Spring is here and the bidding begins as homes sell in Norwalk CT for the month of April 2013. In Norwalk and areas of Fairfield County we are seeing multiple offers and decreasing inventory of single family homes available for sale in Norwalk. Let's take a look at the numbers....
Supply and demand for homes in Norwalk is changing daily. However I will attempt to give you the top level data. Last month 51 properties sold in Norwalk CT, of the properties 6 were foreclosures and 25 were sold for less than the median price of $382,500. As of April 30, 2013 there were 457 properties for sale. 141 of those were new listings (not necessarily new to the market, some were re-listed with a different multiple listing number (MLS)).
Interested in viewing the available single family homes for sale in Norwalk CT? Click here.
The median price of the 51 single family homes sold in April was $382,500. This greatly contrasts with the median price of single family homes for sale at $505,900. Hopefully we'll see the median price sold increase, as that will be the first indicator of market stabilization.
Another item to watch is the number of months of inventory - which equates to how long it will take to sell the available homes on the market at the rate of homes sold the previous month if no additional homes came on the market. In March, there was 4.2 months of inventory, and in April it decreased to 1.9 - more than half. The lower the inventory the movement towards a seller market begins.
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