Are you a resident of Connecticut? Well, it may be that you are not till now but are in the process of purchasing one real estate property in this state located in the New England region of the northeastern United States of America. In that case you should be cautious, from the very outset, regarding the strange behavior of the market, inconsistent trends and several other factors that are casting their ominous shadows and making the real estate feeble. Are you aware of the latest development? The real estate market of Connecticut has witnessed the greatest reduction in the last 20 years.
Take for instance The Warren Group. This reputed Boston-based publisher of The Commercial Record and other publications accounted a 26.6 percent fall in single-family home sales along with a 16.2 percent fall in median prices between November 2007 and November 2008. It is to be noted that these declines were the largest in the company’s tenure of last 20 years. Nonetheless, this is not all. The greatest debacle in the state, in respect of year-over-year sales and price declines, was accepted by the Fairfield County. The County witnessed a reduction in sales by means of 42 percent. What was the condition of the other prices? The median prices declined 26 percent i.e. from $599,900 to $530,000. In addition, throughout the state, sales dropped almost 38 percent and the median price fell virtually 14 percent, from $205,000 to $176,500.
If we go by the percentages, Fairfield County performed better than other counties. But there is hardly any doubt that, these counties, for instance, Litchfield and Windham in sales figures and Tolland and Windham in price, fared worse than the others. All these indicate that the market is tight and any fresh investment, in any way, may not be the true expression of a pragmatic mindset. It is becoming evident that the bigwigs of the industry are looking forward or hoping for the bailout package of the federal government. It is, at present, the only way for stimulating the spring market.
Are you ready to invest amid this uncertain climate?
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