Market Reports

Has recovery hit Connecticut? Are prices finally appreciating so short sales will dry out?

You can't escape the media hype about appreciation...while some areas nationwide are in fact recovering, recent market reports of local towns show no such appreciation in central CT towns just yet.

In fact when examining the past 12 months of real estate sales here in CT, we find that the overall percentage of sales that are short sales has in fact increased again as it has for the past 5 years:

It seems we have aways to go before we can call this an improving situation.

Considering a short sale in Connecticut? Contact me for a free and private consultation.

May 14, 2013, Wallingford, Connecticut: While the year is not even halfway over yet, so far 2013 seems to be a fairly stagnant year of short sales in Wallingford as short sales hover at just under 6% of market share  - virtually unchanged from 2012. Of all residential sold inventory since 2008 (when the MLS required disclosure of potential short sales) sales of short sales as a share of the Wallingford market has continued to climb yearly:

Other recent Wallingford market reports also suggest no growth in sales or values, which certainly explains the continued pace of short sales in town as Wallingford homeowners continue to watch the values of their homes decline.

There is no shortage of real estate recovery headlines all over the internet and the news - making some buyers wonder if they missed their opportunity to buy a home at rock bottom prices. While in fact some areas of the country are experiencing a turn towards a sellers market - this is certainly not the case here in Connecticut. While recent CT market reports do in fact show an increase in sales activity since 2011, these same reports also show sold prices still on a downward trend year over year. 

The first 4 months of sales here in CT reflect a similar trend. Sales have in fact increased a bit in the last two years, although nowhere near the activity levels seen in the early 2000's:

However - sold prices have not improved and in fact are…

Meriden, CT Market Report - April 2013: The state of the Meriden real estate market today and a look back at the ten year trend. Today in Meriden we have 511 properties on the market listed at an average price of $170,035. So far this year 147 properties have sold at an average sales price average of $128,499 - The lowest average sales price in over 10 years. While sales prices in Meriden have fallen back down to 2003 levels in 2012 and seem to be continuing to fall so far in 2013, there is at least some refreshing news for Meriden homeowners when looking at the ten year trend in real estate sales:

While sales peaked at 1154 residential sales in 2005 and 6 years of declines have followed (except for a slight jump in 2009), 2012 saw a 20%…

Bristol, CT is one of many CT towns that seems to be enjoying an upswing in sales activity on 2013. First quarter sales are up a whopping 50% over their lowest point in 2009:

Unfortunately the same can't be said about sales prices which have continued down every year since 2010:

However a continued increase in demand will eventually pull up sales prices as supply dwindels. There is currently 15 months of inventory on market in Bristol at the current rate of absorption. At that rate, it may take quite some time for inventory to be reduced to a point where values will start to increase.

CONSIDERING SELLING YOUR BRISTOL, CT HOME?

Has Connecticut finally hit bottom and is starting to recover? Perhaps...there are some signs that we have hit an upswing in sales recently, and increases in values would reasonably follow. However, even if we have turned the corner here in CT - the massive lost equity since the boom years for purchases and refinances ensure a slow recovery as folks remain underwater in their homes for years to come. Meanwhile - short sales and sales of foreclosed property (REO) continue on. 

So far - first quarter closed short sales in 2013 are up just a tad from first quarter of the prior year (+1%), while REO sales are up 13% in the same time period. It may be too early to tell exactly where we will end up by the end of this year but a look at the past 5 years…

Wallingford, CT Market Report - April 2013: The state of the real estate market today and a look back at the ten year trend. Today in Wallingford we have 331 properties on the market listed at an average price of $294,739. So far this year 89 properties have sold at an average sales price average of $258,081. Should the trend of the first quarter continue, this would be the first year of sales price increases in Wallingford following several years of declines.

Real estate sales in Wallingford peaked at 662 residential sales in 2005 and have been on a downward slide since.

Unfortunately sales prices show a similar downward trend. Home sales prices in Wallingford peaked at an average of  $290,255 in 2007 an have been slipping down…

Bristol, CT Market Report - March 2013: The state of the real estate market today and a look back at the ten year trend. Today in Bristol we have 424 properties on the market listed at an average price of $207,540. So far this year 111 properties have sold at an average sales price average of $153,041. While the market this year has certainly had a slow start, there is at least some refreshing news for Bristol homeowners when looking at the ten year trend in real estate sales:

While sales peaked at 1079 residential sales in 2005 and 7 years of declines have followed (except for a slight jump in 2009), 2012 saw an increase in sales from the lowest ten year point in 2011. This is indeed good news for Bristol and perhaps a signal of more to…

Cheshire, CT Market Report - March 2013: The state of the real estate market today and a look back at the ten year trend. Today in Cheshire we have 259 properties on the market listed at an average price of $393,433. So far this year 47 properties have sold at an average sales price average of $316,177. While the market this year has certainly had a slow start, there is at least some refreshing news for Cheshire homeowners when looking at the ten year trend in real estate sales:

While sales peaked at 423 residential sales in 2005 and a mostly downward trend has followed, 2012 saw a significant increase in sales from the lowest ten year point in 2011. This is indeed good news and perhaps a signal of more to come.

Unfortunately while…

New Britain, CT Market Report - March 2013: The state of the real estate market today and a look back at the ten year trend. Today in New Britain we have 422 properties on the market listed at an average price of $136,741. So far this year 87 properties have sold at an average sales price average of $102,168. While the market this year has certainly had a slow start, there is at least some refreshing news for New Britain homeowners when looking at the ten year trend in real estate sales:

While sales peaked at 1047 residential sales in 2004 and 7 straight years of declines have followed (except for a slight jump in 2009), 2012 saw a slight increase in sales from the lowest ten year point in 2011. This is indeed good news and perhaps a signal of…