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Connecticut's Real Estate Market Update: October 2015

Connecticut's Real Estate Market Update for October 2015

The numbers don't lie.

"So, how's the market?"

...if I had a nickle for every time I am asked that question.

Local market conditions are as varied as the neighborhoods that we're referring to. I've been in some towns where we're seeing a "buyer's market", and in the very next town, a definite "seller's market". In the end your pricing strategy should be discussed at length with a local market expert, when you're getting ready to list and ALSO while you are listed to watch for any necessary market adjustments. OR you'll stay just that- LISTED and not SOLD. On average, the market "shifts" every 21 days. If you don't time your pricing appropriately, you could stand to lose money in the end, or worse yet, in the same place weeks or months after you'd hoped. And if you've GOT to sell? Not a good place to be.

The graph attached shows September's market statistice for the State of Connecticut in 2015. It illustrates that there were 2421 sales in Connecticut, with the average sales price of $255612. The same time last year there were 2022 sales with an average sales price of $267778. Number of sales are UP 16.5% over last year. Average Sales price is DOWN 4.5% year-over-year.

Recently I met a friend for coffee who commented how many houses there seemed to be on the market based on the number of For Sale signs she had passed on her way to the coffee shop. Her perception would be reflective of these statistics. Sure, there's lots more houses selling this year than last, AND they're selling for LESS.

When listing your house be sure to seek the advice from someone who isn't afraid to be brutally honest with you about the current market conditions. I mean, that is, if you actually want to SELL your house.