The birds are chirping and the crocuses are popping up, just like the homes for sale in Norwalk CT 06850. Let's take a look at the numbers:
Supply and Demand: Homes for Sale in Norwalk CT
In March 2011, there were 513 single family homes for sale in Norwalk CT and 37 homes sold during the same month. In 2012 the number of single family homes for sale was 521 with 36 homes sold. Last month there was a huge drop in single family homes available for sale, there were 397 - with 46 homes that sold in March 2013. The least expensive single family home that was sold was a 3 bedroom and 1 bathroom Colonial in East Norwalk on Pleasant Street. The asking price was $199,000 and the final sales price was $160,000.
The most expensive home that sold last month was an antique Victorian home in the Rowayton area, a 3,105 square foot home with 4 bedrooms, 2 full bathrooms, 2 powder rooms and 3 fireplaces. The asking and selling price, of this home located on Highland Avenue was $1,295,000.
As the demand for real estate in Norwalk CT grows the median price of homes sold has decreased. The median price for properties sold in March 2011 was $519,000, March 2012 was $460,000 and last month $391,000. Great news for buyers as the Norwalk real estate market still has several foreclosures available for purchase.
Another trend to keep an eye on is the month supply of inventory of single family homes for sale in Norwalk.
Twelve months ago, if no additional homes were added to the Norwalk market, it would have taken 11.6 months to sell each home available. However the inventory is decreasing (year over year), but the rate at which the homes are selling is increasing, leaving us with barely 2 months of inventory to sell.
What do you think? Is it a buyer's market in the Norwalk real estate market? If you were selling a home in Norwalk, would you put it on the market now? Should you put your home on the market? Big decisions mean you need the most current information to make the best decisions when dealing with the real estate market in Norwalk CT.
If you are thinking about selling you home... click here to understand which properties would be your current competition.
If you would like a free, no obligation analysis on the market value of your home, click here and we'll get that to you.
If you are looking to invest in the Norwalk Real Estate market and looking for a list of Norwalk foreclosures...click here for the most up to date list.
If you are looking for a rental property in Norwalk CT click here
If you are thinking of buying a home in Norwalk CT, click here to look at the available inventory
If you want to find out more information about the process of home ownership and would like to attend my next free homebuyer seminar click here. Presenting at the seminar will be a real estate attorney, senior loan officer and myself to discuss the process of obtaining a loan, finding your perfect home, and the legal aspects of the deed transfer and closing.
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Until next month! Have an awesome day!
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