single family inventory is similar from the first quarter showing 186 single family homes as of July 1st. Condo inventory is up, showing 20 units for sale. Wilton sales are up from the first quarter. The numbers show a total of 46 sales last quarter compared to 91 homes and 11 condos sold within the last three months. Home sales are looking positive for the next quarter with a total of 41 under contract so far.

Our local real estate market is doing very well, however there are two issues that are holding it back. The first is low bank appraisals. These estimated values show that the banking industry does not share the same enthusiasm in the marketplace, which is keeping home prices from moving up. Even though the buyers are willing to pay the price the seller is asking, we are finding bank appraisals to be very conservative and may require several appraisals or an adjustment to the sale price to make the deal work. The other issue is very low inventory of homes. There are many buyers in this marketplace who would love to buy your home. If you have been thinking about selling your property contact Bondi Realty Group, and get a price opinion today!!

Betty Bondi
Bondi Realty Group LLC
203-899-9990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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