What’s your Real Estate wish for 2014?
Happy New Year! What does the local real estate market hold for us this year?
If it’s anything like 2013 we are looking at a good year ahead! First time buyers are diligently 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 good 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 over renting.
The increasing activity has caused some price points to stabilize while others are starting to increase. Foreclosure listings are down, but short sales are still coming onto the marketplace, which sometimes hurts values in neighborhoods or towns with an abundance of these listings.
New mortgage rules are in effect for 2014, which may make it more difficult for some buyers to qualify for a home loan. You will see private mortgage bankers come on the scene to fill in where the big banks can’t compete. It will be interesting to see how this will play out in the housing market this year.
Here are the latest statistics from Consolidated Multiple Listing system.
As we enter 2014, Norwalk’s housing market is on the upswing. The inventory is steady compared to last year at this time. We currently have 241 single family homes and 122 condos active in the market. Some of the listings have remained stagnant. It’s usually due to overpricing or condition of the home.
Norwalk home sales are up from 2012. Sales from 2013 are showing 625 single family homes and 315 condos sold for the year. Last quarters numbers show 143 single family and 65 condos sold. This is wonderful news and hopefully it will continue.
Westport’s active housing inventory is also holding steady. Currently, active listings are 200 single family and 13 Condos for sale. They are also reporting an increase in home sales from 2012. The 2013 numbers are up quite a bit showing sales of 467 single family homes and 35 condos. Westport’s last quarter numbers are showing 105 single family and 8 condos sold.
Wilton single family sales numbers are also up from last year! The current active inventory is holding tight at 190 single family and 9 condos. 2013 sales are up with 259 single family homes sold and 43condos.Last quarter’s numbers are as follows: Single family homes – 52 and 18 condos sold.
All of this is great news! Sales are finally moving in the right direction and the spring market should be very strong this year.
Betty Bondi
Bondi Realty Group LLC
203-899-9990