Maureen Fran…, Real Estate Pro in Birmingham, MI

Is Connecticut considered to be in a buyer or seller market?

Asked by Maureen Francis, Birmingham, MI Sat May 19, 2007

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Connecticut, or at least Eastern CT, is in a buyer's market. Inventory exceeds demand in every town in the area . Most towns have at least a 6 month supply and some are reaching a one year supply. It actually is a very good time to be a buyer in most of Connecticut! Feel free to visit my blog for periodic updates of market conditions in Eastern CT and New London Country. (See Web Reference below)
6 votes Thank Flag Link Thu Aug 2, 2007
We have clients moving to Eastern Connecticut to work for Pfizer, which is moving from Ann Arbor. I appreciate you insight on the market, Linda.
Web Reference: http://mibirmingham.com
4 votes Thank Flag Link Thu Aug 2, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
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I think Linda answered it best. It's a buyers market - but it's one where the trajectory of sales and equity evaporation is pointed down. Supply is high, and prices are high. Houses that are going to require a jumbo note are going to be sitting for a while given the current state of the secondary market's lack of demand for those assets.

Regarding negative press. Did the positive press drive the real estate market in Connecticut (in a lot of places) up over 100% in 6 years? Negative press isn't driving the market down, fundamentals are. By that I mean employment and income versus RE prices versus rents.
2 votes Thank Flag Link Fri Mar 7, 2008
we are currently experiencing a "normal" market. inventory is approx 9 months deep and only the sellers with true motives are selling. joe
2 votes Thank Flag Link Mon Nov 5, 2007
Neither! I will tell you, without a doubt, it is an Agent's market. Yes, an agent's market. The agents who are working their tails off are those who are getting their clients closed! The saturation of new and inexperienced and incompetent agents have contributed to the shifting market as well. This new market is relying on experienced agents who know the market, and where to and when to buy or sell.
1 vote Thank Flag Link Fri Feb 15, 2008
CT is in a strong buyer's market, especially New Haven County. If you have access to the Commercial Record for CT - the numbers are there.
0 votes Thank Flag Link Mon Oct 10, 2011
Maureen

Technically, it is a buyer's market. We have a high inventory, prices have dropped, and interest rates are low. Combine that with the $8,000 tax credit and it's similar to shopping the day after Thanksgiving with coupons! However, I am noticing a slight change. The houses that are priced well and are in move-in condition are not staying on the market long. In fact, many of them are receiving multiple offers.

If you have any questions, please don't hesitate to contact me. You can also visit my website for additional information on New London County.
0 votes Thank Flag Link Fri Apr 17, 2009
Most definitely a buyers market.
0 votes Thank Flag Link Sun Apr 13, 2008
It is definitely a buyer's market. In fact, it's a great time to buy. Pirces have come down somewhat, interest rates are low, and there are plenty of options on the market, all with sellers willing to negotiate.
Web Reference: http://www.ilmct.com
0 votes Thank Flag Link Wed Mar 26, 2008
I agree with Joe. This may be considered a buyers market because the inventory is there, but the properties that are priced right and have good exposure are selling. This is a normal market and the only thing the negative press is acomplishing is to sell more papers.
0 votes Thank Flag Link Wed Nov 14, 2007
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