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No Signs of the Connecticut Residential Real Estate Market Slowing Down

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Fairfield County Real Estate AttorneyEven after more than a year of the residential real estate market soaring, it is still moving at a booming rate. Recently released spring residential real estate statistics show that properties continue to sell as quickly as they are listed on the market and bidding wars are still taking place. Given this pace – and the legalities that can be involved – it is important that anyone who is in the market to purchase a home should have a skilled Fairfield County real estate attorney representing them.

Spring Housing Numbers

The strong demand for residential homes continues to make it a seller’s market, with the average list-to-sale price ratio at 103.1, despite slowly increasing interest rates. 

According to statewide data, houses are still moving quickly off the market. In some Connecticut towns, fifty percent of the houses that sold in the month of May went under contract within five days of being listed. In some areas, contracts were signed within two days of the listing.

Bidding was up as well as potential buyers averaged about 5 percent over asking prices in their bids. Owners of a house in Woodbury received an incredible 50 bids on the property. The median sale price for Connecticut homes in May was $350,000, an increase of almost 10 percent from May of last year.

The number of closings has declined during the first five months of 2022, with just over 16,700 residential properties sold in the state. In May, there were 3,856 residential closings, down 15 percent from May of 2022. Stamford was the Connecticut city with the most homes sold for the month at 143. Market analysts say it is the lack of available homes on the market more than any other factors that is contributing to this decrease.

Are You in the Market?

Anyone who is in the market for a new home should never sign any contracts without first consulting with a real estate attorney, especially in such a competitive market. There are many potential issues that can arise between a buyer and seller that should be addressed in contingency clauses, such as home inspections, financing, and home sale contingencies. Failure to make sure you are protected in any real estate transaction can be financially disastrous should problems arise after the sale.

Contact a Stamford, CT Real Estate Attorney

If you are one of those potential home buyers on the search for a new home, a seasoned Fairfield County real estate lawyer from Law Offices of Daniel P. Weiner can help. Call 203-348-5846 today to schedule a free consultation.