[Cambium]

Awesome interactive map!

Check out Ridgefield. In 2020 557 homes sold.

Westport: 639 homes sold.



https://www.nbcconnecticut.com/inves...-2020/2429247/

When it comes to the actual number of homes sold in 2020, Fairfield County had several communities at the top of the list, including the town of Fairfield with 1,089 homes sold. Stamford had 943 home sales and Norwalk finished the year with 829, according to SmartMLS.

The figures from SmartMLS showed that Waterbury, in New Haven County, had 941 homes sell in 2020 and 720 sales took place in the town of Hamden, according to the same data.

In Hartford County, West Hartford had the highest number of sales last year with 914. Bristol had 797 homes sold in 2020, the SmartMLS data showed.

Percentage-wise, the largest increase in New Haven County was in Southbury, where there was an increase of 29% in 2020. Sales in Burlington, which is located in Hartford County, were up 50% year to year. In Tolland County, Hebron had an increase of 52%. Sales in Westbrook, which is in Middlesex County, increased 55%, according to the SmartMLS data.

There was a 64% increase in home sales in Salem, which is in New London County. Weston, in Fairfield County, had home sales jump 82%. In Ashford, located in Windham County, was up 98% in 2020. In the small town of Warren in Litchfield County, even though there were just 47 homes sold, it represented a 213% increase from 2019, the data showed.

[Stylo]

Would like to see a map on price sold changes too, increase in value, etc.

Weston jump isn't surprising as houses were just not moving there before.

[SteveM85]

Originally Posted by SkylinePCG

What’s going on with the real estate market around Ridgefield, Redding and Weston?

Our family is looking to move sometime this year, and on paper, those towns are right up our alley (btw, thank you for the contributions to previous questions on this forum!) But I’m seeing a lot of -what appear to be- pretty nice places, have been for sale for well over a year. Is something going on? Housing bubble? Pollution discovery? Political discontent?

As a buyer, it almost seems too good to be true. As an analytic, that gives me reason to pause.

Thanks in advance!

We've come a long way since this first post.
This is what happens when you pause in a down market and prime buying opportunity. A grave mistake.
Rent now and wait for the correction, It'll come in time. That's factual historical trends, not an opinion.

[SteveM85]

Originally Posted by Cambium

These trends don't just come to a halt unless something drastic happens like the financial collapse of 2007. Not happening this time.

IMO what will happen is, demand will continue all this year with low inventory. Home values will continue to increase. Interest rates will slowly go up. People contemplating selling to cash in on the boom...Next Winter more will come on market as demand slows due to rising rates. Watch inflation with all this stimulus going on. They will need to raise rates to control inflation. Spring 2022 inventory will be more than demand. Fall 2022 people will realize their missing out on selling and inventory continues to increase all while buyers realize prices are getting out of hand. Increased too much. 2023 we start leveling off and back to normalcy.

I don't see a balloon "popping" or a "bust" but I do see buying slowing down in 2023.

I don't know if it will be an abrubt and sudden bust or gradual slowdown, but it will happen. History says so. There's no getting out of it.

I agree the coming warmer months will see increases. We'll see opportunistic sellers pricing as high as possible looking for max potential and profit, and rightfully so. If you're looking to retire soon or downsize now is the time to sell. Waiting another year or two could be the same mistake the OP made in the reverse. Maybe not but could be.

[kidyankee764]

Originally Posted by SteveM85

I don't know if it will be an abrubt and sudden bust or gradual slowdown, but it will happen. History says so. There's no getting out of it.

Agree. The fact that CT went from having the lowest performing housing market to the best in just one year tells me there will be trouble on the horizon. What’s happening now, nationwide, is not sustainable and frankly, it’s a bit scary.

We just closed 3/1 on one of our homes that we only lived in for only a few years - not in CT. We sold it for an insane profit and had 9 offers in the first 72 hours. It was great for us, but the buyer had difficulty coming up with the down payment and the financing was shaky at best. We were concerned there would be an issue with the closing, but thankfully there was not. I wish them the best of luck.

[SteveM85]

Originally Posted by kidyankee764

Agree. The fact that CT went from having the lowest performing housing market to the best in just one year tells me there will be trouble on the horizon. What’s happening now, nationwide, is not sustainable and frankly, it’s a bit scary.

It's inevitable. There's no escaping it and there's nothing anyone can do about it. If I were still an RE investor I'd be liquidating. No buts about it. Hell, whenever CD member CTYank posts here he has a financial crisis starting any minute now.
The OP had a great opportunity to low ball long standing properties in Weston and Greenfield Woods, Redding and Easton, wherever, but they paused for concern. It was a fatal mistake. Now they're scrambling to find building lots and bike friendly streets.

[mels]

Originally Posted by kidyankee764

It was great for us, but the buyer had difficulty coming up with the down payment and the financing was shaky at best. We were concerned there would be an issue with the closing, but thankfully there was not. I wish them the best of luck.

Interesting. I figured most people with shaky financials aren't going far in this market. I bought a home in 2020 and it was the most insane process to get the mortgage: verification, re-verifications, and about 20 times more stringent than any previous mortgage I have had (this is my third mortgage). I had a long history of stable employment, a high credit score, a sizable down payment, and I was still jumping through hoops for the lender. To me that is the big difference in this upswing. Sure, markets go up and always come down but 2007 this is not.

[kidyankee764]

Originally Posted by mels

Interesting. I figured most people with shaky financials aren't going far in this market. I bought a home in 2020 and it was the most insane process to get the mortgage: verification, re-verifications, and about 20 times more stringent than any previous mortgage I have had (this is my third mortgage). I had a long history of stable employment, a high credit score, a sizable down payment, and I was still jumping through hoops for the lender. To me that is the big difference in this upswing. Sure, markets go up and always come down but 2007 this is not.

The buyer borrowed a down payment (well, it was gifted by family) and the closing was pushed back twice. You’d think they would have difficulty but the fact they didn’t shows lenders aren’t as strict as they should be.

This isn’t 2007 in the sense that banks aren’t frivolously lending, but it can be seeing that people are greatly overpaying for homes - and a LOT of people, at that. We won’t see an imminent collapse, but we’ll see a gradual “righting” of the market where people purchasing today will be upside down. I’m thinking this will lead to a plethora of short sales and widespread credit decline.

[SteveM85]

Originally Posted by kidyankee764

This isn’t 2007 in the sense that banks aren’t frivolously lending, but it can be seeing that people are greatly overpaying for homes - and a LOT of people, at that.

It's EXACTLY the same thing. Countrywide II. Dodd Frank rollbacks and overpaying, both. The perfect storm.

[kidyankee764]

Originally Posted by SteveM85

It's EXACTLY the same thing. Countrywide II. Dodd Frank rollbacks and overpaying, both. The perfect storm.

Right. The cause may not be the same, but the effect may be. I hope I’m wrong.