New Milford CT Real Estate Activity January 2012

Listen up sellers! When a buyer asks the question, and they will, how much should they reduce their offer from the asking price in New Milford, CT I will have to tell them homes in New Milford, CT are overpriced on average by 14%! In a buyers market, this is not a good average.
As of February 2, 2012 in New Milford, CT there are 194 active single family homes for sale. Last month there were 189, after a few months of the inventory shrinking, it is creeping back up just a bit. 13 are short sales, (there could be more however) and 6 are foreclosures.

11 single family homes sold in New Milford, CT in January 2012. This is down 5 homes from last month. Of these homes that sold, the average list price was $375,019. The average sale price was $324,218. These homes sold at 86% of list price, not an average I would strive for.The average market time was 176 days. One short sales and 1 foreclosure were included in January 2012 sales.
The median sales price for a single family home in New Milford, CT for January 2012 was $222,500.

The average list price of single family homes for sale in New Milford, CT is $475,505, which is down $10,000 from January 2012.

The average market time for these active listings in New Milford, CT is 160 days, down 9 days from last month.

The median price of a home for sale in New Milford, CT is $339,900. This is down $4,100 from last month.
The highest price home for sale in New Milford, CT is $5,900,000, a beautiful estate belonging to a world famous comedienne, and located on the New Milford, New Preston, CT border. This home, as of today, has been on the market for 1008 days as of today.

The lowest priced home for sale in New Milford, CT is $71,900, a foreclosure that has been on the market for quite a long time, first as a sale, then as a short sale, now as a foreclosure.

Of the 194 single family homes for sale in New Milford, CT, 9 homes are under deposit. The average list price of these homes is $616,044. The reason this is up so high is that two homes are under deposit that are over 1,700,000. One is an estate in Merryall, the second is a lake home. The average market time is 86 days.

Currently there are 17 homes that are in the pending sale status in New Milford, CT.

The average list price of these homes in the pending sale status is $249,012. The average market time for these homes is 108 days. Four of these are foreclosures and 2 are short sales.

What does all of this mean? Again the inventory is lower than it was, which would be a good thing. However... buyers are still not happy with prices. Sales are low, and you can see the list to sale price is not good at all. Homes are still overpriced, which will cause them to sit on the market longer, or not sell at all. According to the statistics, homes are overpriced by 14%!

The key to selling a home in this market is to price it far better than the other competing homes in the same category. You must grab the buyers attention right from the start, not chase the market down or languish on the market because you outpriced yourself right out of the game.

If you don't believe me about pricing and buyers mentality, check out some interesting stats on The Great Real Estate Divide.

If you are thinking of selling in New Milford, CT check out our Ultimate Marketing 24-7, a custom marketing program that will dominate the internet.

Check out the previous home sale market activity report for December, 2011.

Interest rates are still low, are you are ready to buy a home in New Milford, CT? Click here to search for homes for sale in New Milford.

The above statistics are provided courtesy of Greater Fairfield County Multiple Listing Service (CMLS). Information provided is deemed reliable, but not necessarily accurate. There may be discrepancies, as mistakes in inputing can be made, and the fact that Connecticut has more than one multiple listing service. There may be instances where a home was/is for sale in New Milford and is on the other multiple listing service. Most of the homes for sale are listed on CMLS, therefore that is where I base my statistical information. I do believe it gives a good sense of what is happening in New Milford.