Eastern Connecticut Spring Real Estate Market

Real Estate agents in Eastern CT always look forward to the spring market.  The months of April and May usually set the tone for the rest of the year.  In 2006,  the spring market could be described as slow at best. It turned out to be an indicator of the rest of the year.  Although first quarter Eastern CT area multiple listing statistics have not yet been reported, my gut indicator tells me we are off to a good start. The large influx of Pfizer buyers from Michigan has stimulated the market.  And while the subprime news is negative, interest rates remain favorable and first time homebuyer programs like CHFA certainly are attractive. 

Home inventory is still higher than it should be but homes that are priced to sell are selling.  And in some cases, selling quickly!!  I did a quick review this week of homes for sale in Ledyard. It is my opinion  that at least 25% of the current listings are overpriced by as much as 10%.  That's a real shame because those sellers are missing the opportunity of a good spring market.