Connecticut Real Estate Market Update

Connecticut Real Estate Expert Andy Sachs

Our real estate market continues to remain flat, but some segments remain hot. Here’s what you need to know.
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We’re digging right into the numbers today to get to the bottom of what’s going on in our real estate market. For the last few years, we’ve been relatively flat across the board. But now more than ever, this market is price-point driven. We’re down about 2% overall in list price from last month, and we’re also down by 1% in sales.
Why are we seeing a decrease at all? Well, the issue lies in the upper end of the market driving the overall averages down. In the lower end of the market, we’re still seeing much more competitive sales, multiple bids, and some prices above asking. Higher-priced homes are selling for less at the same time.
What does this mean for our market going forward? The overarching issue continues to be Connecticut’s fundamental business climate and challenges. I don’t fall on either side of the political spectrum and I see merit on both sides, but you can't deny the fact that Connecticut is in trouble fiscally. We’re going to need leadership to be able to get us out of that. I’m not sure we have that leadership now. It's to be determined, but we are looking at a long trudge through some murky waters. Luckily, the strong national economy should keep us flat.

The upper end of the market is driving the overall stats down.

We’re continuing to see buyers in our market at all price ranges. There are folks out there who want to buy here in Connecticut, many of whom are from New York. There are tax advantages here when it comes to how much you can write off. It’s capped at $10,000 a year right now.
The challenge with these buyers is that they can be a little bit pickier about what they want to be. They have time to wait for the right home. They rarely tell me they need to move. They want to find the right house and pay the right amount. They aren’t trying to lowball folks, but they do want to make sure they’re getting a fair price. I can’t blame them. As a seller, how can you deal with buyers like this? You can prepare by getting in touch with someone like us as far in advance as possible so we can make a plan of attack on how to get your home sold on the market. Having more time is always ideal. Today’s buyers don’t want to do the work, so doing it yourself can really benefit you.
If you have any questions for me about buying or selling a home or real estate in general, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.