What’s ahead for Connecticut real estate now?
Connecticut real estate is currently a diverse market with lots of positive signs and opportunities for those buying a home or in real estate investing.
The latest data published in the Hartford Courant shows that local home sales volume has been surging with single family home sales up 4.5% and condos up 7% as of September. However, data complier Trulia puts this number even higher for New Haven, CT with a 15.6% rise in all property sales.
It is true that median home price statistics still aren’t reflecting the nationwide recovery and booming markets being seen elsewhere but Trulia does report a 5.3% rise in average price per square foot and it is important for home buyers and real estate investors to recognize the differences in trends in individual neighborhoods. Some are reflecting more sales in lower price brackets and distressed sales while others are seeing sellers raise asking prices by almost 20% in the last week.
Those looking for a real bargain on their next home or good spreads for flipping houses will certainly find plenty of discounted CT homes for sale right now between foreclosures and recent storm damaged homes.
We may see a stall in numbers during the next couple of months due to the current Connecticut real estate foreclosure moratorium put in place due to the hurricane but year-end bonuses, the end of short sale incentives in December and anticipated tax rebates ought to fuel a surge in growth and activity over the next few months.
The recent climb in CT homes sales volume shows more confidence in the state’s real estate market and now that the uncertainty is out of the way from the election good things are ahead.
From a real estate investor’s stand point Connecticut real estate offers more room to grow than other destination, wider spreads and less competition density. Still it is about location and honing in on the best zip codes.
