These three towns, as in most of the country, are showing a reduced number of SOLD properties compared to one year ago.
As we all know, the Real Estate market is cyclical as it is the economy, politics, the seasons...., and in this particular scenario, it is about LOCATION. As you well know, it's about the address, and some towns saw their real estate prices going higher and earlier than others a couple of years ago. The same is happening with the so called "price adjustment" or "market adjustment". Some towns have reduced (normalized) their prices earlier than others:
We can see that in Stamford, there have been 41.70% less SOLD Single Family properties between Jan.10 and July 10 this year than one year ago during the same period.
Stamford is the only town/city of the three compared here that shows an increase in Sale Price in Condominiums (+0.84%), while Danbury is the only one showing an increase in Sale Price in Single Family dwellings (+1.89%), while Norwalk presents a price reduction of 13.57%.
In other words, Single Family homes sold during the last 180 days in Norwalk are being sold for 13.57% less than those homes sold in the first semester of 2006.
In Danbury, numbers tell us that even though it is taking in average more days to sell, the asking prices have been adjusted and the final sale price is aprox. the same percentage below the asking price: 2.85% vs. 2.98% shown one year ago. I expected to see a much larger difference, but, even though it is said that this is a Buyer's Market and buyers can get better deals, the difference is just 0.13%.
In Norwalk, we can see that buyers are closing their deals at 3.41% and 2.44% under the last listed price (SF and Condominiums respectively). Condominiums, in particular, are staying in the market for around 30% more time than one year ago, in average 90 days.
The source of these figures is the CT-MLS (Connecticut, Multiple Listing System).
The periods studied were Jan.10-Jul.10(2006) and Jan.10-Jul.10(2007).
Nestor N. Romero
Buyer's Capital
http://www.homesbynestor.com
Comments (0)Subscribe to CommentsComment