Watch on your mobile device >>
The year has started with great news from national real estate tracking services: The real estate market has improved, driving up home price values.
While that’s true, the health of real estate markets depends
upon where you are located. Markets such as California, Las Vegas and Florida
that have been laden with foreclosures have worked through much of their bad
inventories, and the supply of real estate has dropped drastically.
Of course, when supplies drop, prices rise. And this has
been happening nationwide. In some places, this has meant 10-to-15 percent
increases in home prices. In Connecticut, meanwhile, we’ve seen 2-to-6 percent
increases in median sale prices. Yet, in conflicting news, our real estate
supplies are rising. We have more homes on the market today than at this time
last year.
My prediction for 2013: Look for 1-2 percent increases in
average sale prices year-over-year, but we will remain flat for the foreseeable
future.
If you’re ready to take advantage of an improving market and
historically low interest rates, please contact Coldwell Banker and The Around
Town Team, and we’ll be happy to discuss your home buying or selling options.
Andy Sachs
