Norwalk CT Real Estate Market Report Spring 2023
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*All market data can be found at the bottom of this page
Ready to stay ahead of the curve on the Norwalk Real Estate Market? Buckle up as I explore the highly anticipated 2023 first quarter report. But I won't stop there, you will also get my boots on the ground perspective to give you a better understanding of what's happening as the Spring market unfolds.
If you are new to my website, my name is Charlie Vinci and I am a Norwalk Realtor. The graphs in the "Norwalk CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Norwalk.
Norwalk Closed Sales
Let's start with closed sales at the end of the quarter, in Q1 of 2023, we had 164 sales in Norwalk. Last year there were 216 and the year before there were 251 in the first quarter, but let's take a look at the five year trend focusing specifically on the years of 2018 to 2020, where you can see we had between 162 and 230 sales. So 164 is on the low ends of the range.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Norwalk Homes for Sale
This is the number of homes for sale in Norwalk, and we're down to 133. Remember when I said there was more to the story? It's pretty hard to sell 200 homes when there's only 133 on the market at the end of the quarter.
Take a look at past years. We had 171 homes for sale in 2022 and We had 279 homes for sale in the first quarter of 2021.
If you'd like to see what is available in Norwalk right now, you can click here to perform a Norwalk Home Search.
Norwalk Median Days on Market
It took the median seller 40 days to sell their home in the first quarter of 2023.
Last year it was nearly the same at 41 and the year before it was 60 days. Clearly buyers need to be more prepared and be able to move quickly to get home these days.
Norwalk Median Percentage of List Price
This is the median percentage of list price that a seller earned and we were at 100% in the first quarter. Remember that this is median, so that means 50% of the homes sold for more than 100%. These were likely the homes that sold in the first weekend and to multiple offers.
Norwalk Median Sales Price
Here's the median sales price for Norwalk. In Q1 of 2023, it was just over $486,000. It's climbing a bit from last year when we were at $467,000 and the year before when we were at $445,000.
The interesting thing to note is that this isn't the case and the other higher price towns in the gold coast with the exception of Stamford. All the other Gold Coast towns had a decrease in their median sales price in Q1 of 2023.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
Norwalk Months of Supply
This is the month of supply for homes in Norwalk, and we're way down to just 1.5 months of supply. This is the same as last year, but quite a bit lower than in 2021 when we had 2.6 months. Take a look at the 5 year trend to see just how far this statistic has fallen.
Norwalk Pending Sales
This is the number of pending sales in Norwalk. In the first quarter we had 205 pending sales, compared to last year we had 239, and the year before we had 266. Take a look at the pre-COVID market from the years of 2018 to 2020 and you'll see we typically had between 154 and 244 sales pending, so 205 isn't terrible. Actually, it's pretty amazing considering how few homes there are for sale.
Conclusion
Clearly, looking back at the Q1 stats, the median price is still strong in Norwalk. The challenge is that the spring market has begun, and the buyers have shown up to little inventory. Last month I said to get ready for an aggressive market with multiple offers on all good homes, and I am afraid I was right. In fact negotiating over the last month has felt like it did in the spring of 2022, when the market was white hot.
We are currently working hard to get our clients a space on the showing schedule for many homes and anything decent has sold to multiple offers, and often hundreds of thousands over asking. You will see this reflected in the coming months data. Buyers will need to be aggressive to get a home this spring, or wait until the Summer when things usually cool down a bit.
If you don't have an agent, and you would like help navigating this market, call me.
I look forward to hearing from you!
Best,
203.952.7752
Norwalk CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the Norwalk CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.