State of the Real Estate Market New London County

166836 Resource 125794 125888 125888 1177174613176 1177175392587 Controlled Eastern CT Real Estate Market Update

No burst but slight fizzle evident in first quarter

I wasn't surprised to see the number of sales down for the first quarter of 2007 as compared to the same period in 2006. In fact, the number of single family homes sold through the first 3 months of 2007 were down by 7.48% according to statistics reported by the Eastern Connecticut Association of Realtors®.* I was surprised to see condominium sales down by over 25% and multi-families dropping by almost 40%. The good news (not sure this is exactly good news) is that while the number of sales has dropped, prices have remained fairly steady as median single family sale prices dropped by only 1.18% in that time period. Looking ahead to the second quarter, pending sales seem to be on the rise even if prices are not. Pricing remains critical. The Eastern CT area still has a glut of homes on the market, overpriced by sellers with high expectations. Sadly, many sellers are getting bad advice from agents, who have never experienced a down market and don't understand that if a seller bought a home in 2004, they will most likely lose money on the sale. If you are putting your home on the market in 2007, be sure to seek good counsel from an agent who has the experience of the early 90's, when the bubble last fizzled.  *Sales reported by the members of the Connecticut Multiple Listing Service, Inc. for New London County and Windham County do not represent all sales. Information deemed reliable but not quaranteed. 9 application/xml false Connecticut Multiple Listing Service Eastern CT Real Estate Market ECMLS State of the Real Estate Market New London County Eastern CT Real Estate Statistics 2006 http://lindacdavis.googlepages.com/stateofthemarket Eastern CT Spring Real Estate Market Spring market shows signs of life http://blog.ctrelocation.com/public/item/165050 Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 ldavis false true false false true 205810 false false true false false false true 125794 blog blogsite/CTRelocation/web