There have been new indications that shed some light on what we may expect for a spring market in residential real estate. It's been a brutal winter, but the February job numbers, which just came out, were not as bad as they might have been, and put Connecticut at 50% of its jobs regained from the lowest recessionary level. This, of course, compares with 92% of jobs regained nationwide, after awful weather everywhere, but we welcome any good news.
Other recent studies predict that the Northeast is the likeliest region to see multiple bids on property this spring, suggesting that demand has been postponed due to winter storms, and will "pop" when spring arrives (will it ever come??). Rates are edging up, which is another indication that time is of the essence for buyers, since monthly payments matter more than total cost for most people.
Another report from Zillow suggests that the West Coast is best for sellers, and the East Coast for buyers. That's not surprising, since prices in Connecticut are still 23% below their peak in June of 2006. It is yet another indication that our region will see strong buyer demand. Since the listing inventory is delayed, again by weather, supply may be tight.
In our office, we've been getting reports of greatly increased web traffic to our site, with strong demand for certain types of searches by buyers. Again, that would seem to indicate pent-up demand.
My crystal ball is a little cloudy, but my outlook, based on all of the above, is positive!
