How Will Connecticut Real Estate Weather the New Year?
Will the recent crises weigh down the Connecticut real estate market in 2013 or will the market fight back against the odds to out-perform the recent years of harder times? The people of Connecticut and CT homes have had a tough run of disasters, hurricanes and even rising foreclosures. Now the state faces even more severe weather and a certain amount of fallout over the fiscal crisis, whichever way it plays out. However, despite the recent woes of 2012, the previous housing bubble and recession the Connecticut real estate market has actually proven to be incredibly resilient. Just take a look at cities like New Haven. Hartford has be rebounding well, but according to the latest statistics from data compiler Trulia, the median home sales price in New Haven, CT has rocketed by 28% since last year. Sales volume may have room to rise but even the average price per square foot has jumped by almost 30%. This suggests that CT homes in New Haven will continue to deliver a stellar performance in the New Year. If we’ve done so well during one of the most trying years on record then whatever comes in the next 12 months should be overcome with ease. Home buyers and real estate investors should easily expect to see double digit growth in home prices in 2013, homes sales to increase and rising rents, especially on the coast in New Haven, Milford and Bridgeport. Some may choose to wait it out, until we are on top of another boom and the best gains have been seen. Others will seize on the opportunity to help rebuild CT homes and will be rewarded handsomely.
Connecticut has had a rough year of it in 2012, so what should we expect to see in the local real estate market in the coming months?