The page has turned to 2013, and everything seems to be pointing toward a continuation of the slow recovery that we've been seeing so far. In other parts of the country, things have moved faster, and the signs are even clearer. I just came back from Phoenix, and I remember reporting in other years that there were For Sale signs all over the place. This year, in the same complex, I saw two, and one was sold and came down while we were there.
Connecticut has a bigger supply of properties for sale. Things never got as bad, prices never went down as far, and therefore they are not popping back up as quickly. We still have spots where listings are hard to come by, but, by and large, there is a good choice for buyers in most areas. However, that could change as the year goes on. Interest rates are still low-very low-and prices are more flexible than usual. People who are moving here have been able to sell their homes where they came from, and, with the lowest apartment vacancy rate in the country, the New Haven area is a tough place to land a good rental. All those things cause sales.
In addition, the uncertainty in Washington has not gone away, but the immediate crisis has been averted. Some nervousness still exists, which makes the stock market dicier than usual, and that also helps real estate as an alternative investment. We are between two strong markets-Boston and New York-so that should help us as well.
Spring will tell more of the story. Will prices start to shoot up? If you are a buyer, you may not want to wait and see!