Update on the current inventory levels as of August 26, 2008 of our area which consists of:
Avon, Bloomfield, Burlington, Canton, Farmington, Granby, Simsbury, West Hartford, Hartford and Windsor.
Keep in mind that even supply vs demand is 6 months of inventory.
Avon ( I have created this price point for Avon because of the town)
Price point $900,000 and above =21 months of inventory
Avon Below $900,000 = 4.04 months of inventory
Bloomfield = 8.63 months of inventory
Burlington = 6.58 months of inventory
Canton = 8.76 months of inventory
Farmington =4.49 months of inventory
Granby = 6.08 months of inventory
Simsbury - Price point $900,000 an above = 10 months of inventory
Below $900,000 = 3.72 months of inventory
West Hartford =2.79 months of inventory
Hartford = 10.06 months of inventory
Windsor = 6.34 months of inventory
We do have bank owned properties and short sales in this mix however it is a very small %.
I think the reason our inventory levels are low is that a lot of homeowners are just sitting tight before they sell and/or they are renting out their house until the market turns. At that point they will put it on the market. Our next 10 to 15 year cycle will not be as we have experienced. I am hearing another year of declines which I agree even in our area and we will be flat for another two years following before we experience gain. It's all about lending. If we can not get money easily then properties will not sell easily.
To quote Mr. Bucholz in talking about Americans in general "most get up in the morning to work hard, feed their families and pay for soccer uniforms and maybe a vacation, if they can stand the security lines at the airport". I also agree with him that we aren't "whining" because of the $13 billion spent on Prozac, Zoloft and Paxil. Also, we are not giving up our pets at shelters. We have spent 5% more in 2008 on our dogs and cats than in 2007 according to the Pet Products Manufactureres Assoc.
Connecticut is a beautiful state with a lot to offer.