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As your trusted real estate team, we want to keep you updated on market trends both nationally and in the Newtown area. Let's start with the big picture: the national economy grew by 4% last quarter. This is great news, as it implies an increased spending power nationwide. In addition, existing home sales are up, meaning the market is looking quite strong.
Here in Newtown, we are experiencing different conditions. As is much of the Northeast, our market is flat. Average home sales and home prices have seen little to no change at all. However, we have seen some areas make a resurgence since the beginning of the year, such as metropolitan cities like New York City and Boston. We're hoping these isolated areas of growth are signs of things to come for the rest of the Northeast.
So, what does this information mean? It's actually good news - our market is no longer trending downward, which gives us an opportunity for growth. After 7 or 8 years a depreciation, we are finally looking at a stable market. This doesn't mean it's easy to sell right now, as buyers are still picky and there are some areas with challenging prices, but it means we're on the right track. Just know you can plan on seeing improved conditions in the future.
As real estate is hyper-local, it is important to know that conditions vary by neighborhood. If you want to buy or sell a home but you're worried about market conditions, give us a call. We'll get you the information you need to make informed decisions in the marketplace.
