 This is the time of month I usually put up a cute little chart with market statistics. Each month, bloggers around the country decorate their blogs with pie charts, bar graphs, line diagrams, normal gaussian distribution...well, you get the picture. I decided that instead of charts and graphs, I'll just talk about the market like I do when people stop me while I'm shopping in Better Val-U in Gales Ferry. Since Better Val-U will be closing soon, I'll have to talk about the real estate market here instead and hopefully Better Valu shoppers will find me. So, how's the market? (Spoken in my Better Valu shopper voice.) Let's talk about the bad news first. According to the Eastern CT Association of realtors, during the 3rd quarter of 2007, the number of single family homes sold were down about 10% and condo sales were down 26% over the same period in 2006. It appears that buyers are in charge and many of them tell me they are waiting for "the bottom" of the market. And now the good news. Inventory has been holding steady for the past several months and in fact, in some towns in Eastern Connecticut, inventory is lower than this time last year. A 6 month supply of inventory is considered a balanced market. Only Stonington, New London and Norwich have over a one year supply; most other towns in Eastern Connecticut have less than that. In the best news department, while prices are not increasing, they are not plummeting like in other parts of the country. Homes that are fairly priced AND in good condition are still selling. Too many homes currently on the market in Eastern CT don't meet either criteria necessary for a home sale. So...no charts and graphs. Just straight talk. You get the picture. |
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