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July 20,2023
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Summer Update
July Real Estate Recap
Home prices continued to grow in the Northeast coming in 6% higher over the past 12 months. Low inventory remains a challenge with 91% of homeowners with mortgage rates below 6% and majority under 5.0%. With current mortgage rates nearing 7.0% the increased cost of moving has become a deterrent.
The NAR reported home sales are off 20.4% from a year ago and current supply is roughly half of what it was in 2019 and roughly only 46% of the average supply since 1999. The country needs 4.3 million more homes according to Zillow.
A bright spot is the increase in housing starts which were up 18.5% in April and a more positive builder sentiment which has been instrumental in moving builders from the permit stage to the building stage.
Locally here is a quick market snapshot as of 07/20/23:
Guilford, Madison, Clinton, Westbrook:
102 Active properties (07/20/23)
34 Properties which have been reduced
Essex and Old Saybrook:
40 Active properties (07/20/23)
21 Properties which have been reduced
Deep River, Chester, Haddam, Killingworth:
22 Active properties (07/20/23)
2 Properties which have been reduced
Lyme and Old Lyme
34 Active Properties
17 Properties which have been reduced
Overall 37% of properties had price reductions.
As always, if you (or someone you know) is thinking of a move, I am here to help. Please feel free to call or email me with any questions. Wishing you the best for the rest of this short summer season.
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86 Halls Road, PO Box 509, Old Lyme, CT 06371
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©2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Pub 7/23 |
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