I just came back from a meeting of my peers from big independent brokerage firms around the country. Things are definitely picking up everywhere, and there was much more optimism in the room than in the past few years. Many places have gone through their foreclosure sales, and inventories in those spots are very low compared to prior years. Connecticut is behind in that regard, but has seen similar growth in company dollar and activity. At Pearce, we are up 46% from last year at this point, so we're excited!
Around the country, first-time homebuyers are leading the way, with most sales at levels below $300,000. There are still two parts of most markets--one for the listings that come on and sell almost immediately, and another for the overpriced, stale, or problematic listings that are still sitting there. Taken together, the average time on the market is just over 100 days, but there is a large variation, and a much greater supply over $500,000.
It was interesting to learn more about the Denver market, which is hot at the lower end, and to see the very impressive Coors Field one night (although the Rockies lost decisively and the weather was a lot colder than it was back here!). And, of course, it was wonderful to return to spring in Connecticut!