The State of the Market First Quarter 2011
Here we are once again gearing up for the spring real estate market. Contrary to what the national media is reporting, our local housing market is getting off to a good start. House sales in the first quarter have shown a slight gain overall compared to last year. I feel that this year we will start to see prices stabilize and become affordable for more buyers.
Everyone should know what is really happening out there in their local real estate market.
People should ask their Realtor for guidance or get their information from the local property transfers. The property transfers are available on the Bondi Realty Group website. While some areas faired better than most Connecticut’s overall values didn’t go down as much as parts of the rest of the Country.
I already see a trend of the bottom end of single family home prices starting to stabilize ever so slowly. Many of these homes consist of foreclosures and short sales. These homes are selling up to $400,000. The middle price range of up to $750,000 is finally showing some movement in Darien, Westport & Wilton. Rowayton properties are selling very well with prices over $1,000,000.
Here are a few statistics from Consolidated Multiple Listing system.
As of March 30th 2011 Norwalk is showing a decrease in inventory compared to last year at this time. There are 398 single family homes and 258 condominiums currently on the market. In the first quarter of 2010 there were 426 single family and 306 condos for sale. In the first quarter of 2011, 83 single family and 39 condos have sold. The first quarter in 2010 recorded 82 Single family homes and 42 condos sold. These are pretty good numbers considering that the weather took a great toll on the real estate market in the Northeast, and there was no government buyer incentive for housing this year.
There is now affordability in Westport and Wilton. This has led to an increase of sales in these towns. Here are the related numbers for these communities.
Inventory is also down in Westport as they are currently showing an inventory of 297 single family homes and 23 condominiums on the market. Last year at his time inventory was 330 single family homes and 33 condominiums for sale.
In the first quarter of 2011, 49 single family homes and 4 condos have sold. In the first quarter of 2010 there were a similar number of sales showing 47 single family homes sold. Condo sales were a bit lower with only 2 sold in the same time period.
Wilton is currently showing an increase of inventory with 162 single family homes and decrease of 18 condos for sale. Last year at this time inventory was 154 for single family homes and 29 for condos. Wilton is showing an increase in sales from last year at the same time. In the first quarter of 2011, 29 single family homes and 5 condos sold. For the first quarter 2010, 20 single family homes and 3 condos were sold.
As home owners mentally adjust to the current market conditions, prices will continue to become more realistic. Overall housing prices are down approximately 15% to 40% from the height of the market in 2006-2007, depending on the condition or location of your home. These percentages also pertain to foreclosures and short sales.
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. Bondi Realty Group LLC is among the top producers for buyers and sellers in this area. We are currently offering both buyers and sellers incentives for working with us. Please call us today for all of your real estate needs.
Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com
203-899-9990