Norwalk, CT Real Estate News

By Mario Archila
(ARCI Real Estate Professionals LLC)
Clean 1 bedroom condo close to everythigLocation: norwalk , ctClean 1 Bedroom condo with a separate car and storage garage near Norwalk Hospital and major Highways.1st floor of two story building,New Carpet/Kitchen appliances.600 sq.ft.taxes $1500 YearlyCommon Charges $320 monthly Includes Heat and Hot Water.Photo GalleryInformationContact InformationMario Archila203.515.2020PricingAsking Price: $159,000Flexibility: NegotiableHomeowner Dues: 320Property Location13 clarmore drnorwalk , ct 06851FeaturesBedrooms: 1Bathrooms: 1Parking: garageYear Built: 1957Located on Floor #: 1stFloors in Bldg: 2Square Footage: 600Agent Name: Mario ArchilaBroker: RE/MAX Sound RealtyAttributesAppliancesRange/OvenFull RefrigeratorDishwasherBuilding AmenitiesGuest ParkingPowered by vFlyer.com EQUAL HOUSING OP...
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
This is the Norwalk's Current Market Snapshot as of December 15, 2007. While on November 2 we had 371 Single Family ACTIVE units with a Median Listing Price of $585,000 and an Average DOM of 103 days, today we have 335 SF units with a MLP of $579,900 and Avg. DOM of 114 days. This represents a reduction of less than 1% in terms of MLP.The Median Listing Price for NEW LISTINGS of Single Family homes today is 18.08% lower than those listed on Nov. 02. Single Family homes in Norwalk today UNDER CONTRACT have a Median Listing Price of 15.34% lower than the MLP presented by those Under Contract as of Nov. 02. 
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
Single Family homes in Norwalk were sold in November 2007 for a median selling price of 2.70% more than in November 2006 and 2.93% more than November 2005.On the other hand, Condos have seen their median Selling Price decreased by 3.71% between November 2007 and one year before, and by 5.25% between November 2007 and November 2005.Those Two-Family homes sold in November 2007 had a median Selling Price of $420,000; a 23.64% less than one year ago.In the chart below, you can see how the number of units sold in November 2007 decreased compared to one and two years ago.Nestor N. Romerowww.HomesByNestor.com1800-314-0461 
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
As you can see, while comparing the snapshot taken on November 2nd and today, median listing price for ACTIVE condominiums in Norwalk has been reduced from $369,500 to $349.950. This is probably the reason why the percentage of condominiums with accepted offers went from 6.99% to 9.54%.The Average Median Price came down from $353,210 to $336,317 an aprox. 5% reduction.We can also notice that the percentage of units under contract (Sale Pending) decreased but the percentage of properties as "Continue to Show" increased.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
 This is a comparison between what the market looked like on November 2nd and what it looks today for the market of Single Family Properties in Norwalk.There are small changes overall, however we see how the percentage of Active Listings raised from 75.87% to 84.13%, and those in the status Reduced Price came from 5.73% on November 2nd to 1.36% today.Overalll, there are almost 10% less listings this week than 3 weeks ago.Nestor N. Romerowww.HomesByNestor.com 
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Click on Logo to go to RuthmanRE.com Current Market Analysis - Norwalk - Fairfield County, Connecticut - August to November  StatusClassTypeAreaNo. of ListingsDollar VolumeAverage PriceMedian PriceAverage DOM                  Active Listings416$354,340,303$851,780$579,450103Listings Under Contract30$27,643,417$921,447$714,000130Listings Sold 2007131$79,049,750$603,433$515,000102         ACTIVE         Single Family         Single Family Detached         NORWALK363$321,243,006$884,967$594,900108Sub Total363$321,243,006$884,967$594,900108REDUCED PRICE         Single Family         Single Family Detached         NORWALK19$11,461,199$603,221$557,00076Sub Total19$11,461,199$603,221$557,00076CONTINUE TO SHOW         Single Family         Single Family Detached         NORWALK23$13,068,698$568...
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
In October 2002, buyers paid in average $554,325 or a median price of $450,000 for a Single Family Home with at least 1,500 Sq.Ft. and at least 3 bedrooms in Norwalk, CT.Similar properties (in terms of Sq.Ft. and minimum number of bedrooms) have been sold for continuously higher price tags (median prices) year after year. In October 2007, a house with similar characteristics was sold for a Median Price increase of 38% over those prices paid in October, 2002, but you would say, well it was the booble... however, the increase in Median Price from 2006 to 2007 was 29.86%;  a great valuation even in what has been considered a "bad year".As you can see prices have not come down at all. We do see an increase in average number of days on the market (47.14%), and the number of listings sold dec...
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
This is the weekly snapshot for the Multi-Family properties market in Norwalk, CT.This table shows not much activity during the last week. The average medial listing price was $552.221, with a total of 84 units between ACTIVE and under contract (SALE PENDING).I will present a new snapshot next Saturday and will compare it with the numbers presented here.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
Between  Active Listings and Sales Pending of SingleFamily properties in Norwalk, CT, as of November 2nd, there were 489 properties.75.87% (371) appear to be Active, 37 are under contract and 5.73% showed a price reduction.There are 20 new listingss and 29 already accepted offers (Continue-to-Show).The Average Median Listing Price was $587,603 and will be used as a parameter to compare week by week how this local market id doing. (I apologize for last week's snaphot. It was only until later that I realized I had only counted a sub-segment of the market, so I won't use it to draw any conclusions.)
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
Last week's snapshot for the Norwalk's Condominiums market showed 290 units between Active (all the status displayed in the attached table) and Sale Pending, with an Avg. Median Price of $354,203.45.This shows no significant changes overall. As you can see, the number of days on market, in average also show no major changes.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
Median Selling Prices in Norwalk showed an increase for Condos and Single Family units, from $507,250 to $527,500, and from $315,000 to $339,000 respectively. That is great news compared to the results shown in September 2007.In terms of total units sold, there was a deep decrease from 104 in October 2006 to 59 in October 2007.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
This snapshot shows that 11% of Condominiums in Norwalk, CT as of today, are under contract, while another 8.3% already have accepted offers.Around 6% of the listed Condominiums had their listing price reduced. Next week I will include a new snaphot as well as a summary of units sold in October.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
This is the Weekly Market Snapshot for Single Family properties in Norwalk with at least 3 bedrooms and over 1700 Sq.Ft.There are 289 Single Family properties available in Norwalk today. (The 10 units reported as Continue to Show are considered available). As you can see in the chart above, over 80% of the 306 current listings are ACTIVE.There are currently 17 homes under contract (5.56%), and 18 new listings (5.88%).  
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
SoNo - South Norwalk, CTCurrent revitalization projects in place including new condominiums, fancy restaurants and entertainment options in this once industrial area, SoNo - South Norwalk has represented an interesting new option for restaurants and bars along Washington St. However to attract Executives to bring to town new stores and offices, Norwalk will need to provide larger retail spaces and parking facilities.Construction may begin as soon as this winter on a major piece of redevelopment that may help rectify this shortcoming. That project is District 95/7, a million-square-foot mixed-use complex. It would be built by a longstanding Norwalk investor, Spinnaker Real Estate Partners, on 12 vacant acres next to the central business district of South Norwalk, where Interstate 95 and ...
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
 This table shows how the local market of Condominiums in Norwalk, CT has behaved in the last 9 months compared to the first 9 months of 2006.As you can see, it comes as a surprise that Condos in the price range $200,000 - $400,000 were sold for an average price of 2.43% higher than the average selling price for the first 9 months of 2006. It took an average of 16 more days in 2007 and there were 37 units less sold in 2007 than in the same period in 2006.Condos sold in the price range of $600,000 to $800,000 also saw a price increase, modest, but still great news.  
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
Condos sold in the price range of $200K and $400K showed an increase in average selling price of 8.64% and a reduction in number of units from 31 in September 2006 to 11 in September 2007.Five units were sold in the price range of $400,000 and $600,000 in September 2007 versus 3 units in that same price range in September 2006. In that particular price range we also can see that the average price was $471,460, over 6% more than the average price paid for condos in Norwalk in September 2006 in that price range.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
As you can see below, Selling Prices for those homes sold in the price range between $400K and $600K were sold in average at a higher price than last year. The chart also shows how prices in other price ranges behaved.For example, homes sold with a price tag over $800K showed in average, a final selling price of less than 24% of those prices paid in September 2006.Now, remember that due to "price adjustments" homes sold last year in a particular price range have probably been listed and consequently sold in a lower price range. Note: As you can see in the previous posting, the numbers showed 36 SF units sold in Sept. 2007. The difference, I assume, is because sometimes a Listing Agent (or two) don't update the information until a couple of days later...
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
 We saw some interesting results in sales of Condominiums in Norwalk, Danbury and Stamford:As oposed to what happened with Single Family properties in Stamford and Norwalk last month, the number of condo units sold in Sept. 2007 was lower than one year ago for these three towns. (Danbury showed the largest difference).Prices, however, were higher this year than in 2006 for condos sold in Norwalk and Stamford.
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
Much has been said about excess of inventory in Real Estate. However if you see the local numbers (NORWALK, CT), you will find out that the number of units available has actually declined in the last 10 days. For example, in terms of Single Families, there were 456 units available in Aug.19 and there are 373 homes available today, a reduction of  83 homes. Only 18 (under 4%)have been reported as sold. The other 65 are either expired listings, or withdrawn or cancelled.See the attached graphic with numbers per price segment. 
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By Nestor N. Romero, Realtor - Real Estate Fairfield County - (203)515-5511
(HomesByNestor)
 This is the Sales Report showing the closings reported through the CT-MLS. These are sales in Norwalk between July 23 and August 23.As you can see 25 condos were sold for under $350,000, and 19 Single Family units were sold in the price range ($450,000 - $600,000). Check also the Sales Report for Stamford.
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