Looking to buy or sell a home in Connecticut? Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market. You may also call us at (203) 727-8621 for a FREE home buying or selling consultation to answer any of your real estate questions.
Connecticut Real Estate Market Update for March / April
For my second video to you this month, I will be speaking about the state of the local real estate market. I will be going over a few important statistics to tell us what exactly is happening.
- Compared to March and April of last year, we have seen a 5% increase in home values. However, if we look at the year to date, we are actually down in value by about 4%.
- This means that in the moment, we’re seeing good signs of modest appreciation but in the long haul we’re still seeing a bit of a lag occurring.
- What does this mean?
- I believe it might mean that we will see modest appreciation continue for the next 2-3 years.
- Another indicator that we have to be mindful of is that there is high inventory in some pockets of the local market, and then moderate inventory in others. However, in all of these markets, there is a lack of good inventory.
- Good inventory would be homes that are in good condition, priced right, and ready to go.
- There is still a lot of stale inventory that hasn’t been priced correctly, and is not being maintained in a good way.
- We also have a release of ghost inventory. This inventory is often referred to as bank foreclosure inventory. Banks are seeing the market stabilize and are slowly releasing these properties back onto the market after months or years of inactivity.
- This could be a great opportunity for investors, or anyone trying to get a good value when buying.
- As we continue to look forward to this year we will be seeing an influx of buyers, which could push market activity up 10-20% in some pockets.
- People are also getting their loans and getting pre-approved which is another good sign for our market.
Hopefully this information has been helpful to you. If you have any questions, comments or concerns, please contact me and I would be glad to speak with you.
As always, do not hesitate to contact me about real estate in Connecticut. I am always here to help you.