June 10, 2020

Since late March, the coronavirus scare has led thousands of Connecticut sellers to choose not to list their home. This has caused an already tight inventory situation to careen out of control. As buyers compete over the very limited homes available to buy, sellers have enjoyed watching their home sale prices skyrocket!

New listings in Connecticut dropped to a decade low in April and May:

CT New listings

The limited inventory led to the few homes on market selling very quickly:

CT Days on market

This sent home sale prices skyrocketing to a decade high in 2020!

ct median sale prices

If you've been thinking of selling - now is the time! There is no telling how long this hot sellers market will last. Ultimately the sellers that have held off listing in the past few months will do so, causing a flood of new inventory to the market. In the meantime, lenders have been tightening up lending criteria while buyers continue to meet increased economic challenges due to the shutdowns. There's only one way the market can go when the two meet.

Last Updated on June 10, 2020 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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