The State of the Market Third Quarter 2010We are heading full steam into the fall real estate market. Everyone asks what can be expected at this time of year? Will homes sell? Will prices continue to decline? What are the current mortgage rates and what do they mean to me? What are the key components to drive this market along?
Let’s see what is happening in the market place at this time. The data was pulled from the Consolidated Multiple Listing system.
As of September 29th, 2010 Norwalk is showing a decrease in inventory and sales compared to last quarter. Currently there are 477 single family homes and 291 condominiums on the market for sale. The third quarter from July 1st to September 29th recorded sales of 120 single family homes & 44 condos.
In the second quarter from April to June 30th there were 499 single family homes and 313 condos on the market. The second quarter recorded sales of 144 single family homes and 62 condos. In the first quarter of 2010 there were 426 single family homes and 306 condos for sale. The first quarter recorded sales of 96 Single family homes and 52 condos. So far for the year 2010, 360 single family homes and 158 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 295 single family homes and 156 condos sold.
Westport is currently showing an inventory of 361 single family homes and 30 condos on the market. Third quarter 2010 sales report 126 single family homes and 7 condos sold.
In the second quarter from April 1st to June 30th showed an inventory of 392 single family homes and 32 condos. Second quarter 2010 sales report 89 single family homes and 12 condos sold. First quarter in Westport reported sales of 54 single family homes and 4 condos. So far in 2010 a total of 269 single family homes and 23 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 174 single family homes and 14 condos sold.
Wilton is currently showing an inventory of 186 single family homes and 24 condos for sale. Third quarter 2010 sales report 41 single family homes and 4 condos sold.
The second quarter from April 1st to June 30th showed an inventory of 181 single family homes and 27 condos. Second quarter 2010 sales report 63 homes & 11condos sold.
For the first quarter 22 single family homes and 3 condos sold. So far in 2010 a total of 128 single family homes and 18 condos sold compared to 2009 property sales in the same time period that resulted in total sales of 102 single family homes and 12 condos sold.
Norwalk and the surrounding areas have actually fared very well. Home sales are on the upswing & mortgage rates are at an all time low.
Today’s interest rates and what they mean to you
Mortgage interest rates are at an all time low. Here is an example of what it means to you when purchasing a home.
This is what is will cost you every month for you mortgage loan per $100,000
4.5% —– $506.69
5.0% ——$536.83
5.5% ——$567.79
6.0% ——$599.56
6.5% ——$632.07
The rate right now for 30 year fixed loans is approximately 4.5% depending on your credit score, down payment and type of mortgage loan.
Take this into consideration as you ponder whether to purchase a home soon or decide to wait. If interest rates go up, then it will cost more money in the long run. Home prices are affordable and there is plenty of inventory at this time.
Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com
203-899-9990