Prospect CT March 2022 Real Estate Market Trends

Ed, great market update for Prospect, and always good to know the school system is a good one!

Good morning Ed. Great numbers for a well run town that remains in demand! Enjoy your day.

 Happy Taco Tuesday!

Great information. Thanks for sharing and have a wonderful day! bill

A month's inventory is not bad in the current market, we are seeing two weeks and sales outnumbering listings, so that inventory is shrinking.

Good morning! First, I love the name of the town... Prospect, CT! Secondly, your market activity report shows that homes sell fast, so buyers should move quickly (and call you, of course!)

Hello Ed and thank you for sharing your market with us today in the Rain.  Make it a great day!

Good morning Ed - a strong sellers still although it has different meaning in different areas.  You still have affordable homes.

Hi Ed,

Prospect CT looks like a wonderful area to live in.  Based on the price of the homes, it is also a very affordable market.  My son was a first-time buyer in 2015. We were looking for houses for less than $200,000.  He finally found the right one for around $225,000.  I helped him by giving up my commission. We no longer have homes in the Verde Valley in that price range.  A house like his a few doors down is well over $500K.  We need more affordable housing out here.  I think it is excellent that your area has affordable housing still available.

Ed I am surprised there is that big a difference between the number for both years

Well it seems that Prospect may be a great prospect for prospective buyers in the area.

Hi Ed- good information to share about Prospect CT!  It looks like you still have affordable homes in a nice community. 

Good Wednesday morning, Ed.

Have a great day and a very productive week.

I like the pictures of the homes without snow more than the ones that show snow, haha.

Ed, Looks like Prospect has more homes for sale than many other places across the country. That's great that there are some homes available for buyers!

Ed,

Thanks for sharing the details of what has transpired in Prospect CT. over the past year as it relates to real estate transactions. After reading what you have shared, I wondered, "how much of what Ed shared regarding Prospect, CT. real estate transactions, can be applied to similar locations around our country.

I sell lake properties exclusively in a rural setting. This lake is located ninety minutes from two major cities. I will share the following as there are similarities with both our examples. 

Within the past two years, we have experienced two notable changes as it relates to the sale of waterfront real estate. First, the listing and sales prices, regardless of price point, have increased exponentially. I doesn't matter if the property is a single wide trailer located on a slough or a one million plus dollar waterfront home with long range views and four baths.......the listing and sales prices continue to increase. 

Inventory, like you mentioned, continues to shrink. What is now taking place, we have buyers, who with increased fuel prices, empty shelves at their grocery and a reduced amount of "buying power", perceive that housing prices at the lake.....will come down! Nothing could be further from the truth.

The affluent, among prospective buyers, by and large, have a different take on the situation. They recognize the current conditions which exist and consequently, will react accordingly when locating a property which meets their criteria. These houses, which offer any number of desirable amenities, when priced appropriately, will sell in a matter of days at, near or above the asking price. This segment of the buyer's market clearly understands, "If we don't act now, it won't be here tomorrow!"

At the other end of the scale, we repeatedly run into prospective buyers, who unfamiliar with current trends, "want to buy a Mercedes Benz for the price of a Yugo". They for the most part, can't grasp the concept that "a rising tide lifts all boats." Expecting to purchase a three bedroom home, on deep water, with a flat lot and long range views for three-hundred thousand? Try doubling that amount for starters!

I have noticed over the years, that it's human nature with vast numbers of our population, they're always "behind the curve" when it comes to recognizing and accepting change. This is not intended as a criticism, just a statement of fact. 

We as realtors have the resources and everyday experience to observe and note the subtle and/or obvious trends which effect the real estate market. In my opinion, we as an industry need to do a better job of publicizing the shifting trends in order to educate prospective buyers and sellers.

How many times each year, do we experience the following, a seller doesn't want to face reality and in the long run, loses out on an immediate sale, holding out for a "pie in the sky" offer, only to ultimately sell for the same price he was offered twelve months prior? How about the buyer who after "hand wringing" for two weeks calls his realtor and says he's ready to make an offer, only to find out the property he was interested in, is under contract?

Educating buyers and sellers is not a "walk in the park"......it's the opposite, a delicate undertaking. I like to share examples with prospective customers and clients  of what typically transpires when someone takes the advice of a knowledgeable realtor versus those who attempt to "wing it".....! 

In closing, the whole process could be "streamlined" if those who participate, "find out what they don't know beforehand"  ..........

Thank you for sharing this eye opening market report for Prospect CT Ed 🙂

Hi Ed,
Thank you for sharing the Prospect real estate information.
Buyers and sellers in your area will benefit from your expertise.
Wishing you continued success.
Bob

Good Thursday morning, Ed.

I hope you are having a productive week.

Good Friday morning, Ed.

Have a great day and a very special weekend.

Prospect home buyers and sellers are sure to value your real estate market report, Ed.