What are the market trends/conditions for the New London County area of Connecticut?

Asked by Carole Cohen, Cleveland, OH Sat May 12, 2007

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Linda Davis, , Waterford, CT
Sat May 12, 2007
I wasn't surprised to see the number of sales down for the first quarter of 2007 as compared to the same period in 2006. In fact, the number of single family homes sold through the first 3 months of 2007 were down by 7.48% according to statistics reported by the Eastern Connecticut Association of Realtors®. I was surprised to see condominium sales down by over 25% and multi-families dropping by almost 40%. The good news (not sure this is exactly good news) is that while the number of sales has dropped, prices have remained fairly steady as median single family sale prices dropped by only 1.18% in that time period. Looking ahead to the second quarter, pending sales seem to be on the rise even if prices are not.

Pricing remains critical. The Eastern CT area still has a glut of homes on the market, overpriced by sellers with high expectations. Sadly, many sellers are getting bad advice from agents, who have never experienced a down market and don't understand that if a seller bought a home in 2004, they will most likely lose money on the sale. If you are putting your home on the market in 2007, be sure to seek good counsel from an agent who has the experience of the early 90's, when the market experience similar conditions.
5 votes
Lori Hopkins…, Agent, New London, CT
Wed Aug 11, 2010
With foreclosure rates up 61% in the first half of 2010, it would seem that the market here is all 'doom and gloom', however, homes are selling if they are priced for the market conditions. Prices have dropped and due to the pending number of foreclosures, will continue to drop through the end of 2010. The good news is that housing is more affordable and interest rates are unbelievably low! It is a great time to buy. Lending is restrictive with underwriters demanding higher credit scores and more money down. The best buyers have 20% in their pockets or cash. It will be a buyer's market for the next two years, probably through the end of 2012. The stimulus did nothing to stop foreclosures, it simply slowed them down. Half of my sellers are facing foreclosure and we are working on too many short sales.
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