[Stylo]

My home value definitely outpaced inflation. It’s up 42% since 2018.

[SteveM85]

JayCT is correct in that CT has steady bones economically. I mean absolutley no doubt about it. Solid as a Rock, like Ashford and Simpson once said.
It doesn't rely on oil and tourism, but RE is another animal altogether, a seperate anomoly, even CT's RE can be exposed to volatility.

[JayCT]

Originally Posted by kidyankee764

When were they booming? As recent as 2019 through early 2020, Greenwich and company were very much on the struggle bus. Houses were sitting on the market and buyers could almost name their price.

Uhhh… it was never that bad in more developed walkable shoreline towns. I believe you are thinking of the slowing of sales of high priced luxury homes and isolated homes on large inland but Greenwich still had over 500 home sales per year from 2010 to 2019.

Fairfield was similar. A friend was looking to downsize in Fairfield and had trouble finding a home on on smaller lot in a traditional suburban neighborhood. It was odd.

https://finance.yahoo.com/news/hotte...151529365.html

[JayCT]

Originally Posted by SteveM85

JayCT is correct in that CT has steady bones economically. I mean absolutley no doubt about it. Solid as a Rock, like Ashford and Simpson once said.
It doesn't rely on oil and tourism, but RE is another animal altogether, a seperate anomoly, even CT's RE can be exposed to volatility.

Thanks. I am getting tired of people not reading what I actually said and quickly jumping to prove me wrong. If they looked I was talking about the more dense walkable neighborhoods in shoreline towns which were highly desirable and selling quickly before the pandemic. I was not talking about Weston or other large lot more rural towns or the +$10 million market which struggled.

[kidyankee764]

Originally Posted by JayCT

Uhhh… it was never that bad in more developed walkable shoreline towns. I believe you are thinking of the slowing of sales of high priced luxury homes and isolated homes on large inland but Greenwich still had over 500 home sales per year from 2010 to 2019.

Fairfield was similar. A friend was looking to downsize in Fairfield and had trouble finding a home on on smaller lot in a traditional suburban neighborhood. It was odd.

https://finance.yahoo.com/news/hotte...151529365.html

I just looked at the value history for a small starter home walkable to Fairfield downtown that used to be owned by a close family member. The estimated value was $341k in June of 2017. It remained 341k (with a few pluses and minuses along the way) until January of 2019.

It’s no secret that much of Connecticut’s housing market stagnated from 2015 to 2020 - you’re right that homes on large lots suffered the worst, but even homes in walkable suburban neighborhoods weren’t immune. I sold two homes during that period and remember it well.

[City Guy997S]

https://www.realtor.com/realestatean...=srp-list-card


Been for sale almost 2 years, price cut from 21.5 to 15 million and still not sold. Greenwich not what it used to be?

[JayCT]

Originally Posted by kidyankee764

I just looked at the value history for a small starter home walkable to Fairfield downtown that used to be owned by a close family member. The estimated value was $341k in June of 2017. It remained 341k (with a few pluses and minuses along the way) until January of 2019.

It’s no secret that much of Connecticut’s housing market stagnated from 2015 to 2020 - you’re right that homes on large lots suffered the worst, but even homes in walkable suburban neighborhoods weren’t immune. I sold two homes during that period and remember it well.

I stand by what I said. Walkable neighborhoods were very hot in the shoreline towns. That was when Fairfield’s Center/Beach/Oldfield neighborhoods soared in value.

In 2019 2,653 homes were sold in Fairfield County. That is higher than the homes sold in 2022 (2,563) a year that I think you’ll agree was very active. It shows pre pandemic the housing market in Fairfield County was already pretty robust. Of course there was a lot more inventory to burn off back then, but not long afterwards prices really took off.

https://www.charlievinci.com/fairfield-market/

[kidyankee764]

Originally Posted by JayCT

I stand by what I said. Walkable neighborhoods were very hot in the shoreline towns. That was when Fairfield’s Center/Beach/Oldfield neighborhoods soared in value.

In 2019 2,653 homes were sold in Fairfield County. That is higher than the homes sold in 2022 (2,563) a year that I think you’ll agree was very active. It shows pre pandemic the housing market in Fairfield County was already pretty robust. Of course there was a lot more inventory to burn off back then, but not long afterwards prices really took off.

https://www.charlievinci.com/fairfield-market/

Pre pandemic, the Connecticut housing market (regardless of neighborhood) was anything but robust. Frankly, surprised to even see someone suggest that given what was going on when we left in 2018ish. I guess we will have to agree to disagree on that.

[JayCT]

Originally Posted by kidyankee764

Pre pandemic, the Connecticut housing market (regardless of neighborhood) was anything but robust. Frankly, surprised to even see someone suggest that given what was going on when we left in 2018ish. I guess we will have to agree to disagree on that.

My comment wasn’t about the entire state. It was about the shoreline towns in Fairfield County.

For some reason people don’t recognize economic improvements until they are well underway. The number of home sales in 2019 prove the real estate market was already improving before the pandemic. In certain towns you saw bidding wars on homes. Just go back and look at the comments made at that time in the original Real Estate thread. I’m sure it’s there.

[BobNJ1960]

What covid did to the housing market, not just here, was the equivalent of seeing a badly performing corps stock price rise. In short, there was no fundamental underlying reason for the covid spike to stick. I do hope the reset is a slow slide, not like the Great Crash reset.