The highest median sale price increase was 46.3%, for the 47 mobile threads are monitored for 48 hours after publication and then closed. The number of multifamily sales remained flat while the median sale price increased 14.3%. Schools also switched to remote learning. The pandemic caused many worldwide to lose their jobs while others started working from home. Back in early 2020, millions of people were sent home by their employers to stop the rapid spread of COVID-19. 2022 started at historically low levels for available inventory as demand has. Many factors have contributed to the current issue of low inventory. “Land has struggled a little bit, and I think that’s really correlated to the cost of building supplies and supply chains” during the COVID-19 pandemic, Hurlbert said, “because the cost of construction has increased so much.” As illustrated, the number of homes listed in 2022 began lower compared to. The number of residential land sales decreased 39.7%, to 88. That means that if no new homes become available, there won’t be any. If we look at 2022 data so far, there is about a one-month supply of inventory homes on the market right now. Statistics show a nearly 13 increase in home prices in 2021. What Hurlbert has heard is that there’s a high demand for small manufacturing spaces that need loading docks and overhead doors. The combination of low inventory real estate and high demand lead to the increase in house prices. The ECAR stats show that commercial sales across both counties were up 28.6% year-over-year and the median sale price increased 4.6%. In New London County specifically, the number of single-family home sales decreased 16.6% to 794, the median sale price increased 8.2% to $330,000, and days on the market decreased from 33 days to 25. “I don’t know that we’ve plateaued yet, because there’s still so many buyers, and Connecticut generally follows the national trends, so I don’t expect a change for at least a year,” Hurlbert said. Lawrence Yun, chief economist with the National Association of Realtors, forecasts that home prices will be up 7% for 2022 and 4% for 2023. She said some buyers may anticipate bidding wars and be scared off by high prices, not realizing that sellers are anticipating bidding wars and setting prices higher, so she said it’s important buyers trust their real estate professionals. Meanwhile, the median sale price increased 9.8% over last year, to $324,000.ĮCAR CEO Susy Hurlbert said she’s hearing from Realtors that there are still multiple bid situations, with buyers offering upward of $30,000 over the asking price. The number of single-family home sales in New London and Windham counties decreased 11.27% in April through June of this year compared to the same period last year, from 1,304 to 1,157, according to stats from the Eastern Connecticut Association of Realtors. Save: HomeCash is a special currency that rewards you for saving for a homefor each deposit you make, and for completing milestones that get you closer to buying a home. Inventory for single-family homes remains down and prices are way up - and the head of the local Realtors’ association doesn’t see that changing anytime soon.
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