New London County July Real Estate Statistics Don't Add Up

It was a tough summer for many real estate agents in New London County.  Inventory rose and sales were generally slow in most towns in the area.  Imagine the surprise, when a recent article in The New London Day talked about the large jump in real estate prices during the month of July.  The article, quoting statistics from the Warren Report, claims that in New London County, total single-family home sales in July were up 11.3 percent from the previous year. 

Using sales comparisons for a one month time period is dangerous thinking especially if you are planning to sell your home in the near future. The large increase could be simply the result of  more higher priced homes closing in the month of July compared to July 2006.  It is far better to compare year to date sales, which indicate a more moderate 4% increase. 

While Connecticut is not experiencing the melt-down of states like Florida, sellers shouldn't expect a double digit increase this year, despite July's rosy outlook.