FAIRFIELD COUNTY, Conn. - Prudential Connecticut Realty has released its second quarter market report, which shows signs of growing confidence among both homeowners and prospective homeowners in Connecticut.
According to the report, the state's real estate market gained traction during this period, with price declines slowing to single digit numbers for single-family homes. Fairfield County had significant sales increases over last year, and all counties in Connecticut outperformed this year’s first quarter by 30 to 75 percent, it says.
Prudential Connecticut Realty’s Terrence Beaty cites three statistics that caught his eye in Fairfield County this quarter, as well as in the rest of the state: “A second straight quarter of rising numbers of closed homes and condominiums, a second straight quarter of high new deposits of both types and a potential bottoming in prices coming later this year as declines slowed to single-digit changes for single family homes.”
The report says that while the correlation between the time taken to sell a home and its selling price is a strong one, the two numbers tend to be opposing factors. When the days it takes to sell a home are higher on average, median sales prices remain soft.
The report goes on to say that days on the market for single-family homes rose slightly by 3.9 percent to 160 days. “Conversely,” it says, “numbers are starting to work in favor of condominiums with the number of days dropping 7.1 percent to 156 days this quarter, reflecting a higher rate of sales and a slowing of price declines."
Beaty said that new deposits for rentals dropped slightly from last year, a sign that “people may be leaning back to ownership.”
These factors, said Beaty, make real estate professionals confident that initial deposits for both single family and condominium homes will translate into more sales in the second half. And that, he said, is something that hasn't happened in the past three years.