[CTartist]

CT is still strong. I am pretty sure these are metros.

Where houses are selling for the most over asking price in America right now
https://www.msn.com/en-us/money/real...ei=30#image=43

#15 New Haven...... 2.03% over asking
#9 Bridgeport......... 2.90% over asking
#3 Hartford............ 4.76% over asking

[SteveM85]

Originally Posted by CTartist

CT is still strong. I am pretty sure these are metros.

Where houses are selling for the most over asking price in America right now
https://www.msn.com/en-us/money/real...ei=30#image=43

#15 New Haven...... 2.03% over asking
#9 Bridgeport......... 2.90% over asking
#3 Hartford............ 4.76% over asking

Old news from months ago. MSN and Yahoo have a penchant for reposting articles.

[Beeker2211]

Just did my recent hate scrolling on Zillow/Redfin/Realtor for Fairfield/Bridgeport/Stratford and... wow this submarket has taken a very distinct turn. About to check the Shelton/Hous Valley area as well as the East of New Haven suburbs and see what's going on there but in Fairfield:

- Only 69-75 current listings available, 6-8 are raw land tracts. Depending on which MLS scrappers you are looking at the moment.
- +$1mm listings: 36
- Of those 36 +$1mm listing with quiet re-listings/over 90 DOM/or over 10% price cut: just about all of them. Many of them all three conditions at the same time.

- Eyeing average DOM on the sub $1mm range looks like 90-240 DOM isn't uncommon but I'm not going through every single listing. All but two I checked via Zillow have been either price cut over 10% (some close to 30%) or have been quietly relisted at a lower initial asking price.

Personally many of the properties seem still too overheated... asking for close to 6x median HHI for the town as a whole is very odd for corner lots next to extremely busy state roads and seems like a dead set way to not sell a house but I'm no big city realtor I reckon.

Interestingly enough only one of the property cards I looked at made a mention to proximity to NYC, which is a compete 180 degree just two years ago that tried to make Fairfield and even Milford seem like a hop skip and jump to even the FinDis. I honestly feel sort of bad for the people that worked in FinDis or DT Brooklyn that were bamboozled by shady realtors that said either of those commutes are viable, which I have heard many complaints of from new clients to the area.

[Stylo]

Originally Posted by Beeker2211

Just did my recent hate scrolling on Zillow/Redfin/Realtor for Fairfield/Bridgeport/Stratford and... wow this submarket has taken a very distinct turn. About to check the Shelton/Hous Valley area as well as the East of New Haven suburbs and see what's going on there but in Fairfield:

- Only 69-75 current listings available, 6-8 are raw land tracts. Depending on which MLS scrappers you are looking at the moment.
- +$1mm listings: 36
- Of those 36 +$1mm listing with quiet re-listings/over 90 DOM/or over 10% price cut: just about all of them. Many of them all three conditions at the same time.

- Eyeing average DOM on the sub $1mm range looks like 90-240 DOM isn't uncommon but I'm not going through every single listing. All but two I checked via Zillow have been either price cut over 10% (some close to 30%) or have been quietly relisted at a lower initial asking price.

Personally many of the properties seem still too overheated... asking for close to 6x median HHI for the town as a whole is very odd for corner lots next to extremely busy state roads seems like a dead set way to not sell a house but I'm no big city realtor I reckon.

Interestingly enough only one of the property cards I looked at made a mention to proximity to NYC, which is a compete 180 degree just two years ago that tried to make Fairfield and even Milford seem like a hop skip and jump to even the FinDis. I honestly feel sort of bad for the people that worked in FinDis or DT Brooklyn that were bamboozled by shady realtors thinking either of those commutes are viable, which I have heard many complaints of from new clients to the area.

How can you feel bad for someone that didn't do readily available research that a grade schooler could do?

If you're a successful professional and can afford a nice CT house, you can research commute length.

The market has definitely cooled off. It's not just this area, it's everywhere. In fact, most areas in the US have cooled off significantly more than here.

Also, median HHI is utterly meaningless to compute real estate value. Bel Air HHI is $360,602 and the median house sale is $2,800,000.

[Beeker2211]

Originally Posted by Stylo

How can you feel bad for someone that didn't do readily available research that a grade schooler could do?

If you're a successful professional and can afford a nice CT house, you can research commute length.

The market has definitely cooled off. It's not just this area, it's everywhere. In fact, most areas in the US have cooled off significantly more than here.

I think I tried to couch it as "sort of bad" for them haha.

I will say though, for many of this crop of buyers not only was it their first time buying property but they had no real frame of reference for the area and over-relied on the realtors to be their guide. It's really easy to punch things into Google but there's so much nuance to the workings of an area that google simply cannot provide, like reasonable and usual commuter patterns/schedules/experience/issues. As well, it's a really easy stereotype that even people in SW CT believe: that the NYC bound commuter is more prevalent than they really are which fed into an erroneous bandwagon-ing rationale for the new buyers.

But, Realtor's saying that pre-Covid that DT Brooklyn and the Wall Street area *were* already massive job pools for local residents was the big, and I would argue borderline fraudulent, stretch of the truth that got new buyers to sign on and commissions paid.

As a sort of funny aside, one of the people that contacted me after the former owner left my card for them called me in the middle of the night last year. I sort of was their shepherd for their new house as I knew it well so whatever. Roof sprung a leak (which they would've known had they not waived inspection) and they wanted to know if I knew the super's number that could handle the issue. God I wish I were joking and luckily I severed that relationship shortly thereafter.

[Beeker2211]

Originally Posted by Stylo

Also, median HHI is utterly meaningless to compute real estate value. Bel Air HHI is $360,602 and the median house sale is $2,800,000.

Median multiples are incredibly effective ways to sort general pricing bounds for real estate for the most part. If you have housing that has a median cost of $1m but the local median income is $30k... you have a bubble and a very small pool of available buyers.

Edit:: Price is the amount someone will pay for something, value is what the next person will pay for it sort of thing.

[SteveM85]

Originally Posted by Beeker2211

Just did my recent hate scrolling on Zillow/Redfin/Realtor for Fairfield/Bridgeport/Stratford and... wow this submarket has taken a very distinct turn. About to check the Shelton/Hous Valley area as well as the East of New Haven suburbs and see what's going on there but in Fairfield:

- Only 69-75 current listings available, 6-8 are raw land tracts. Depending on which MLS scrappers you are looking at the moment.
- +$1mm listings: 36
- Of those 36 +$1mm listing with quiet re-listings/over 90 DOM/or over 10% price cut: just about all of them. Many of them all three conditions at the same time.

- Eyeing average DOM on the sub $1mm range looks like 90-240 DOM isn't uncommon but I'm not going through every single listing. All but two I checked via Zillow have been either price cut over 10% (some close to 30%) or have been quietly relisted at a lower initial asking price.

Personally many of the properties seem still too overheated... asking for close to 6x median HHI for the town as a whole is very odd for corner lots next to extremely busy state roads and seems like a dead set way to not sell a house but I'm no big city realtor I reckon.

Interestingly enough only one of the property cards I looked at made a mention to proximity to NYC, which is a compete 180 degree just two years ago that tried to make Fairfield and even Milford seem like a hop skip and jump to even the FinDis. I honestly feel sort of bad for the people that worked in FinDis or DT Brooklyn that were bamboozled by shady realtors that said either of those commutes are viable, which I have heard many complaints of from new clients to the area.

Even with 10% price cuts, prices are still near all time highs and record low inventory. There's a long way to go still until we get back to 2019 and post #1 in the original thread. Remember those days.

[Beeker2211]

Originally Posted by SteveM85

Even with 10% price cuts, prices are still near all time highs and record low inventory. There's a long way to go still until we get back to 2019 and post #1 in the original thread. Remember those days.

You're not kidding, this lack of inventory here is really holding the weight of current values and sale prices. In the markets where inventories are up just 10ish% (and far from what we consider a balanced market still) listing prices are taking a massive hit. With the WFH revolution being not as transformative as many thought it was, along with certain regulatory changes around the short term rental space we have a few cases to see what could be going on if inventories tick up like Austin.

The question is if we land at what should've been the 2021 historical mean values, or crashing right through it. Even if rates go down, I don't think it'll raise prices. We'll see though.

[JayCT]

Originally Posted by Beeker2211

You're not kidding, this lack of inventory here is really holding the weight of current values and sale prices. In the markets where inventories are up just 10ish% (and far from what we consider a balanced market still) listing prices are taking a massive hit. With the WFH revolution being not as transformative as many thought it was, along with certain regulatory changes around the short term rental space we have a few cases to see what could be going on if inventories tick up like Austin.

The question is if we land at what should've been the 2021 historical mean values, or crashing right through it. Even if rates go down, I don't think it'll raise prices. We'll see though.

I too have noticed the price cuts in Fairfield. The pent up demand for homes seems to be waning there.

That hasn’t happened here in Glastonbury yet. I’m still seeing homes going for over asking. Wonder how much longer that will continue.

That said, the good news is the Federal Reserve has indicated it believes they will be cutting interest rates next year. That sent the stock market through the roof. It’s now at record highs. Merry Christmas and Happy Hanukkah.

[SteveM85]

Originally Posted by JayCT

I too have noticed the price cuts in Fairfield. The pent up demand for homes seems to be waning there.

He/she was talking about bigger price cuts in markets where inventories are up like Austin, and correctly so.
Fairifeld has some modest cuts and most homes listed are pending. If you put Fairfield in a realty search engine there are only 4-5 pages worth of listings. In the old days towns and cities would have over 20-30 pages.
2019 prices will have to wait. It's a looong way down from here. Gonna need to take an express elevator down.

CTYank should be chiming in soon about your Fed Reserve interest rates comment. Queue him up