Real Estate News Update 2012
Happy New Year! What does the local real estate market hold for us this year?
Does anyone really know? With first time buyers’ dipping their toes in the water, my guess is that it should be an active year in real estate. The rental market is still strong, but rents are increasing at such a pace that smart qualified buyers should be choosing to purchase a home instead of rent.
Let’s take a look at what is really happening out there in our local real estate market. I believe our current local real estate market has faired better then the rest of the country. We haven’t seen as many foreclosures as the rest of the country and our job market have shown signs of picking up. Here are a few statistics from Consolidated Multiple Listing system.
As we enter 2012 I can tell you that Norwalk’s housing market is showing signs of stability but the banks are still being cautious and reserved with their lending. In January of 2011 there were 327 single family homes on the market and 194 condominiums for sale. January of 2012 shows single family inventory at 320 and condominium inventory at 198. That is a slight decline in single family numbers. Condo numbers show a slight increase in the inventory.
Norwalk home sales are down from last year. 505 single family homes and 227 condos sold in 2010. Sales from 2011 are showing 440 single family homes and 192 condos sold for the year. This could be attributed to more people renting last year than purchasing.
Norwalk’s last quarter is showing the following numbers: 101 Single family homes sold and 44 condos. These numbers are very similar to the June- October quarter.
Westport’s housing numbers are also down. Current inventory shows 229 single family and 13 condos for sale this year. They are also reporting a decrease of home sales for 2011. 350 single family homes sold in 2010. 2011 is reporting sales of 344 single family homes, but condo sales are up from 23 sold in 2010 to 35 sold in 2011.
Wilton single family sales numbers are up from last year! Current inventory shows 132 single family and 9 condos for sale. 165 Single family homes and 25 condos sold here in 2010. Sales for 2011 are showing 177 Single family homes sold along with 17 condos.
Last quarters numbers are as follows: Single family homes – 35, but no condo sales last quarter.
As 2011 progressed the housing prices continued to slump. Our prices have declined 25 to 30% from the high point of the housing market. Mortgage rates and home prices are at an all time low and there are fantastic deals to be had. Short sales are still coming on the market and if you have some patience you can score a great buy!
Betty Bondi
Bondi Realty Group LLC
203-899-9990