CONNECTICUT’S housing market went into hibernation during the first quarter of 2011 as sales took a dive and prices continued to deteriorate. Blame the harsh weather, says Candace Adams, the president of Prudential Connecticut Realty.
“There’s always the unpredictable,” Ms. Adams said, “and for us, what I will call the Black Swan of 2011 was the weather. We had a snowstorm a week and sometimes two or three a week. That did have an impact on sales for the first quarter of the year.”
Yet while the winter may be part of the reason for the slowdown in an already sluggish market, the same long-term structural problems that are affecting the rest of the country continue to be a drag on Connecticut home sales. The state’s foreclosure numbers have improved — first-quarter filings were down 65 percent, according to RealtyTrac — but those figures may overstate the degree, Ms. Adams said.
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