Its been a great year for Connecticut sellers, but are things about to take a nosedive? While 2021 overall has seen record sale prices and marketing times, a look at the last few months tells a different story!
THE GOOD NEWS: The average sale price of a CT home in 2021 is currently $306,000 - an all time record. Days on market are also lower than ever in 2021 at a year average of just 26 days!
However, sale prices have been falling every month since June:
The foreclosure moratorium ended in July. New foreclosure and short sale listings have almost doubled since then:
What does it all mean? Its hard to say whether prices will continue to fall or whether this is just a seasonal trend. However, we can be certain that foreclosures and short sales will continue, as they always have. Increasing distressed inventory will put downward pressure on the market, and if coupled with falling prices, we are looking at a nasty situation up ahead for home sellers.
Last Updated on October 8, 2021 by Minna Reid