Local Spring Market 2016 update – First quarter sales are in!!
Happy Spring! Mother Nature hasn’t gotten the memo yet, but after a mild winter we are ready for sunshine, warm temperatures and a strong real estate market. Inventory is slowly starting to increase, but more is needed as the buyers are responding to the change in seasons and Sunday open houses have a steady pace of activity. The surge in activity has resulted in multiple offers on many properties and prices are slowly on the increase. So if you were thinking of listing your property for sale, now is the time.
Here are the latest statistics from Consolidated Multiple Listing system.
As we enter the spring marketplace, Norwalk’s housing market is showing lots of activity. The inventory is up compared to last quarter. We currently have 429 single family homes and 189 condos for sale at this time. Even though inventory is up, there are many overpriced homes in poor condition for sale, resulting in stagnant listings. Buyers are being very selective. It’s very difficult for some people to purchase a home that needs work and still have money left over to fix it up.
Norwalk home sales are down from last quarter. Sales from January 1 to March 31st are showing 115 single family and 60 condos sold. Even though sales numbers are lower, there was still good activity over the winter months and we are still waiting for some properties to close.
Westport’s active housing inventory is also on the increase. Currently, active listings are 424 single family and 12 Condos for sale. Sales numbers were down from January to March. Westport’s first quarter numbers are showing 67 single family and 5 condos sold.
Wilton’s current active inventory is up from last quarter. The numbers are showing 259 single family and 20 condos for sale. Last quarter’s sales numbers are down with 28 Single family homes and 7 condos sold.
We are finding there is an abundance of first time homebuyers ready to purchase their new homes. As a result we are seeing prices starting to increase which is causing buyers to get caught up in multiple offer bids. If your one of those buyers, my advice is don’t hesitate. Get out there; you may miss out on that one home that’s right for you.
The importance of working with a seasoned experienced local Realtor comes into play for both buyers and sellers. Our job as professionals is to guide you through the transaction, so that you can make the right decision when buying or selling a property. Local is best!!
Betty Bondi
Bondi Realty Group LLC
Helping you make the right move!
