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New Milford CT Market Watch and Absorption Rate, Jan 2010

February 7, 2010

Market Watch New Milford CT, Real Estate Sales New Milford CT

Things seem to be improving in the New Milford CT real estate market! We are busier and the numbers prove it. It is still a buyers market. The absorption rate (how long it will take to sell what is currently on the market) is 14 months. This shows an improvement over last year. I calculated the rate just about a year ago, it was almost 28 months at that time. 6 months is considered a balanced market, under 6 months is a sellers market, over 6 months is a buyers market. We are still in a buyers market here in New Milford, CT.

As I write this there are currently 216 single family homes for sale in New Milford, CT. The average list price of these homes is $482,845. The average market time is 152 days. Highest list price: $ 5,900,000, Lowest list price: $84,900.

Of these active listings, 20 are under deposit, average list price of these is $292,356, average market time is 133 days.

Currently there are 17 homes in a pending status, awaiting closing. The average list price of these homes is $392,735, average market time is 119.

What does this mean if you are selling? In the greater New Milford CT real estate market you must price it right. Buyers are savvy, lenders are not apt to let them overpay. Call me for a market analysis of your property.

If you are buying? You have some good choices, rates are STILL low, if you act quickly you can still get in on the tax credit. Call me, I will be happy to discuss your options with you. Join me February 23, 2010 for a home buyers seminar. Rod Moore from Flagstar Bank will be there to discuss mortgage options, I will be there to discuss the buying process and the current real estate market in the greater New Milford, CT area.

All statistical information provided by the Greater Fairfield County Multiple Listing Service (CMLS). Information provided deemed to be reliable, but not guaranteed.

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