Inadequate Inventory Driving Prices Up in CT

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

Inadequate Inventory Driving Prices Up | Keeping Current Matters

The latest Existing Home Sales Report from the National Association of Realtors (NAR)revealed a direct correlation between a lack of inventory and rising prices.

We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up.

Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market.

The median price of homes sold in Connecticut in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57th consecutive month with year-over-year gains.

NAR’s Chief Economist, Lawrence Yun had this to say:

"Existing CT housing supply at the beginning of the year was inadequate and is now even worse heading into 2017. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country."

But there is good news about rising prices. More and more CT homeowners are recovering from a negative equity situation and learning that they are able to sell their homes and either move up to their dream home or downsize to a property that will better suit their needs. Look for these homes to come to market soon.

Bottom Line

CT buyer demand continues to outpace the supply of homes for sale. Listing your home in the winter attracts serious buyers who are looking to close the transaction quickly. Contact a Real Estate professional from DAve Jones Realty who can assist with all of your Real Estat needs!

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Topic:
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Connecticut New Haven County
Tags:
real estate ct
ct home buyers
ct real estate market
ct housing market
dave jones realty
ct home buying
ct home sellers
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ct real estate industry
ct housing affordability index
ct housing inventory

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