Prudential Connecticut Realty Releases Q1 2009 Connecticut Real Estate Market Report
Published In: Business, Connecticut 
Wednesday, April 22, 2009 12:48 PM
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ROCKY HILL, Conn., April 22 /PRNewswire/ -- The end of 2008 and the start of 2009 have been challenging times for both the economy and the real estate market. Dissecting real estate market indicators is key to understanding the current state of housing and related industries.

Looking back at only the first quarter sales alone would not be encouraging. "It is no surprise that the number of sales has decreased," said Barry Rosa, vice president of Prudential Connecticut Realty. "The last quarter of 2008 was slow and this shows up in the early 2009 numbers.

"We know the market is starting to heat up," said Candace Adams, president of Prudential Connecticut Realty. "There has been a 45 percent increase in deposits since January. The first-time homebuyer tax credit is moving buyers off the fence and the lower and mid-priced houses in all markets are moving. First-time buyers are the best stimulus for the housing market. Other factors influencing buyer activity are lower home prices and record-low interest rates," said Ms. Adams.

If online search activity is an indication that people are thinking about buying real estate, than it looks as if it may get busy. Prudential Connecticut Realty shows a significant increase in online activity in the low to mid-price homes in all regions. With 87 percent of homebuyers starting their search on the Internet, online search numbers are worth watching.

Both single-family and condominium sales decreased in the first quarter of 2009. And supply times are higher than they were in 2008. But, with the increase in deposit activity in the past two months, the supply time drops. In January 2009 there were approximately 3,800 deposits; today there are about 5,500.

The economy is still in the recession that began over a year ago, but there are clear signs that this cycle may be near its end.

"For people who want to own their first home, there has never been a better time," said Ms. Adams. "With all those first time buyers knocking on doors, there is a great opportunity for homeowners who want to upsize or downsize."

Specific sales and inventory statistics are broken out by county and city. For a copy of the entire report, visit www.prudentialct.com and click on "The Market Report."


SOURCE Prudential Connecticut Realty


 
Wednesday, April 22, 2009 12:48 PM

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