Over the last two years, the New London County housing market has seen a very strong recovery from the very painful recession. As we head into the second half of 2013, there is continued cause for optimism, although there are emerging challenges,” said Randall, Realtors CEO Doug Randall.
“Mortgage rates have begun to rise, while the inventory of homes for sale is comparatively low, constraining the number of potential sales. Nevertheless, rates still are low and houses still are selling at reasonable prices, making the affordability factor the best in decades,” he said.
To sustain the housing market’s recent momentum, more homes will have to come on the market to meet the strong demand among buyers. Currently, there are 6 percent fewer homes for sale across New London County than a year ago.
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That shrinking inventory is reflected in the time it is taking a home to sell. Last month, a single-family residence sold in less than three months, compared to nearly four months a year ago. Sellers are receiving about 96 percent of their asking price, and for the most attractive homes, there are now multiple bidders willing to pay above asking price.
“For a long time, potential sellers were holding off placing their homes on the market, waiting to see how high prices would rise,” explained Randall. “Today’s attractive prices may represent a tipping point. Especially for those homeowners who plan to purchase another property, this may be an opportune time to place their house on the market so they can afford their next one.”
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Interested in further information? Contact Fran Wiehn, Randall Realtors Real Living, 22 Holmes Street, Mystic. Call 860-823-0707 today!
