[17Christian76]

Originally Posted by JayCT

This article confirms what many here are saying. Sales aren’t up because inventory is so low. And the real estate boom isn’t over yet. No surprises here. Jay

https://westfaironline.com/146893/ct...own-prices-up/

And yet prices are down in some FFC communities. Sotheby’s shows New Canaan prices down ~18% YOY. This is now a definite bubble we are in, so I would hope that the real estate ‘boom’ is nearing an end. And empirically, that seems to be the case.

[Stylo]

Originally Posted by 17Christian76

And yet prices are down in some FFC communities. Sotheby’s shows New Canaan prices down ~18% YOY. This is now a definite bubble we are in, so I would hope that the real estate ‘boom’ is nearing an end. And empirically, that seems to be the case.

New Canaan is still up since 2020. I think those towns had unusual price inflation due to NYC exodus, which has slowed. Now they're just dealing with the same supply issues as everywhere else in the state.

[JayCT]

Originally Posted by 17Christian76

And yet prices are down in some FFC communities. Sotheby’s shows New Canaan prices down ~18% YOY. This is now a definite bubble we are in, so I would hope that the real estate ‘boom’ is nearing an end. And empirically, that seems to be the case.

You can’t just look at the average sales price which according to the link below is down 14%. That doesn’t tell the entire story.

If you look at the latest numbers you will see that the price paid per square foot is up 19.4%; average days on the market is down 41.5%; total monthly inventory is down 15.9%; new listings are down a whopping 53.9%; and percentage of asking price up 1.4% to 101% of asking price. None of this shows a weakening real estate market. In fact, it shows just the opposite. Jay

https://www.williampitt.com/communit.../market-report

[17Christian76]

Originally Posted by JayCT

You can’t just look at the average sales price which according to the link below is down 14%. That doesn’t tell the entire story.

If you look at the latest numbers you will see that the price paid per square foot is up 19.4%; average days on the market is down 41.5%; total monthly inventory is down 15.9%; new listings are down a whopping 53.9%; and percentage of asking price up 1.4% to 101% of asking price. None of this shows a weakening real estate market. In fact, it shows just the opposite. Jay

https://www.williampitt.com/communit.../market-report

I had mistaken Sotheby’s for Rocket Mortgage. Nevertheless, a reduction of median sales prices is indicative of a market downturn.

Inventory is down 16% YOY, and housing units sold are down a whopping 32%. These are definite causes for concern, and all signs point in the same direction. That is, we are in a bubble. Peer at any yield curve, any recent statistics, now the Fed’s own input, and that conclusion is reached. I’d better sell my weekend home before this all comes crashing down.

[JayCT]

Originally Posted by 17Christian76

I had mistaken Sotheby’s for Rocket Mortgage. Nevertheless, a reduction of median sales prices is indicative of a market downturn.

Inventory is down 16% YOY, and housing units sold are down a whopping 32%. These are definite causes for concern, and all signs point in the same direction. That is, we are in a bubble. Peer at any yield curve, any recent statistics, now the Fed’s own input, and that conclusion is reached. I’d better sell my weekend home before this all comes crashing down.

Again, if we were in a downturn, inventory and days on the market would not be down. They would be up. The number of units sold being down would be significant if inventory was up. But, since inventory and days on market are down, that basically means lack of inventory is affecting how many units have been sold. You can’t sell units if there are few on the market. Also other key indicators like price per square foot and the percentage of asking price being up while new listings being down still indicate a strong market, not a weak one. Jay

[mdovell]

I wouldn't say we are in a bubble but not all prices in all markets are 100% assured of staying level let alone going up. Having said that the Fed nearly always overshoots when it raises rates. I know agents telling me they expect 6% by the end of the year but will it end? I do know of six to seven figure construction jobs that have been cancelled due to high prices. If commercial contractors start feeling the pinch they'll go to residential and then we'll see prices drop for construction. If prices drop for construction maybe buyers might put off additions and improvements and be OK with buying a house that needs work seeing that they can get things cheaper but again that depends on the market.

I get that all the spending and improvements and lack of international activity drove up amenities and that drove up pricing but there's only so far that goes. I'd argue the WFH situation and any increase in immigrants are going to be the largest non inflationary factors here.

[mdovell]

Originally Posted by JayCT

You can’t sell units if there are few on the market.

Somewhat true but it depends. 6107 passed last year and it authorized quite a bit of ADU's.
https://ctmirror.org/2021/06/01/the-...s-the-reality/

So technically if we go down this path it's much easier to make a unit without making a whole other house.

[bridgerider]

Originally Posted by mdovell

Somewhat true but it depends. 6107 passed last year and it authorized quite a bit of ADU's.
https://ctmirror.org/2021/06/01/the-...s-the-reality/

So technically if we go down this path it's much easier to make a unit without making a whole other house.

I had never heard the term ADU until looking in CT..... has this term been around for a while now? I must have been under a rock; I thought of one as either an in-law apartment or if unattached, a casita (popular out west).

I have seen a few ADUs in CT recently and they have been very tastefully done, I think the homeowners did a good job of considering their neighbors when putting them in place. How do all of you feel about them?

[Basementbarandgrill]

Originally Posted by bridgerider

I had never heard the term ADU until looking in CT..... has this term been around for a while now? I must have been under a rock; I thought of one as either an in-law apartment or if unattached, a casita (popular out west).

I have seen a few ADUs in CT recently and they have been very tastefully done, I think the homeowners did a good job of considering their neighbors when putting them in place. How do all of you feel about them?

We just sold our house and bought another one because we needed room for my parents to move in. Our house has a permitted ADU for my parents and it's great. With housing costs going the way that they are I can see the building of multi-generational houses becoming much more popular.

The ADU allows us a lot of options down the road. We can share it with our kids/grandkids or for income when we retire.

[SteveM85]

Originally Posted by 17Christian76

I had mistaken Sotheby’s for Rocket Mortgage. Nevertheless, a reduction of median sales prices is indicative of a market downturn.

Inventory is down 16% YOY, and housing units sold are down a whopping 32%. These are definite causes for concern, and all signs point in the same direction. That is, we are in a bubble. Peer at any yield curve, any recent statistics, now the Fed’s own input, and that conclusion is reached. I’d better sell my weekend home before this all comes crashing down.

Mother of two buthcered in Queens. Another leg slashed on the subway. Body parts are on the menu in Gotham, crime up 45% from this time last year, which was bad too, but don't worry it's not the 70s.

If the market in NC is so bad then put in a lowball offer, remember those? you'll get ghosted but doesn't hurt to try. Just get the hell out of NY.