Connecticut Real Estate Improves Better Than Expected
Some recent media stories may have painted a rather mediocre picture of the Connecticut real estate market at best but the most recent statistics show a healthy and recovering market, that has beaten many expectations.
A new Realtor housing report on Connecticut real estate reveals a rapidly recovering market with growth far exceeding expectations. According to the data the median sale price of condominiums and single family homes rose 6.4% year-over-year as of October, with sales volume rising 17% during the same period.
Obviously there are still foreclosures and mortgage defaults to be dealt with in addition to clean up left over from hurricane Sandy but strong demand is expected to keep the recovery on track.
In fact, CT homes could see a boost in demand on an influx of new residents which were displaced by Sandy in New York and New Jersey. This would speed up absorption of any distressed properties hitting the market, keep rental vacancies down and keep transaction volume and CT home prices moving up.
For homeowners this is a great time to sell a home, especially ahead of increased taxes coming in 2013 and even more so for underwater borrowers who are considering short sales.
Those interested in buying a home in Connecticut, whether as an investment or new primary residence will also find this an excellent time to make the move, while prices and rates are down and ahead of entering a new extended boom period. However, it is definitely the next several weeks which will offer the best bargains as few buyers are hitting the market during the holidays.
Looking forward we should expect these recent positive Connecticut real estate trends continue to compound over the next 10 or so years, barring any new major financial or natural catastrophes.