Recent Trends in New Haven Real Estate

Thanksgiving week is just on the horizon as the fall season begins to wrap up and give way to winter.  Throughout the fall timeline, the New Haven real estate market has mostly experienced improvement in a number of different areas.  There have been telling numbers in some areas of the market, while others experience a bit of dissension.  For most of 2011, two of the area’s key markets, single family homes and condominiums have experienced different returns.

In the past few months, there’s been a different feel in the New Haven real estate market.  Within the fall months, overall sales in the new haven area saw an improvement over the returns from 2010.  Throughout July, August and September, pending sales decreased.  This could mean that more deals were getting done.  Total sales for the area were considerably steady when compared to the early months of 2011.  The first quarter of 2011 saw an 18 percent hit to overall sales in the New Haven area, thus the steady numbers have been particularly telling for the local market.

Prospective buyers in the area and around the country are also usually affected by the rental market and its characteristics.  In 2011, New Haven apartments have experienced rising rental rates for the most part.  This could be a good trend for sellers, especially for those potential buyers who are truly on the fence between buying their first home and continuing to rent.  Right now, the average rental in New Haven is about $1,200, which is about three percent higher than last year.

The inventory in the New Haven area has been falling for most of 2011, but the last few months have brought on some different trends in this sub sector of the market. With the inventory falling for most of the year, the amount of time that homes have stayed on the market has also been affected. Right now, the area has an average market time of 150 days, proving to be much more steady than 2010 and previous years.

With a little of November and the month of December left in 2011, the New Haven real estate market is likely to experience a continued mixture of good and bad statistics.  The sales of single family homes are likely to experience steadiness throughout the winter, instead of any kind of boom.  Primarily the winter months are rough for most real estate markets, but a pickup could be expected in the early months of 2012.

While the year end trends will affect some decisions in the early part of 2012, the choices of potential buyers will continue to be based mostly on a defining set of factors that are important to their own needs.  While good statistics and returns often determine what a buyer’s market is, each situation is truly individual and helps to determine whether or not a sale gets done.

 

By:  Melinda Carter

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