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Leading economists and industry experts anticipate a continuation of these market conditions:
The year 2020 delivered an extraordinary real estate market and that momentum is anticipated to continue for the foreseeable future. Along with the allure of the Connecticut Shoreline, in 2020, several factors combined to draw buyers to our area. As a result, nearly every town in our market saw record sales during the second half of the year.
These are remarkable results considering real estate was in significant retreat in March and April. Once the state economies reopened however, and interest rates fell, the market began an extraordinary rebound. With rates as low as 2%, buyers suddenly found that they could consider homes that had previously been out of reach. Entry-level homes, move-up homes, second homes and million-dollar homes all saw demand far outpace availability and every segment of the market saw multiple offers on properties and properties selling for above the asking price.
As we head into 2021, where does this leave our real estate markets? Rates are expected to remain historically low throughout the year, buyer demand in our market areea shows no sign of slowing, the economy is beginning to find its feet again and, most importantly, the Covid-19 pandemic is slowly being brought under control. With all of this in mind, economists and industry experts predict another strong year for residential real estate – especially in the Connecticut Shoreline market.
Given the market’s momentum, one factor that can potentially slow it down is inventory. With buyer demand as high as it has ever been, inventory has continued to shrink and most towns enter 2021 with inventory at an all-time low. This is a trend that certainly bears watching, but the good news is that reports show a strong pool of sellers readying to put their homes on the market in order to take advantage of the significant equity that they have built up in their properties.
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