Where Is the Connecticut Market Heading?

There are many great New Haven County area homes for sale. 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 me at (203) 269-4910 x 12 for a FREE home buying or selling consultation to answer any of your real estate questions.

October is here, so I thought it might be a good time to take a look at where the market has been over the last few months and where it might be heading!

The average days on the market are increasing here in Connecticut, as they are across the country due to school starting and the colder weather starting to take hold. In New Haven County, the median list price is around $260,099 and the market action index is at about 30.1.

In other words, it seems to be pretty even between inventory and the number of buyers in the marketplace. Some of the properties are sitting on the market a little bit longer, inventory is growing, and we will see less activity on the buying side as we get closer to the holidays, which is traditionally what happens.

If you're a seller right now, you're definitely going to get market value as far as price is concerned. Buyers are buying properties right now, but now is not the time to try and set a sales record for your given neighborhood by getting the highest price that's ever been had.

Buyers right now are very educated and are looking at a lot of the same information you're looking at. There is something to be understood about putting your house on the market: any house is going to get the most activity and the highest and best offer in the first couple weeks if everything is done right.

Keep in mind that there is a fine line between pushing the envelope on price, which we can definitely do, and overpricing your home. The last thing you want to do is cross that line and overprice your home, and that's really where the real estate professional comes in.

Right now, the most popular homes are four-bedroom/two-bathroom upgrader homes. There are a lot of first-time home buyers who bought a home five to seven years ago, they've outgrown the house, and they now need a bigger, four-bedroom home. Many of these people are looking now, as it's a great time to buy due to low interest rates.

Market Snapshot for New Haven County

There are many great New Haven County area homes for sale. 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 me at (203) 269-4910 x 12 for a FREE home buying or selling consultation to answer any of your real estate questions.

We've seen some interesting trends here in the Wallingford area lately. Here are some of the numbers:

• Median list price: $285,000
• Average days on market: 165 days (normal for this area)
•  Market action index: 25.4 (below 30 indicates slight buyer advantage)

What do these numbers mean for our market? Well, they indicate we're experiencing a stable, normal market here in New Haven County. The market action index shouldn't be looked at too closely, but it is pretty close to 30, which would indicate a perfectly balanced market. 

Right now, homes that are 2,000 square feet and above are very popular, especially if they have 4 bedrooms and 2.5 baths. We typically refer to that type of home as the "upgrader." However, there are still quite a few first time buyers out there and the market is still flooded with Fannie Mae- and Freddie Mac-owned homes.

If you have any specific questions about what kind of impact these numbers might have on you and the price of your home, give us a call. We would love to help you take advantage of this market!
 

Use my Free Service to Track Real Estate Market Trends Anywhere in Connecticut

There are many great New Haven County area homes for sale. 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 me at (203) 269-4910 x 12 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I wanted to offer you a service that will update you on market trends in any town in any area of Connecticut. We pay a lot of money for this service, but we want to offer it to you free of charge. 

What's great about this market data is that it fills you in on pricing trends, the level of inventory for your town, and it will also give you value metrics that go as far back as 90 days. 

For example, the market outlook for Wallingford, where we're located, shows you that the current list price as of this week is $299,900. There are also 168 properties on the market and the average days on market is 175 days. The real time market profile on the right gives you real-time median list price, average list price, median lot size, the most expensive listing, the least expensive listing, and much more. 

Most importantly, it shows you a Market Action Index. This measures how the market is doing by measuring what is for sale and what is actually selling. Any index of 30 or above would indicate a seller's advantage, and any index below 30 implies that the buyers will be at an advantage. It will also show you where the market is trending so that you can forecast your future plans. 

I just wanted to offer this service to anyone thinking about selling their home, or even if you just want to see where your home sits in the market. It's a very good service to take advantage of, so please contact me if you're interested.

Consider me your top resource for real estate in Connecticut.