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2020 has been a wild ride, and has certainly disrupted the local real estate market! The good news for Connecticut home owners is that this is certainly the time to sell! Even as more sellers decide to enter market, pent up buyer demand remains unsatisfied and homes are selling fast and they are selling for more!
Connecticut Real Estate Market Update - July 2020:
While sales have been slower than the last few years, this can most certainly be attributed to the extremely limited inventory available, especially in the last few months. With shutdowns ending and more homes being listed, sales started ramping up again in June:
Home sale prices continue to soar in Connecticut, with June sales closing at a 5 year median high of $272,825!
While dropping to an all time low in April 2020 in the midst of the lockdowns, new listings in June are way up over the past few years. Sellers that would have normally listed in prior months but decided against it due to the shutdowns are simply listing later in the year. July is also likely to be another heavy month for new listings.
Not suprisingly, home marketing time in June increased to 46 days - a 4 year high. As more sellers list, buyers have more options and homes sell slower.
What will happen as more sellers list their homes and buyer demand is satisfied? The market will soften and prices should stabilize. It is also inevitable that at some point the buyer pool will be affected by the economic losses of shutting down the states ecomony. The question is when? No one knows for sure, but if you need to sell and you are looking for the time to do it, this is it!