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Showing posts with label New Haven Residential Market. Show all posts
Showing posts with label New Haven Residential Market. Show all posts
Tuesday, August 5, 2014
Tuesday, January 21, 2014
2013 Year End Market Statistics
The Following are New Haven and Shoreline County Market Statistics for 2013. Please click on the images below to view or click this link for previous market stats
Residential / Condominiums / Multi-Family
Residential Single-Family
Condominiums
2013 vs 2014
Residential / Condominiums / Multi-Family
2013 vs 2014
Residential Single Family Homes
2013 vs 2014
Condominiums
Thursday, December 20, 2012
Good News/Bad News
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!
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!
Monday, June 21, 2010
New Haven Residential Statistics
After I wrote my last blog on the New Haven residential market, I received a call from a reporter who follows the blog, asking whether my assertions were based in fact. Always an interesting question about a blog...Anyway, our office did some statistics for the East Rock market, using last year and this year, with houses in two ranges: $300-500K and houses over $500K.
Even though I had said that that market area was very healthy, even I was surprised at how true it turned out to be. The median number of days on the market was 55 for the first price range, and an amazing 20 days for the second range. The list to sales price ratio was 95% for the 300-500K range, and 94% over that amount.
It's hard to compare numbers when you are looking at larger areas, such as entire cities and towns, or even zip code regions. This analysis was done street by street, in a relatively small area, and so cannot be extrapolated to other places. Translation: Your home in a suburb, or even another part of New Haven, or even in another price range in the same neighborhood, may not sell that quickly or that close to the asking price! Although it's also true that you cannot say that, even in this small subgroup, these figures will necessarily hold, it's good news for the East Rock section.
Even though I had said that that market area was very healthy, even I was surprised at how true it turned out to be. The median number of days on the market was 55 for the first price range, and an amazing 20 days for the second range. The list to sales price ratio was 95% for the 300-500K range, and 94% over that amount.
It's hard to compare numbers when you are looking at larger areas, such as entire cities and towns, or even zip code regions. This analysis was done street by street, in a relatively small area, and so cannot be extrapolated to other places. Translation: Your home in a suburb, or even another part of New Haven, or even in another price range in the same neighborhood, may not sell that quickly or that close to the asking price! Although it's also true that you cannot say that, even in this small subgroup, these figures will necessarily hold, it's good news for the East Rock section.
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