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What are some recent stats on the local market’s inventory?

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Buyers are in the market but struggling to find quality inventory. I used a composite look at six towns — New Fairfield, Danbury, Bethel, New Milford, Brookfield and Newtown. The inventory levels have fallen.

In 2017, there were 1,517 and 1,547 homes and condos for sale in January and February. In 2018, those numbers fell dramatically to 727 and 770, which is about half of what they were the year before. This year, the numbers rebounded slightly to 784 and 842, but some feel the quality of the homes was significantly lower than in previous years.


James Philipakos, from Flagstar Bank, noted that he has written three times the amount of rehab loans, 203K loans, this year compared to this time period last year. The buyer side of transactions have been relatively stable over the past three years for this time period, except for this February. The numbers were 181,169 and 164 for 2017, 2018 and 2019 in January and 161, 143, 100 in February.





It was a mild but dreary winter so that shouldn’t have played into the low actual sales this past month. Interest rates, although rising slightly throughout 2018, are back to the levels that they were in January and February of that year. March is still looking extremely slow for buyer side transaction.

I think there may be several factors involved in the slow down:

Lack of quality inventory available. Philipakos noted that a home in Danbury came on the market this week and his office wrote five pre-qualification letters for that home. Just from his office, five buyers were fighting over this one home.

Buyers may not realize that the interest rates are back down to about the 4 1/2% percent level.

The new state and local tax cap of $10,000 may be discouraging potential move-up buyers.

There is concern about the slowing economy nationally and the uncertainty about what new taxes will be initiated in Connecticut.

There is concern from sellers that when they sell their homes, they may not be able to secure their next home because of the lack of quality inventory.

The moral of the story here is if you have a quality home and it is priced correctly, you should have multiple offers.

Linda McCaffrey,

Coldwell Banker, (203) 790-9500 office, (203) 994-3666 cell, linda.mccaffrey@cbmoves.com, www.coldwellbankermoves.com/

Linda.McCaffrey

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