[jdhall1]

The CT mls system recently put on out a report. Home sellers in Fairfield county in 2021 recieved 100.6% of their asking price, 102.4% of their asking price in Hartford County & 101.3% in New Haven County. Inventory is 1.5 months in Fairfield & New Haven County and 1.2 month in Hartford county. Median Price change since 2017 as followed: Fairfield county up 31.1%,Hartford county 28.6%, New Haven county 37.5%

Link to the full report is here.

[Stylo]

Originally Posted by jdhall1

The CT mls system recently put on out a report. Home sellers in Fairfield county in 2021 recieved 100.6% of their asking price, 102.4% of their asking price in Hartford County & 101.3% in New Haven County. Inventory is 1.5 months in Fairfield & New Haven County and 1.2 month in Hartford county. Median Price change since 2017 as followed: Fairfield county up 31.1%,Hartford county 28.6%, New Haven county 37.5%

Link to the full report is here.

Wow, New Haven County.

That honestly doesn't surprise me at all.

1. It's close enough for an occasional trip to the office in NYC as more people are remote/hybrid.
2. It's the last affordable option on the main train line, as people are priced out even more from lower FFC.
3. New Haven as a city is getting more and more desirable, and has the ingredients that people want in a small city nearby for culture, food, entertainment. At a level that no other city in the region can match, in the area between Providence/Boston and NYC.

[GeoffD]

Originally Posted by Stylo

Wow, New Haven County.

That honestly doesn't surprise me at all.

1. It's close enough for an occasional trip to the office in NYC as more people are remote/hybrid.
2. It's the last affordable option on the main train line, as people are priced out even more from lower FFC.
3. New Haven as a city is getting more and more desirable, and has the ingredients that people want in a small city nearby for culture, food, entertainment. At a level that no other city in the region can match, in the area between Providence/Boston and NYC.

It would be interesting to see a more granular breakdown. Waterbury is in New Haven County, right? My mom used to live in Guilford. That’s also in New Haven County. It’s hard to imagine Waterbury up almost 40%. Guilford? Sure.

[masssachoicetts]

Originally Posted by Stylo

Wow, New Haven County.

That honestly doesn't surprise me at all.

1. It's close enough for an occasional trip to the office in NYC as more people are remote/hybrid.
2. It's the last affordable option on the main train line, as people are priced out even more from lower FFC.
3. New Haven as a city is getting more and more desirable, and has the ingredients that people want in a small city nearby for culture, food, entertainment. At a level that no other city in the region can match, in the area between Providence/Boston and NYC.

Absolutely. My uncle lives adjacent to New Haven. Well, a few towns over. He loves it. New Haven and Coastal CT has all he wants. Goes to Boston for concerts, events, sporting events, etc. goes to Newport for vacationing, beaches, his boat etc. goes to NYC for city outings occasionally and work.

What doesnt CT have?

[jdhall1]

Originally Posted by GeoffD

It would be interesting to see a more granular breakdown. Waterbury is in New Haven County, right? My mom used to live in Guilford. That’s also in New Haven County. It’s hard to imagine Waterbury up almost 40%. Guilford? Sure.

Waterbury is part of New Haven County. Listing to sales price last year was 101.9% of listing price, 1.7 months of supply,15% more homes sold in 2021 vs 2020. Waterbury prices up 101% for the median since 2017, median sales price now $182,500.Guilford is also part of New Haven County too. Almost the same amount of the houses sold in 2021 vs 2020, 100.8% sales price. Gulford prices up 23.5% since 2017 to a median of $446,250.

[JayCT]

Originally Posted by tsek

I think we're in the most obvious bubble in history and seeing it pop in real time right now. As in it is literally popping this week.

I looked at a new-construction house that was $1.3M, built with the most shoddy materials on the market (single-pane Silverline windows) and presumably by the cheapest subcontractors available. I said no thanks. Next week, the price was raised by 3%. It's still sitting.

Every bubble has breathless rationalization, just enough of which is rooted in reality to make the rest of the hyperbole seem credible. Bitcoin is limited, so grab it now at 70k before it runs to 500k. Houses will go up another 20%, there are no houses available so you better act fast or you'll risk being on the street because rental prices and availability are under huge pressure too. Buy this Omega now so you can get in line for the Rolex that's sold out for years, otherwise you'll never get it. Etc.

The bottom line is the Fed put a massive tide of money under every asset class creating many bubbles and gave rise to a speculative circus. The lights are now going off.

If you're looking at a home now is the time to hold off if you can, but keep in mind the housing market is slow to react. Patience will be rewarded.

It’s hard to agree with you when you continue to see very low inventory and selling within hours at over asking price. Your one example may be sitting for the exact reasons you cite. It could also be because the house overpriced for the market and buyers recognize that. The facts of the overall market just don’t support what you claim. Jay

[brownedbits]

Originally Posted by JayCT

It’s hard to agree with you when you continue to see very low inventory and selling within hours at over asking price. Your one example may be sitting for the exact reasons you cite. It could also be because the house overpriced for the market and buyers recognize that. The facts of the overall market just don’t support what you claim. Jay

I agree with this. I was on the fence about buying, then the pandemic happened, so I decided to watch carefully but stay on the sidelines. It seems to me that every home that is in decent shape and is priced right (meaning a price the market currently supports, not a sellers pie in the sky price) goes in a hot second with multiple offers.

It also appears that those who want to buy and are waiting on the sidelines are the ones screaming "bubble." Mostly they are hoping it to be true so they can swoop in and catch their deal. I am also on the sidelines but agree with that article posted here the other day. There are many factors going into why RE prices are high. This is not 2008. There will of course be a cooling off or softening at some point, but no evidence out there points to a sudden bubble bursting other than peoples feelings or anecdotal experience.

[tsek]

Originally Posted by brownedbits

I agree with this. I was on the fence about buying, then the pandemic happened, so I decided to watch carefully but stay on the sidelines. It seems to me that every home that is in decent shape and is priced right (meaning a price the market currently supports, not a sellers pie in the sky price) goes in a hot second with multiple offers.

It also appears that those who want to buy and are waiting on the sidelines are the ones screaming "bubble." Mostly they are hoping it to be true so they can swoop in and catch their deal. I am also on the sidelines but agree with that article posted here the other day. There are many factors going into why RE prices are high. This is not 2008. There will of course be a cooling off or softening at some point, but no evidence out there points to a sudden bubble bursting other than peoples feelings or anecdotal experience.

You're absolutely right. We all see it through the lens that suits our wishes. Let's see what the Spring market looks like now that mortgage rates are about 4% and the stock market has cracked.

[Stylo]

My friend’s house in lower FFC area sold in a few days. Had 60 showings scheduled and then a bidding war. Went a decent amount over asking. That was this week.

[SteveM85]

Originally Posted by brownedbits

I agree with this. I was on the fence about buying, then the pandemic happened, so I decided to watch carefully but stay on the sidelines. It seems to me that every home that is in decent shape and is priced right (meaning a price the market currently supports, not a sellers pie in the sky price) goes in a hot second with multiple offers.

It also appears that those who want to buy and are waiting on the sidelines are the ones screaming "bubble." Mostly they are hoping it to be true so they can swoop in and catch their deal. I am also on the sidelines but agree with that article posted here the other day. There are many factors going into why RE prices are high. This is not 2008. There will of course be a cooling off or softening at some point, but no evidence out there points to a sudden bubble bursting other than peoples feelings or anecdotal experience.

The RE investor says it won't be as bad as 08 because it's not Countrywide ninja loans. Tsek and CTYank say it will be the worst thing to ever happen because the Fed is printing money.
It may not be as bad as 08 or it may be worse. We just don't know.