The State of the Market Second Quarter 2011
Can you believe it summer already? Every person that I come in contact with wants to know what is really going on with housing. I can give you the report from our area and it is not all bad news! Home sales in the first quarter have shown a slight gain overall compared to last year. However home sales in this second quarter increased in Norwalk and most of the surrounding towns. Rental prices are beginning to increase as some buyers are still reluctant to make a commitment and purchase a home at this time. Perhaps if rental prices climb high enough, home buyers may decide to jump back into the market.
Investors should keep their eyes open and grab some of the great opportunities that present themselves in today’s real estate market. You can buy a nicely maintained single family home, spruce it up, rent it out and actually make some money until the housing market comes back. There is a tremendous demand for nice rental properties and clients are paying top dollars for remodeled homes.
Here are a few statistics from Consolidated Multiple Listing system.
As of July 29th 2011 Norwalk is showing an increase in inventory compared to last quarter. Currently there are 490 single family homes and 283 condominiums on the market. Those inventory numbers are up from last quarter’s number of 398 single family homes and 258 condos. In the first quarter of 2011, 83 single family and 39 condos sold. Home sales are up for the second quarter 125 single family homes and 55 condominiums sold. We are heading into our summer market and there is simply no way to tell how it will fair. If you are qualified and ready to buy, you can get a great deal at this time.
Westport and Wilton properties are pretty hot right now as prices are down significantly from last year. This has led to an increase of sales in these towns. Here are the related numbers for these communities.
Inventory is up in Westport as they are currently showing an inventory of 379 single family homes and 30 condominiums on the market. In the first quarter of 2011, 49 single family homes and 4 condos have sold. Sales are up for the second quarter at 118 single family homes and 11 condominiums sold. This is great news
Wilton is currently showing an increase of inventory with 227 single family homes and a decrease of 16 condos for sale. In the first quarter of 2011, 29 single family homes and 5 condos have sold. Sales are up for the second quarter at 43 single family homes and condo sales remain flat at 5.
As a buyer or seller the best way to succeed in the real estate market is to make sure you get the proper education and guidance through a professional real estate agent. Now more than ever a reputable experienced agent is necessary to guide you through the complications that may occur in your buying or selling situation. Bondi Realty Group LLC has the experience and expertise. We are experts in short sales and can help you sell your home successfully. We are currently offering both buyers and sellers incentives when working with us. Please call us today for all of your real estate needs.
Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com
203-899-9990