Within the last week, there have been many reports that have indicated that the recovery is far from over. Unemployment nationally is still at 7.7%; in Connecticut, it's 8.8%. Jobs are being added, but at a faster rate in other states. We added 300 jobs in November, but have only added back 25% of the jobs we lost during the recession; for the country as a whole, that percentage is more than double.
Then, this week, it was announced that New Haven was the number 1 buyers' market in the country, meaning that buyers can get a better deal here than anywhere else, because prices haven't risen. There are reasons for that, though, that are far from negative. We had a lower decline than in many other parts of the country, and we haven't seen the amount of foreclosure activity that has taken place in other states. Therefore, our prices haven't gone down as much, and aren't then being pushed up as much now, because we still have a supply of properties on the market that exceeds what is available elsewhere.
So why is that good news? Because Pearce had a great year anyway, and it means that the future is bright indeed! With just a little bit of what is happening in other states, our revenues were up by a third over 2011. Some of that doubtless reflects an increase in market share, but it still bodes well for next year. As the recovery pace, which is 46th here among the 50 states, increases, we will see further gains, price increases, and lower inventory. All of that will be terrific, and that's before we factor in that we are finally doing something about job growth in the state, which will make it even better.
The message: Buy now. It will cost you more soon. Give someone you love a property for the holidays!