Sales in New Milford, CT have not been robust for the past few months, some are blaming the weather, but even before the cold and snow, things had started to slow down.
The good, the bad and the potentially ugly, New Milford CT real estate market.
- 2013 saw higher average sales price over 2014.
- 2014 saw one more single family home sell over 2013.
- 2013 and 2014 were both better years for the real estate market than 2012.
Here is how it looks on paper.
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We are still moving through distressed sales, both foreclosure and short sales. In 2014, 21% of all single family homes that closed in New Milford were distressed, either foreclosure or short sale. 14% were foreclosures and 7% were short sales. In 2013, 18% of all single homes sold in New Milford were distressed properties. 12% of those were foreclosures, 6% were short sales.i
We are still seeing foreclosures and short sales here. In other parts of the country the market may be doing better but we have more to go through.
Both sides are frustrated.
Buyers are frustrated because of the lack of inventory. Sellers are frustrated with the lack of showings. The buyers are not looking right now, perhaps due to the brutal weather we have had. And if they are making offers, they are low.
So what is the good news?
For buyers, rates are low, average sales prices are down, and although the inventory is also down there are some good homes for sale in New Milford, CT.
For sellers, the spring weather has to come soon. That should help a very sluggish market.
And most importantly for a seller, price it right. According to market conditions, condition of your home and location of your home. And have patience!
If you want more information about buying or selling a home in New Milford, CT, give me a call at 203.460.1775 to discuss the local real estate market and what it means to you.
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