Prudential Connecticut Realty recently released its First Quarter Market Report and the year's mild winter contributed to a warming trend in Connecticut's residential real estate market.
Prices of single family homes and condominium homes dropped from the first quarter of last year. These lower prices should provide the opportunity for buyers to take advantage of continued low mortgage rates.
Pending contracts jumped 25.9 percent for single family homes; pending sales haven't been this strong since the first quarter of 2010. Single family closed sales are also up 8 percent while condominium closed sales increased 3.6 percent reversing the downward trend of the last few quarters.
"We are seeing positive signs for the Connecticut real estate market," Peter Helie, chairman and CEO of Prudential Connecticut Realty, said. "It is clear that Connecticut is on the road to a housing recovery in 2012."
A key indicator of market stabilization in Connecticut is the recovery of 33.3 percent jobs that were lost during the great recession. Combined with other market signs such as historically low interest rates and well priced inventory, buyers are finally re-entering the market with confidence.
There are many opportunities in the current real estate market for both investors and first time homebuyers to enter the market before prices rise and we shift back to a seller controlled market.
Prudential Connecticut Realty is a full service and locally owned real estate company with a national and global brand. Prudential is the 18th largest real estate company in the United States. Prudential Connecticut Realty, committed to providing high quality real estate services. For more information and details regarding the market report, visit www.prudentialCT.com.