The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.
The first two revelations centered around the shortage of CT housing inventory currently available in both existing homes and new construction.
Regarding Existing CT Home Inventory:
“For the fourth year in a row, the inventory of homes for sale not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply - almost half of the 6.0 months level that is considered a balanced market.”
Regarding New CT Home Inventory:
“The CT market is still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”
Bottom Line
The biggest challenge in today’s CT market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!