Let's face it folks, this has been a frustrating year in real estate. There are hints (stock market) and even signs of an improving economy, but the turn around seems so slow sometimes. We need job creation in Connecticut and a State Budget to work with. Despite all the delays, however, we seem to holding our own with the real estate market.
As we know, all real estate is local. What happens in Vegas, stays in Vegas. Here in Connecticut, and particularly in Hamden, our housing inventory is stable. Right now we have 251 active single family listings in our town of 62,000. Of these 39 are on "show status". We agents are so nervous about these contracts, that we don't put our houses "on deposit" status until the mortgage is just about approved. 291 homes have sold year to date versus 330 in 2008, down 9%. Interestingly, the ratio of Sale Price to Listing Price (SP/LP) has held steady at 95%. Homes that are properly priced and in selling condition are getting close to asking price.
.....which brings up to the topic of lending. We have buyers out there ready and willing to buy. The problem with getting them in their homes has more to do with slow lending, than a lack of qualifications. It seems to take forever to close these loans. I know money is flowing into the banking system, but it is pooling somewhere, rather than flowing out to the consumer. Once this happens, we are going to see real stabilization in the market. Speculation is all but over in the real estate market. Now we await a return to more traditional real estate and banking. In the meantime, I'll continue jogging around town.
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