Posted on January 27, 2016 - 02:21 PM
by William Karchere
Please be aware that the following statistical information for Norwalk, CT is for Single Family properties only and does not include information pertaining to condominiums, multi-family property or rental units. Single Family property performance has always been the bench mark and has always been the most accurate indicator historically. This information includes all of Norwalk, CT and that statistical performance can vary between zip codes, neighborhoods (Silvermine, Cranbury, East Norwalk, South Norwalk, Rowayton, West Norwalk, etc.), and even streets.
The source of the 2015 Real Estate Statistical Performance of Norwalk, CT was taken directly from the Greater Fairfield County Multiple Listing Service.
Norwalk Single Family 2015 Real Estate Statistics – Sales Volume & Median Price
Since 2010 the Sales Volumes have been more up than down. Overall they have increased from $286M in 2010 to $340M in 2015. This represents a slow steady increase indicative of an improving and sustained market environment. The slowest year during this five year timeframe was 2011 when the volume slipped to $250M.
Similar to the Sales Volumes, the Median Values of Single Family Properties have also been on a steady slow incline. Five years ago in 2010 the Median Value of a Single Family home was $440,000. As of the most recent full year of data in 2015, the Median Value of a Single Family home is now $445,000. Year over year we have increased 3.5% in Median Value. Our glacial velocity of increase though slow is one that we can expect to count on for the next three to four years according to the National Association of Realtors VP of Economics, Dr. Lawrence Yuan.
Norwalk Single Family 2015 Real Estate Statistics – Number of Sales
After a very active year, our Number of Sales for 2015 was a strong 650 Single Family Properties whose titles have passed compared to 507 Single Family Properties whose titles passed in 2010 representing an increase of 28.2%. During the same timeframe the lowest number of sales was found in 2011 at 440. This represents continued evidence of an improving market here in Norwalk, CT.
Norwalk Single Family 2015 Statistics – Days on Market & Sales/List Price Ratio
The Days on Market statistic measures the actual time that the Single Family property was Active on the local Multiple Listing Service until the date that the Sales Contract was signed by both Buyer & Seller. What the Days on Market statistic does not measure is the time from when the Single Family property was Active on the local Multiple Listing Service until the date that the initial offer was received as well as the time from when the Sales Contract was signed until the date of Closing.
The Sales/List Price Ratio measures the difference between what the Norwalk Single Family property sold for versus the list price. Five years ago in 2010 the Sales/List Price Ratio was 95.9% which dipped sharply the following year of 2011 to 95.2% which represented the lowest ratio in the past ten years. Since then the Sales/List Price Ratio has continued to improve to the ratio of 2015 which resulted in 97.1%. This measurement does not take in to account any price decreases during the term of the Listing Agreement.
Norwalk Single Family 2015 Real Estate Statistics – Months of Inventory
The Norwalk Single Family 2015 Months of Inventory is a critical statistic. To give you a bit of back round on how the measurement is viewed by local practitioners I will offer you the following. Any inventory measurement from 0-5 months of inventory identifies a Seller’s market; 5-7 months of inventory identifies a market in transition; and anything over 7 months of inventory is considered a Buyer’s market. Months of Inventory measures the length of time required to absorb the current inventory if the inventory were to remain static.
In an effort to remain consistent if we were to view the Months of Inventory starting in January of 2010 we would see a total of 17 months which although appears high within a strong Buyer’s market, was eclipsed in January of 2008 when the Months of Inventory was off the charts at 40 months. The most recent month of complete data is for the month of December 2015 which is represented by only 5 months. Although the market will always be in a state of flux, we have slowly found ourselves within a market that is favoring the Seller.
Norwalk Single Family 2015 Real Estate Statistics – Summary
The Norwalk Single Family market is steadily becoming more active, though slow in velocity. Market values are increasing, inventories have continued to drop, sales volumes are rising, and List/Sales Price ratios are improving. The “icing on the cake” for this market is that although our financial pundits have voiced increased mortgage rates to be within our immediate forecast, the actual result as of late has been a decrease in the rates. There is no good or bad market, just the market.
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