What is happening in the real estate market in New Milford, CT? Let me preface my report with a very important fact. The National Association of Realtors® (NAR) has released a report that says home prices, sales and housing starts are up. This is very, very misleading.
NAR forgets to tell anyone that real estate is HYPER LOCAL.
What happens in from state to state, county to county, city to city and town to town is very, very different. If I pull stats for Litchfield County instead of for each town, the picture is very, very different.
So, how is the real estate market doing in New Milford, CT?
The latest numbers show the number of sales to be stable, yet housing prices are down. In August of 2012 there were 23 single family homes sold in New Milford, CT. NO change from July of 2012.
August 2012, average sales price for a single family home in New Milford, CT was $283,643.
July 2012, average sales price for a single family home in New Milford, CT was $318,907.
If no more homes come on the market, based on the previous homes sold, it will take 11 months to sell the current inventory of single family homes in New Milford, CT. That number is also remaining stable. This means we are in a buyers market. They are running the show. Buyers determine the ultimate value of a home on the market in New Milford, CT!
What does this mean to you, if you want to place your home on the market in New Milford, CT?
There are currently 228 single family homes on the market in New Milford, CT. Of course, the number of homes on the market at the beginning of the month are always lower than the end of of the month. (Many listings expire on the first of the month.) But regardless of that, the market absorption rate (11 months) and the number of homes sold each month tell me that you MUST consider price first. If you do not price it right, you will not end up in the sold category of my market report for a very, very long time.
Another very interesting statistic for the New Milford CT real estate market is the sales price as opposed to the listed price. I have separated it in two categories, last list price and original list price.
August 2012 sales price vs. last list price: 95.5%
August 2012 sales price vs. original list price: 92.3%
It could be better. The numbers tell me that homes on the market are overpriced, they are not selling until the list price better reflects the buyers perception of fair market value. Buyers will reflect these numbers in their offer to purchase. If you overprice it, expect it.
It is definitely a great time to buy a home in New Milford, CT. Prices are down and interest rates are at an obscene level. I hear talk that interest rates are going to have to rise, it is only a matter of time. If you have been sitting on the fence, or thinking about buying, now is the time! Give us a call at 860.946.0686 to discuss your buying options in New Milford, CT.
If you are thinking of selling, let's sit down and discuss the situation. Call us at 860.946.0686. Even if your home is worth less than what you owe on it, you should explore all avenues available to you.
The above statistics were taken from the Greater Fairfield County CMLS. Information is deemed reliable, but not necessarily accurate.