Danbury,CT Real Estate Marke, Slight Sign of Improvemnt

What is happening in Danbury

-Over the last 1 year period for all sales, the average sold price has increased from August 2010 of $248,000 to $268,000 in August of 2011.  59 properties sold in August 2010 compared to 71 in August 2011. For all properties actively marketed at that time, the price was $280,000 in August 2010 compared to $275,000 in August 2010. In August 2011, about 19% of all listings were under deposit or under contract, compared to about 13% in the same time of 2011. Homes that are on the market has declined about 20%. The monthly supply of inventory declined from 12.2 months in August 2010 to 7.7 months in 2011.

-Information on single family homes:
The median sales price for single family homes has increased 2.5% compared to the same time last year, from $285,0000 to $292,000. It is largely due to 2 luxury properties selling on Candlewood Lake. The average for sale price remained the same for houses that are on the market (but not under contract or pending) at $320,000.  The number of available homes has declined 18.1%.  The monthly supply of homes declined for 11.8 months to 7 months. 4 more houses sold in August 2011 compared to August 2010, totaling 41.

-Information on condos:
The median condo sale price in Danbury increased from $185,000 in August 2010 to $242,000 in August 2011. This is largely because a lot more of the luxury style condos sold in 2011 compared to 2010. It is one of the times where the average sold price was higher than what was on the market ($226,000 for active listings, compared to $242,000 for solds). The average listing price was the same in August 2010.  There were 38 less condos on the market in 2011 compared to the same 2010 timeframe.  The monthly supply of homes declined from 10.9 months to 9 months.

-Information on multi family homes
The median sales price for multi family did increase for $215,000 to $232,000. The supply of homes declined sustainably from 17.5 months to 4.4 months, as investors are picking up well priced homes. Available homes declined from 68 to 61. 3 homes sold in August 2010 compared to 6 in August 2011. 11 multi family homes are currently under contract, opposed to 3 in August 2010.
All information per CMLS 9/23/11