State of the Real Estate Market 2011
As we enter 2011 I can tell you that Norwalk’s housing market is showing signs of stability but the banks are still being cautious and reserved with their lending. In January of 2010 there were 331 single family homes on the market and 251 condominiums for sale. January of 2011 shows single family inventory at 327 and condominium inventory at 194. That is a slight decline in single family numbers. Condo numbers show a much sharper decline in the inventory.
Everyone wants to know what is really happening out there in our local real estate market. I believe our current local real estate market has faired better then the rest of the country. Here are a few statistics from Consolidated Multiple Listing system.
I am happy to report that Norwalk numbers are up on home sales. 505 single family homes sold in 2010. That is up from 2009 home sale numbers of 438. This reflects an increase of 67 home sales. That is a 14 % increase in single family homes from 2009! Condominium sales are also up. 227 condos were sold in 2010 compared to sales of 222 in 2009. This is an increase of 2%.
Westport numbers are looking good. Current inventory shows 211 single family and 21 condos for sale this year. They are also reporting an increase of home sales.
350 single family homes sold in 2010. That is up from 2009 numbers of 250. Those numbers are up an incredible 29%. Condo sales are up too. 28 condos sold in 2010 compared to 2009 numbers of 23. This is an increase of 18 %.
Wilton numbers are up too! Current inventory shows 107 single family and 14 condos for sale. 165 Single family homes sold here in 2010. That is up from 2009 numbers of 136, showing an increase of 18%. Condo sales were slightly higher in 2010. 25 condos sold this year compared to 2009 numbers of 18. This is an increase of 28%.
All indicators are pointing to a gradual housing recovery. The national median home price however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers.
If local home sales continue to rise, this may result in prices rebounding as we move into the year. It really all depends on what happens in the economy. If more jobs become available and people feel secure with the jobs that they currently have then I suspect the 2011 local housing market will continue to show better numbers.
Betty Bondi
Owner/ Broker
www.BondiRealtyGroup.com