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On the market for a Connecticut home and want to know when to shop for the best deals?
Fall! Once October comes around sales prices start to fall and continue to do so until spring of the following year.
Here you can see the yearly price trend which is pretty much the same every year:
Keep in mind it takes about 45 – 60 days to get from the beginning of a transaction to the end so closed sales prices always reflect a sale that went under contract roughly 2 months prior.
So when you see the lowest point of the year every February – that is the result of homes going under contract around December.
Given no time restrictions, if a buyer simply wanted to find the best deals around, October would be the very best time to start looking around for homes.
Why is this the case every year?
Spring is always the busiest selling season. Sellers will generally get a little more for their home during this time and if given no timing dictations, are most likely to list then to take advantage of heavy seasonal buyer demand. Most homes go under contract during spring and close in summer.
Sales then start to slow into fall and reach their lowest point in the dead of the CT winter. While inventory is limited during this slower time, the sellers that are on market are the most motivated. Either they failed to sell during the busier season and have now been on market for a while, or they are choosing to sell during a slower period, usually due to some personal event.
So if you’re looking for a home deal in CT? Start shopping!