Looks like people would rather take a financial hit on their home than stay in Connecticut any longer. Basically, no one’s afraid of the weak housing market anymore.
More homes hit the market this year, but they’re taking longer to sell. Also, they’re nowhere near their original selling price.
In short: people just want to leave Connecticut. No matter what.
Wilton Bulletin reports that Fairfield County is dealing with a rather unusual situation. More single-family homes hit the market this year, rivaling numbers that the state once saw back in 2005. But, considering that our housing market has barely recovered, it’s sending a powerful message to state leaders.
With average listing prices continuing to drop, this should mean that the state is still in the midst of a buyers’ market, correct? Unfortunately, that’s not the case.
In Wilton, the average home sits for about 162 days on the market before it sells. But, back in 2005 and during the height of the housing boom? Homes spent an average of 70 days on the market. So, somehow, the waiting time has doubled.
Not to mention, the average listing price went down from 2005’s $1.4 to $1.1 million.
So, that tells me something pretty worrying. Residents would rather wait double the time to sell their home, for a fraction of the price, than wait for the housing market to recover.
Because they’re desperate. Either to leave the state or to get a different home. But, considering that about 500 people flee the state per week, it’s easy to guess where they’re going.
What’s worse is that The National Board of Realtors says the opposite is happening on a national level. The time it takes to sell a house shrank since 2011 and is now at an average of 29 days. Also, you should note that house prices have gone up for 61-straight months.
Plus, there’s a healthy demand for homes and the supply can’t keep up.
Meanwhile, it’s the exact opposite in Connecticut. All along the state’s most expensive towns, home owners struggle with a saturated market without the demand needed to balance it out.
So, there’s a real problem in Connecticut and our politicians need to solve it. Because, this helps prove that the wealthy are fleeing the state and not looking back. Heck, they’ll even take a financial hit just to get out of here.
So, what needs to be done to fix this? Or, will it ever be fixed? Either way, something needs to be done to stop this ship from sinking any faster.