Connecticut CT Shoreline Real Estate Market, What is Happening?

Connecticut CT Shoreline Real Estate Market, What is Happening?

Branford, Guilford, Madison, Clinton, Real Estate Information

Tom Burland,  Coldwell Banker, Tom.Burland@cbmoves.com

http://www.ct-shore-homes.com/   

The market is beginning to awaken and some interesting, but not surprising trends are beginning to emerge.  I noticed this in my buyer inquiries then went to the data to validate my impressions.  Over the course of the last four weeks my buyer leads have begun to increase, while the range of buyers wide from $200,000 up through $3,000,000 - the two ends of the spectrum, those under $400,000 and those over $1,000,000 are in "ready to buy" mode. Those between $400,000 and $1,000,000 are tentative and "exploring", mainly because most have homes to sell, unless corporate relocations, and are tentative to become attached to a house before they feel comfortable that the house they currently own will sell - no real shock there, people are a bit gun shy.

When I went into the data this morning and looked at houses contracted in January of this year 2008 and compared it to houses under contract in January 2007 there are very similar numbers but the data supported the above view.  In 2007 there were 78 homes under contract in January and in 2008 (thru 1/31 am) there were 74 - so down slightly but homes under $400,000 rose 10% to 55, homes over $1,000,000 were the same and those between 30% to 50%.

Does this mean the housing market is beginning to improve, my belief is that it is beginning to thaw.  Historically when the lower price segments begin to pick up it has a ripple effect as the people who have sold their $300,000 house can now make commitments on that $450,000 house. 

This is really good news right now if you are looking to sell a house below $400,000 - interestingly I have closed on two properties this month below $400,000 and have my third scheduled for this week.