While Connecticut may have been late to the nationwide real estate recovery party, we have arrived! The last few years have seen endless increases in the demand for homes and prices are finally ticking up.
CT home sales have skyrocketed!
After the latest real estate bust, the number of CT home sales fell to a low of 29,801 in 2011. Since then, sales have increased by almost 60% to a high of 47,222 home sales in 2018:
Sales prices are slowly rising...
Prices are also headed up, but much more conservatively. Since the bottom of the CT market where the median sales price hit $218,000, 6 years later the total increase is just under 10% with the 2018 median sales price at $239,000:
Short sales and foreclosures are decreasing.
Short sales remained almost constant at 2% of all sales, while foreclosures dropped to 10% from 12% in 2017, leaving the total rate of distress sales at 12%:
Looking back a little further...
Although the last decade of Connecticut real estate sales shows a slow but steady upward trend, the rate of distressed homes is still rather high. Looking back another few years shows us why. CT is still well below the sales volume and pricing of 2006-2007. We have never quiet gotten close to reaching that prior peak, leaving many homeowners still without the equity to sell their homes:
What’s ahead for Connecticut in 2019? Will the upward trend continue? Will the supposedly looming recession hit and send us reeling back? Only time will tell!