A first peek today at Connecticut’s home sale market in September showed sales remained on the upswing, but prices remain weak.
RE/MAX of New England’s monthly report showed combined sales of single-family houses and condominiums in September rose 2 percent, to 2,721 units. The median sale price fell nearly 3 percent to $265,000, from $273,000 for September, 2011.
In a typical housing recovery sales rise, followed by prices as the number of properties for sale shrinks.
The inventory of residential properties on the market tightened significantly, falling 22 percent, typically a good sign for a housing market struggling to recover. Based on September sales, the state has nearly a ten-month supply of houses and condos for sale.
The supply indicates that Connecticut is still firmly in a buyer’s market, which holds back price gains. In a buyer’s market, buyers have the upper hand because there are many properties to choose from and sellers are often forced to be more open to negotiations on price or risk losing the buyer.
A six-month supply of properties favors neither buyer nor seller.
The RE/MAX report showed sales will likely continue to rise in the coming months. Properties under contract rose nearly six percent in September, compared with a year ago.
RE/MAX combines houses and condos in its monthly report. Reports from The Warren Group and Greater Hartford Association of Realtors separate them.
If you enjoyed this article, please consider sharing it!
One Response to A First Peek At Connecticut Home Sales In September
- -- ADVERTISEMENT --
Real Estate News- For seniors, a break on mortgages May 25, 2013
- Nick Nolte Lists Malibu Compound For $8.25 Million May 25, 2013
- Greater Hartford House Sales, Prices Gain In April May 23, 2013
- Greenwich Estate Has Highest Asking Price In The Country May 21, 2013
- -- ADVERTISEMENT --
If you are a person who wants to become a chef, where do you think you should start? What type of education should you take with you until you become a chef for real restaurants and customers? A person who has big dreams isn’t a problem at all. There is no issue to that; but wouldn’t it be great if you start your way to the bottom and give the best of what you have to offer?