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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:
The limited inventory led to the few homes on market selling very quickly:
This sent home sale prices skyrocketing to a decade high in 2020!
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.