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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Connecticut real estate market.
First off, the Journal Enquirer reports that home sales have continued to improve:
According to the Greater Hartford Association of Realtors, closed sales of single family homes increased over the previous February by 6 percent (from 421 to 447). And, in a sign of a hotter market for sellers, new listings shrunk 24 percent (from 1,315 to 1,001); inventory dropped 14 percent (from 6,032 to 5,175), and the average number of days a house spent on the market fell 20 percent from 99 to 79.
Over in Eastern Connecticut, the Norwich Bulletin reports that home sales were up 5% in the first quarter:
First-quarter sales in New London County rose 2.03 percent to 402 units from 394 a year earlier, the Franklin-based association reported. Windham County sales climbed 13.01 percent to 165 units from 146. New London County median price for single-family sales was down 7.59 percent to $189,450 from $205,000 while the Windham County median rose 3.09 percent to $150,000 from $145,500.
Hartford Business reports that vacation home sales are also strong in the state:
Eager Connecticut vacation homebuyers are finding inventory plentiful and prices flat despite some shoreline communities grappling with the washout from last fall’s Storm Sandy, realty brokers say. The combination points to a recovering market, just as national data suggests. “This year has gotten off to a faster start,” said shoreline Realtor Bill “Captain” Thompson, whose listings range from as low as $300,000 to upwards of $1.4 million.
And finally, Hartford Business also reports that a lack of inventory is slowing home sales in the state:
“Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales,” said CEO Timothy M. Warren Jr. “Even so, I’m still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up.” So far this year, single-family home sales are down almost 2 percent from a year ago. Statewide, a total of 2,542 transactions were completed in the first two months in the year, down from 2,577 during the same period in 2012.
It seems to be the same story everywhere across the US – a recovering housing market held back only by a lack of inventory.