If you ask more than one real estate professional whether the Connecticut real estate market is good or bad, don't be surprised if you get more than one answer. The most accurate answer is "It depends".
What that means is that some of the indicators are positive, like increasing numbers of sales (for the past five months), and some of the indicators are negative (still mostly falling prices, which remain 20% below 2006). Even supply and demand signals vary. The absorption rates are dropping, down to the levels considered normal for any market, but they lag behind many other places in the country--Denver, for example, counts time on the market in HOURS, while our latest figure was 102 days on average. There are some signs of pent-up demand, such as multiple offers, or homes that sell right away, but they are mixed in with other examples of lowball offers and mortgage problems.
Demographically, the trends also run hot and cold. Millennials are reaching the age where even they are having children and settling down, but they have postponed homebuying longer than earlier generations, and there are signs that suggest that they don't aspire to home ownership the way that their parents did. (Parenthetically, this is odd, because they clearly look for work/life balance and healthy, gracious eating and living, so one might think that they would not be so tied to expensive, busy, urban areas).
So, we aren't sure about what the rest of the year will bring, but there's nothing new about that, is there?
