Connecticut home sellers have been watching their home values reach records over the past few years and even into 2021, but how long can it all last?
Connecticut Home Sale Prices 2021:
The year median home sale price to date in 2021 is $285,000, a record high and a 30% increase in the last decade. Certainly a great start!
Connecticut Home Inventory 2021:
Inventory continues to be snatched up in record time as recent inventory shortages have led to a pent up demand for homes, especially in the past year. As of the end of first quarter there was only 2 months of inventory in Connecticut (6 months is considered a balanced market).
New Listings in Connecticut 2021:
The only break to the pattern is in new listings. New listings in March were up well over 2020 and approaching the average new listing count seen in years prior. Increased inventory is desperately needed to correct the current market and it would appear sellers are starting to get on board. There is also significant inventory being held up due to government moratoriums on foreclosures and evictions. Currently the moratoriums are set to expire in June.
If inventory continues to increase, eventually buyer demand will be met, and then exceeded. Excess inventory would put downward pressure on sales prices. It's only a matter of time, but it's still a great time to sell now!
Last Updated on April 19, 2021 by Minna Reid