Ed's Chesprocott Region Blog

The Connecticut Housing Market, Looking Through a Foggy Window

The Connecticut Housing Market, Looking Through a Foggy Window

While the majority of our Country has benefited from the housing recovery and the general economy as well, Connecticut still finds itself lagging. While we take pride in having been home to many corporate businesses, it is also true that the exodus of jobs over a 20 year period has left voids in the local economies of many of the towns in the state.

The Connecticut Housing Market, Looking Through a Foggy Window

Realtor.com has released it's projections for the top 100 housing markets in the country. A quick glance shows only 2 areas in Connecticut as having a position: The Hartford, Capital region at #98 and at #99, the Stamford-Norwalk region, which is lower Fairfield County and recognized as one of the richest per capita counties in the country.

Meanwhile, for the rest of the state the rate of growth is far less obvious.

My little corner of the real estate landscape is the Greater Waterbury Connecticut region. This was once recognized as one of the strongest manufacturing centers of the country at a time when durable goods were produced in the country and before the introduction of plastics and other resin composites.

The core area of Waterbury is surrounded by the towns that were home to the founders of these businesses and they relied on the central district for the labor to work in their plants.

The towns in this region are Cheshire, Middlebury, Naugatuck, Prospect, Waterbury, Watertown, and Wolcott. When business was thriving,  before the housing bust, Naugatuck and Waterbury were the towns for first time buyers.  The move-up buyer went into the surrounding towns for larger more spacious homes.

To know where we may be going it is important to know where we have been. In the selected towns, the total sales of residential homes in 2015 was 1895 units with an average sales value of $187,283.  Of the homes sold, 28% were short sales and foreclosures.

For 2016, the number of homes sold was 1933, or a 1% increase in units sold over the previous year. The average value of units sold was $192,230 and this represented a 1% increase in value as well.  The number of short sales and foreclosures dropped to 24% of total units sold, but still high for such a small region.

The National figures are indicating there will be a fall back in real estate sales for the new year, only for the slight rise in interest rates and the uncertainty of the position of the new administration coming into the scene in Mid January.

The same will hold in our state as this week a new General Assembly will convene and the Republican gain of the past election will certainly neutralize the incumbent Democrats for the first time in years, with a highly unpopular governor.

That is not to state that all is dark within the region. Many home owners are still looking to move out of their initial home purchases and take the next step into  larger homes. The approach they take with their existing homes when getting prepared for market and the financial status they enjoy with their mortgage will be the rudder that directs their home purchase.

The Connecticut Housing Market, Looking Through a Foggy WindowThere are many home options available to qualified buyers.  This puts a responsibility on the sellers to recognize their true intentions and if it is to sell their home, then they need to listen carefully to the information provided by their agent.

We can only hope that for the new year we at least meet the modest growth in sales we have experienced over the past 2 years.

 

 

For sellers it is essential to have a sales price on your home consistent with the most recent activity. I can help with an up to date free market evaluation to assist you in determining the best sales price for your home and discuss the marketing direction that would work best.

 

 The Connecticut Housing Market, Looking Through a Foggy Window

 

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Do you know somebody who is behind on their mortgage and doesn't know what to do? I may be able to help them, especially if they are facing foreclosure!

Get Help with Short Sale in Connecticut

    www.ctshortsalesilva.com

 

 

 

 

Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

Comment balloon 17 commentsEd Silva • January 03 2017 03:29PM
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