Market Watch for New Milford CT

What is happening in New Milford, CT? For a snapshot of today, here is what is happening:

Single Family Active Listings: 258, 9 of which are currently under deposit

Single Family Pending: 14

Condo, Active Listings: 71, 5 of which are currently under deposit

Condo Pending: 8

I looked at single family and condo sales, from 2006, 2007 and 2008. Here is what I found.

2008 SALES

SF Sold 210 (down 28% from 2007) Condo Sold 86 (down 32.2% from 2007)

Average Market Time

SF 139 days (up 21% from 2007) Condo 114 (up 28.08% from 2007)

Average List Price

SF $369,189 (down 14.79% from 2007) Condo $206,745 (up 1.78% from 2007)

Average Sale Price

SF $375,587 (down 9.94% from 2007) Condo $204,263 (up 2.26% from 2007)

2007 SALES

SF Sold 292 down 7.3% from 2006) Condo Sold 125 (down 2.3% from 2006)

Average Market Time

SF 115 days (up 23% from 2006) Condo 89 (up 25.35% from 2006)

Average List Price

SF $433,270 (up 3.14% from 2006) Condo $203,166 (up 8.4% from 2006)

Average Sale Price

SF $417,063 (up 2% from 2006) Condo $199,736 (up 8.6% from 2006

2006 SALES

Single Family Sold: 315, Av Market Time: 93, Av List Price: $420,066, Av Sale Price: $408,893

Condo Sold: 130, Av Market Time: 71, Av List Price: $187,425, Av Sale Price: $183,936

What does this mean if you are selling? You need to be aggressively priced, looking at the competition on a regular basis and pricing your house accordingly. You should be priced in the top 5 of comparable homes. Clean it up, stage the home, make sure you follow all the recommendations of a real estate professional in order to sell.

What does this mean if you are buying? With interests rates at an all time low it does make sense to buy now. If rates rise, and they will, it will make the lower prices of a home not as attractive in the long run. A higher priced loan means higher monthly payments!

Interested in searching for a home in the greater New Milford CT Area? New Milford CT Real Estate