Connecticut is Out of Sync with the US as a Whole

We have posted charts this week, showing the increase or decrease in sales from 2014 to 2015 at different price points, both in CT and across the country.  You can see that sales here are higher on the lower end of the price spectrum, while higher-priced homes have increased more in other parts of the country.  This means that we are still, relatively, a buyers' market, whereas lack of inventory, combined with greater price increases, have combined to give sellers the edge in many other places. 

What does this mean for buyers and sellers?  If you are a first-time homebuyer, or a buyer moving into our region, you can buy more for your money than you could before, and more than in places that used to be equivalent in price to Connecticut.  If you are trading up or down, it shouldn't matter; you will sell for less than you hoped, but will buy again at the same lower prices.  If you are selling only, you may find that you cannot achieve the net price you wished, and that your asking price may have to be lower, or that you need to lower it now, if it has been on the market for some time. 



2013 vs. 2014 New Haven & Shoreline County Statistics

Click on the link below to view a report on the market change in real estate between 2013 and 2014.  Page one of the report has single-family residential home data, while page two consists of condominium data.  

2013 vs. 2014 New Haven & Shoreline County Statistics

Absorption Rates (June 1st, 2013)

New Construction in New Haven

Around the country, there are locations with much more raw land--and therefore much more new construction--than in our region.  However, we have just listed a new condominium complex on the harbor in New Haven, and we are experiencing some of the excitement that accompanies new projects in this improving real estate market.

There are 31 units listed, and 8 went on reservation as of the first weekend!  Visitors to the complex, called Breakwater Bay, were blown away by the water views and expansive space of the units, which range in size from 1870 sf to 1915 square feet.  All have luxurious fixtures and detailing, and the response has been so good that prices on later reservations have already risen.

New construction tells us a lot about the state of the market, since older homes can usually be gotten for less.  The confidence to buy new shows that buyers believe that prices will rise.  It's really nice to have that feeling again after much too long!