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

Volum & Median

Norwalk – 5 Year Single Family Median Values & Quantity of Transactions

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

LP%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


30 Yr Fixed Rate – 5 Year Profile

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.

For more information or to get in touch with a competent professional, please go to www.CTHomeConsultant.com or call/text at 203-858-2241.



2012 Real Estate Statistical Performance for Norwalk

Keep in mind that the following statistical information for Norwalk, CT is for Single Family properties only and does not include condominiums, multi-family properties or rental performance.  Single Family property performance has always been the “bell weather” and has been the strongest indicator historically.  Also, be reminded that the following information is for the Town of Norwalk and that each neighborhood within Norwalk (i.e. Silvermine, Cranbury, East Norwalk, Rowayton, West Norwalk, etc.) will have different statistical performance unto its own.

The source of the 2012 Real Estate Statistical Performance of Norwalk was taken directly from the Greater Fairfield County Multiple Listing Service.

Norwalk Single Family 2012 Real Estate Statistics – Sales Volume & Median Price

Within the past five years the Sales Volumes have been up and down.  As of 2012 the Sales Volumes are steadily increasing.  At the end of 2012 the total Sales Volume was $275M whereas the year before saw the 2011 Sales Volume at just over $250M.  The least Sales Volume was seen in 2008 when we saw an end of year volume at about $225M.

Although the Median Value of Norwalk Single Family properties has been on a decline, the slippery slope that we witnessed in 2006 to 2009 is clearly behind us.  Median Values of Single Family properties have now leveled off and are presently hovering at the $405,000 mark from about $510,000 in 2008 representing a decline of 21% during this timeframe.  It is expected by the most prominent of economic forecasters that the future holds a steady upward trend of Median Values for Single Family properties, but that trend will be glacial in velocity.

Norwalk Single Family 2012 Real Estate Statistics – Number of Sales

By the end of 2012 the Norwalk Single Family Number of Sales increased from about 425 Listings sold in 2011 to 505 Listings in 2012.  This continues to be a positive direction even from 2008 when the Number of Sales barely yielded 410 Listings five years ago.

Norwalk Single Family 2012 Real Estate 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 open market.  Specifically, it measures from the time that the property was first placed on the market (date of the Listing Agreement commencement) until the date that the Sales Contract was signed.  The Days on Market statistic does not measure from the time the Sales Contract was signed until the property title actually transferred at time of Closing.

The 2012 Norwalk Single Family property Days on Market has truly been an average from 2008 when the end year result was 110 days.  At the end of 2012 the Norwalk Single Family Days on Market was 115 days.  During the past five years it has fluctuated any where from 105 days in 2010 to a high in 2011 at 125 days.

The Sales/List Price Ratio measures the difference between what the Norwalk Single Family property sold for versus the list price.  During the year 2012 this ratio was on a steady incline which started in January at 93.5% to 95.9% in December.  What this means today is that if your Norwalk Single Family property is priced accurately, then you can expect to receive 95.9% of the List Price.  This does not take in to account any price decreases during the term of the Listing Agreement.

Norwalk Single Family 2012 Real Estate Statistics – Months ofNorwalk Months of Inventory Inventory

The Norwalk Single Family 2012 Months of Inventory is a very critical measurement.  Specifically, 0-5 months of inventory constitutes a Seller’s Market; 5-7 months of inventory constitutes a Transitional Market; and anything over 7 months of inventory is considered a Buyer’s Market.  Months of Inventory means the length of time that it will take for all of the inventory to be sold if the current inventory were static.

When we started the year in January of 2012 we witnessed a high of 27 months of inventory making it a very strong Buyer’s Market.  However, we ended up the year as the inventories of Norwalk Single Family properties fell sharply until now when the inventory is a mere 7 months. We are clearly in a state of fluctuation which appears to be marching towards a Seller’s Market.

Norwalk 2012 Single Family Statistical Summary

The Norwalk Single Family market is steadily improving, though very slow in nature.  Values are increasing, inventories are dropping, sales volumes are increasing, Sales/List Price ratios are improving, etc., although each neighborhood will be different down to the individual street.  However, the interest rates on mortgages are now starting to edge up making the best deals in town within the rear view mirror.  There is no “good” or “bad” market…just the market.

For more information or to get in touch with a competent professional, please go to http://www.CTHomeConsultant.com.

How Much Is My Home Worth in Norwalk, CT?

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Raised Ranch Near Rowayton

To determine the market value of a home is a blend of art and science.  It takes a very competent, experienced full time real estate professional who knows the local town, its neighborhoods, its school systems, its tax structure and market trends.  Keep in mind that a local Realtor will always give you a range of what the market value will be.  Only an Appraiser will offer a single market value of a property.  The end product of what a Realtor will offer as a market value will be contained within a document that is typically referred to as a Comparative Marketing Analysis.  Keep in mind during your own Comparative Marketing Analysis that no two properties are exactly the same.  A skilled Realtor has the ability to make adjustments for the differences found between a subject property and the comparables.

What are the Various Methods of Determining a Property Market Value?

The first and most widely used method is called the Sales Comparison approach.  This method is typically used by comparing the subject property to other “like” comparative properties that are either presently on the market, have sold or have expired from the market.  Examples of other methods are the Cost Approach that combines the cost of land and the cost of building a new home, and the Income Approach which establishes property value by virtue of expected income for a given investment property.

Step #1  Initial Property Visit

Before a Realtor begins the process of determining market value, it is their responsibility to visit the local town hall and typically pull the Tax Assessor’s Field Card, Plat Map and Schedule A.  This information provides the Realtor with a plethora of information before they even begin, such as easements, finished area living space, plot size, utility and cooling/heating information, bedrooms/baths, etc.  The first part of the process is a visit to your home by the Realtor.  The purpose of this initial visit is to gather as much information about the property, neighborhood, condition of the house/land and to determine if there are any discrepancies with the public information gleaned from the local municipality.   The Realtor will ask questions about the property, and you.  The purpose of these questions is to gather further information about the property, to determine the property condition and to determine what should be completed in advance, in the event that the property is to placed on the market for sale.

Step #2  The Sales Comparison Approach for Determining Market Value

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West Norwalk Contemporary

The Sales Comparison Approach for determining market value includes the comparison of the subject property to other similarlocal properties within the same town.  The style of the property should be the same or similar, such as Colonials, Ranches, Victorians, etc.  The square footage and land size should ideally be similar within 10% of the subject property.  Also the properties themselves should be within no more than a mile and a half from the subject property.

The subject property is first compared to other similar properties that are for sale in order to help determine where the property would fit strategically/competitively within today’s market.  This information is merely and indicator as anyone can place a value on a property, but that is no proof that it is either accurate or will sell.  These are the properties that are testing the market.  The subject property is then compared to other similar properties that have sold within the past six months.  Six months is normally used because it is considered to be a part of the same current market.  Sold properties are the most valuable to this exercise as these are properties are properties who have not only tested the market, but have now proven the market because a Buyer has decided to purchase.  The subject property is then finally compared to those similar properties that did not sell, or those properties that have “expired”.  Over 90% of the time when a property does not sell, it is because of price.  Sure, there can be other factors such as poor marketing or a misrepresentation but primarily it is due to over-pricing.  Although these properties did not sell, they are very valuable to this exercise as they assist the Realtor to determine a financial ceiling for the subject property.

Step #3  The Final Comparative Marketing Analysis

The third and final step is drafting the Comparative Marketing Analysis document.  This document takes both the subjective information about the property gathered at the first meeting and is blended with the objective data gleaned from the local multiple listing service about the current properties on the market, the last six months of sold properties and the information about the properties that did not sell.  Graphical analysis is used as well as comparative tables and data charts.  Combined together will be a narrative about what should be done to the property before the sale, information about the current local market and finally the range at which the property value will be.  The property value is just that, the property value.  The property value is not the List Price of the property.  To determine the List Price of a property prior to marketing other factors must be taken in to consideration such as the local List Price/Sales Price Ratio, Days on Market, and the local market trend for that given kind of property (i.e. single family, condominium, muti-family, etc.).

Several very important ancillary pieces of information should also be included, but not limited to the Marketing Plan.  The Marketing Plan should be a step by step process on what the Realtor will be doing in order to obtain the most amount of money for the property within the shortest amount of time.  Additionally, you will find a resume of the Realtor as well as reference-able past clients who will vouch for a credible and trusted working experience.

If you are interested in determining the value of your home, regardless of where it is in Fairfield County please visit my website at http://www.CTHomeConsultant.com and request it or call/text me at 203-858-2241.  I can also be reached at wm.karchere@pprealty.biz.



Property Management Services Features and Benefits

Why sell your home, when you can rent it?  Many of us must relocate but have purchased a home in the “salad days” of 2002-2006 when property market values were at their peak.  To sell now would mean a substantial financial loss, or worse yet…a dreaded short sale.  There is another option.  But this option presents its own set of challenges.  How do you rent a home to a Tenant that needs service when you are on the opposite coast?  Typically when you rent a property that you own, you must first invoke the twenty minute rule which states that if you live greater than twenty minutes away from your rental property it becomes too much of a hassle to service your tenants.  So, how can you bridge that gap? You can do it with Property Management services.

First we need to identify what the Property Management services are that we can avail ourselves of.  Here is a sampling of what they might look like:

  • Property Valuations & Rental Rates
  • Property Marketing
  • Tenant Screening & Selection
  • Lease Agreements & Property Inspections
  • Rent Collection and Late Payment Administration
  • Eviction Coordination
  • Financial Services of Rent Collection & Dissemination
  • Book Keeping Services
  • Maintenance & Repair Coordination
  • Tenant Move Out Coordination

The benefits to you as a Landlord for services such as these are:

  • Higher Quality Screened Tenants
  • Timely Rent Collection
  • Accurate Rental Values Established
  • Lower Vacancy Rates
  • Higher Tenant Retention
  • Lower Maintenance & Repair Costs
  • Increased Investment Value
  • More time, less stress, and more freedom for the Landlord

Property Management seems to be the enabler to save the home purchase investment loss.  I am beginning to see and understand this real time within my own practice.  More and more of my homeowners who must relocate are opting for leasing their property instead of selling.  On top of this condition is a growing situation on the Tenant’s side.  There are more and more Tenants.  Why?  Because there are increasing numbers of homeowners who have lost their home to either foreclosure or short sale and can’t afford to purchase a home, nor to they have the high credit score that lenders are insisting upon in order to obtain a mortgage.  Yet, they have a high enough score to potentially rent.  If their human condition is very temporary (as in a recent job loss or divorce) why not consider leasing to someone like this who has excellent references?  It just makes good sense.

So the next time you are considering a relocation, or even if you are a Landlord already with an investment property that is just becoming too much to bear you should explore this avenue to see if there is a fit…Project Management Services.

Property Management Services in Norwalk, CT – Local Places We Serve

Platinum Property Real Estate Management Services in the following areas:





New Canaan











This is a brief tale of a Norwalk Home Buyer’s Frustration whose purpose is to provide a lesson so that others won’t fall prey to mortgage companies who place the transaction above the relationship.  The story begins on a cold Saturday in February with my delightful first time home buyers trudging through the mire of broken down Norwalk single family inventory.  Then it happened when I expected it the least.  It was a short sale Colonial full of the typical deferred maintenance including but not limited to interior wild bird and squirrel damage, damp moldy basement, a roof in a past life dilemma, a kitchen with brush painted backsplash tiles and debris lying everywhere.  How could we resist?  What do you do when you find a fine cut gem like the one just described?  Well, you place an offer.  So we did, since it became the house of their dreams. Little did they know that the nightmare on King Street was about to keep up for many nights to come.  For you see while they waited six months for the Seller’s lender to tell them that they had to come up in price the young married couple were only seeing each other on the weekends so that they could work different jobs for added cash so that they could fix up their new dream home.  

So the Seller’s Lender insists that the Buyer come up in price by as much as $45,000 on a median priced Norwalk single family Colonial.  Our practical response was to conduct our own appraisal only to find out that our original offer was quite accurate, but we came up an additional $15,000 just to appease the Seller’s Lender and to ensure that we would have no further hassle.  The Seller also agreed to foot the bill for the mold removal.  Three months later on the second approach to the purchase, the Seller’s Lender responds back with a duplicate demand of a higher amount…even though the FHA Appraisal that was most recently completed did not support their amount.  Now here is the kicker — Even if the Buyer agreed to purchase the property at the higher amount presented by the Seller’s Lender, the Buyer COULD NOT GET A LOAN BECAUSE THE PROPERTY WOULD NOT SUPPORT THE APPRAISAL!  Get it?  The Seller’s Lender was now making it impossible for the Buyer to purchase the property.  Who was suffering?  Well, certainly the Seller who was desperately trying to get out from underneath the burden of the mortgage payments and could not, and the Buyers who had invested almost $1,600 in Property Inspection and Appraisal fees, not to mention the waste of nine months of waiting for bank’s responses to offers that were leading to no sale.  Is this the kind of bank that we want our bailout tax dollars funneled to?  

So, we threatened to take the Seller’s Lender to Small Claims Court for reimbursement of  Property Inspection and Appraisal fees, and politely explained that ANYONE coming to place an offer on the home would immediately see the FHA Appraisal results of the lower amount thus squashing any ability to obtain a higher mortgage amount.  What a Norwalk Real Estate nightmare on King Street!  

Here are the lessons learned to circumvent this kind of fiasco from happening to you:

  • Make sure that the members of your Real Estate Team are trusted advisors who place the relationship before the transaction.  Don’t settle on a team member because they are giving you a great deal.
  • Make sure that your attorney is a “tire biter” and is contacting the lender each week to ensure that the file stays on top of the pile when dealing with a distressed property.
  • Don’t spend money on a property inspection until the Seller’s Lender approves the purchase beforehand.
  • If the Seller’s Lender does not get back to you in at least two months with a response to your offer, press on and find another property.
  • Be prepared to sue in Small Claims Court, so save check copies, receipts, agreements, etc.

Happy house hunting!

For conducting your own local Norwalk home searches and getting good local information on your home purchase experience, please go to http://www.CTHomeConsultant.com.




Are you interested in buying land and building a new home in West Norwalk?  Are you a bit hesitant to tackle this enormous task on your own and holding back as a result?  Are you the adventurous type willing to journey through the project of building your own home but don’t know how you can find the time?  Then this property may just be for you…

This West Norwalk location is on Geneva Road which is a quiet street connecting Richards Avenue to the New Canaan border of Norwalk.  It is AAA zoned and consists of 1.21 acres of flat wooded land with a garnish of small seasonal streams and forest views.  Travel to either of the Rowayton (3.4 miles) or (covered parking) South Norwalk (2.7 miles) New York Metro North train stations can be made in minutes.  West Norwalk is also represented by the West Norwalk Association (http://www.westnorwalk.org/) whose charter is to “foster and preserve the residential character and quality of life in the West Norwalk community”.  Membership is not mandatory, but encouraged.

The 20 Geneva Road location was originally a Ranch style home built in 1960.  It was torn down to the foundation in 2011 in order to make way for a 3,850 square foot Contemporary showcase home by the master builder/owner, Milan Pribelsky.  The exterior of the home is a stately thoughtful blend of stone and stucco with copper trim and a ashalt tiled roof that is modeled in a terra cotta format.  There is both a two car attached garage which leads to the kitchen as well as a rear area detached two car garage giving increased capacity for enthusiasts or collectors.

Kitchen of Vision

The vision for the Kitchen has been taken from a Model Kitchen previously crafted by the builder.

The interior features boast of a custom high end eat in kitchen with pantry and fireplace with sliders to a rear deck overlooking the expansive rear yard; exquisite formal dining room; over-sized living room; massive foyer with cathedral ceiling; handsomely lavished master suite; multi-faceted family & recreation rooms all accented with hardwood flooring, fine mill-worked mouldings, detailed staircases and state of the art lighting all warmed by efficient and clean gas heating.

What a perfect opportunity to influence the final touches of a family statement to be enjoyed forever.  The projected completion date for this well planned and orchestrated reconstruction is April 2013.  Have you ever thought about how your perfect kitchen would be outfitted and finished?  Have you ever thought about how your master suite bath fixtures should be styled for function and design?  What would your perfect fireplace mantel look like?  Ultimately, what is your vision?  This is a wonderful one-time opportunity to make this your own.  For more information…

Website:  http://www.cthomeconsultant.com/property/615-7301-20-Geneva-Road-Norwalk-CT-06850/

Listing:  http://www.cthomeconsultant.com/listing/mlsid/53/propertyid/99010451/

Or, simply pick up the phone and call 203-858-2241.

20 Geneva Road, Norwalk, CT  06850

West Norwalk Contemporary Reconstruction Project – To Be Completed by April 2013