CT Real Estate Market Showing Signs of a Profitable 2013
Despite recent blows from hurricanes and reports of higher foreclosures, the Connecticut real estate market is performing extremely well in 2013 and currently boasts some of the best figures in the country.
According to data recently released in the Hartford Courant, the Connecticut real estate market has seen house sales steadily rising month after month in 2012. This was followed by home prices finally catching onto the trend and beginning to tick upwards from October last year.
As of January 2013, home sales volume was up another 14% year-over-year and the median home sales price had gained 2.4%. While it may not seem spectacular, this is expected to be the precursor to an incredible 2013 for the Connecticut real estate market, with far higher gains to come.
The latest Commercial Real Estate Outlook report from the National Association of Realtors (NAR) shows even more signs of this with Connecticut’s commercial real estate markets posting some of the healthiest figures in the nation.
According to NAR’s data Fairfield, CT has the second lowest retail property vacancy rate in the U.S. at 4.2%, just behind San Francisco. In the same report multifamily housing vacancy rates in the U.S. were lowest in New Haven, CT at just 2%.
This means virtually no empty space for tenants. In turn this results in Connecticut real estate investors being able to pick and choose from the bes tenants in the pool, rising rents for increased yields and cash flow spreads and more renters being turned into home buyers. With little home inventory on the market the result will be upward pressure on local home prices creating great returns for those flipping CT homes too.
Other parts of the country may have enjoyed their 15 minutes in the headlines in 2012, but 2013 is definitely shaping up to be the year to scoop up profits in the Connecticut real estate market.