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CT Housing Inventory Hits 30-Year Low!

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397
Housing Inventory Hits 30-Year Low

Spring is traditionally the busiest season for real estate. CT Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. CT homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs.

New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,

“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”

CoreLogic’s President & CEO, Frank Martell added,

“Home prices are marching ever higher, up almost 50 percent since the trough in March 2011.

While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”

Overall inventory across Connecticut is down for the 25th consecutive month according to the latest report from the National Association of Realtors and now stands at a 4.3-month supply.

CT real estate is local.

CT premium homes are staying on the market longer with ample inventory to suggest a buyer’s market.

Bottom Line

CT buyers are out in force, and there has never been a better time to move-up to a premium or luxury home. If you are considering selling your starter or trade-up home and moving up this year, contact a Real Estate professional from Dave Jones Realty to discuss the exact conditions in our area.

Comments (1)

Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is not easy time for buyers. Lack of supply is creating a weird environment of hungry and dis-hearted buyers who are submitting great offers on multiple properties and still have to remain empty handed because there just arent' enough available homes in some price ranges to choose from.

Mar 03, 2018 12:52 PM