Happy New Year! What does the local real estate market hold for us this year?
If it’s anything like 2012 we are looking at a good year ahead! First time buyers are still out there searching for their new home. If you’re thinking of selling or have taken your house off the market for the holidays, you may want to relist it as we need more inventory to satisfy the pent up buying demand. The rental market is still very strong, but rents are increasing at such a pace that smart qualified buyers are choosing to purchase a home.
The steady activity has caused some price points to stabilize while others are starting to increase. Foreclosures are down, but short sales are still in the marketplace.
Here are a few statistics from Consolidated Multiple Listing system.
As we enter 2013,Norwalk’s housing market is showing stability, but some banks are still being cautious and reserved with their lending. There is a huge reduction in inventory compared to last year. We currently have 241 single family homes and 137 condos active in the market, whereas January of 2012 showed single family inventory at 320 and condominium inventory at 198.
Norwalkhome sales are up from last year. Sales from 2011 are showing 440 single family homes and 192 condos sold for the year. 2012 numbers show 504 single family and 209 condos sold. This is wonderful news and hopefully it will continue.
Norwalk’s last quarter (October to December 31st) are showing the following numbers: 123 Single family homes and 50 condos sold.
Westport’s active housing inventory is also down. Currently the active listings are 196 single family and 9 Condos for sale. January 2011 inventory showed 229 single family and 13 condos for sale. They are also reporting an increase in home sales for 2012. 2011 showed sales of 344 single family homes and 35 condos sold. 2012 numbers are up a bit showing sales of 360 single family homes and 30 condos.
Westport’s last quarter numbers are showing 82 single family and 6 condos sold.
Wilton single family sales numbers are up from last year! January 2011 active inventory showed 132 single family and 9 condos for sale. The current active inventory is down to 117 single family and 8 condos. Sales for 2011 showed 177 Single family homes sold along with 17 condos. 2012 is up with 218 single family homes sold and holding steady with 17 condos.
Last quarters numbers are as follows: Single family homes – 52 and 3 condos sold.
As 2012 progressed the housing prices continued to decline, but at a much slower pace. Over the past few yearsNorwalkhas showed a bigger price decline than the surrounding towns. This decline can be contributed partially to the economy, but also to several years of sellers being misled about what the correct price of their home needed to be as it went to market. Once a precedent has been set over several years, prices become lower. When you are ready to sell your home please make sure you hire someone who knows your market, refers you to someone who does, shows you comparables and is professional in every way. The good news is thatNorwalk’s prices have are stabilizing and are on the right track.
Betty Bondi
Bondi Realty Group LLC
203-899-9990