New Haven County, CT 2018: Real estate market still burdened with foreclosures and short sales!

New Haven County, CT 2018: One in every six newly listed homes in in New Haven County is currently a short sale or REO sale (bank-owned foreclosure). Despite some improving market conditions for New Haven County homeowners, distress inventory remains a staple in the market.

While short sales continue to make up a steady 3% of all new listings for the second year in a row, foreclosures are up to 14% of all listings (from 11% in 2017):

graph of new haven county short sales and foreclosre listings over time

​ The year is still young and we are only just now headed into the busiest selling season of the year so there is plenty of time to end the year on a different note, but at least for now, negative equity continues to push homeowners into short sale and foreclosure situations.

While these distress sales make up 1 in 6 new listings currently, the make up an even larger portion of closed sales. While “traditional” home sellers can simply fail to sell and take their home off market, short sellers and REO sellers are much more motivated as they simply lack the option.

​New Haven County includes: Ansonia, Beacon Falls, Bethany, Branford, Cheshire, Derby, East Haven, Guilford, Hamden, Madison, Meriden, Middlebury, Milford, Naugatuck, New Haven, North Branford, North Haven, Orange, Oxford, Prospect, Seymour, Southbury, Wallingford, Waterbury, West Haven, Wolcott, Woodbridge.

Minna Reid

Minna Reid is Broker/Owner of Reid Real Estate Group. Reid Real Estate Group is a full service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

Click Here to Leave a Comment Below

Leave a Reply: