MARKET REPORT - DANBURY, CT CONDO'S

MARKET REPORT - DANBURY CT CONDO’S

MARKET REPORT - DANBURY, CT CONDO’S -  at present there are 195 condo’s listed for sale in Danbury, at an average price of $238,000 and reported market time of 111 days thus far. Of those currently on the market, 14 are under deposit at an average price of $187,000 and average reported market time of 159 days. In addition, 30 condo’s are in contract (pending sale). Some of those in contract are short sales and have been waiting for approvals from their short sale mortgage banks since as long ago as July, 2011.

In all of 2011, 247 condo’s sold in Danbury, for an average price of $206,000, reported market time of 110 days, at a discount of 4%, that is at 96% of the asking price. The lowest-priced condo sold at $37,500 (Nabby Rd), the highest-priced sale was at Poet’s Landing on Candlewood Lake at $537,000. 

As compared to 2010, condo sales in Danbury were more sluggish in the past year and sold at lower average prices, reflecting a general downward shift in values. In 2010, the number of condo units sold in Danbury was at 270, sold at an average price of $228,000, at a reported average market time of 102 days and at a slightly lower discount rate of of 3.5% (96.5% of asking price). If we adjusted the Danbury condo’s sold numbers to reflect those that should’ve closed, but are hung up in the short sale approval process, the annual numbers for condo sales in Danbury would be more even over the last two years, albeit the prices still lower.

Condominiums in Danbury have become more affordable, but financing them is more complicated. Banks have adopted more stringent owner occupancy requirements and have imposed minimum reserve tests for condo associations. Moreover, many associations seem to have allowed their FHA “approved” status to lapse, placing greater downpayment constraints on first time buyers. Brand new units are still coming on the market at more reasonable prices, competing with more seasoned complexes and putting pressure on their prices.

Overall, it’s still a great time to buy a condo in Danbury, CT - prices are low, selection is good and interest rates at historic low’s. Please feel free to search straight from this report or visit my website at www.candlewoodgreenbroker.com.