What a rollercoaster of a year 2008 was in Real Estate. We have certainly seen some challenges in our markets this year.
Many of you have asked me throughout the year "Is anything selling?" The answer is YES! I have provided you with an overview of the year in numbers.
|
Norwalk, CT |
Pending |
Closed Sales |
Median Sales Price |
Total $ Volume |
|
Single Family
|
27 |
393 |
$514,000 |
$264,239,999 |
|
Condominiums
|
13 |
268 |
$312,750 |
$ 86,750,732 |
|
Multi-unit |
4 |
28 |
$355,000 |
$ 10,394,000
|
Source: Consolidated MLS January 1,2008 - December 31, 2008
Proper pricing will continue to drive which homes sell and which homes linger on the market in 2009.
Coming off years of unprecedented growth, the sharp decline in property market values has left many people in shock and certainly the more recent economic downturn has left many wondering if we will ever see a turn around. The fact is there is always a need for housing due to the natural lifecycles of people (marriage, birth, new job, empty nest, etc.) and Norwalk is located in good commutable distance to jobs.
Experts still agree that owning property is the best long term investment any of us can make.
This is actually a very good time to invest in real estate whether you are buying for the first time or looking to make a change. Prices are down significantly and mortgage interest rates are still historically low (and yes, banks do have money to lend!).
Call me if you or anyone you know is thinking about selling or buying; I will provide you with professional and expert advice on pricing and current market conditions.
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