2012 Easton CT Real Estate Forecast, Advice and 2011 Recap
Tuesday, January 3, 2012 at 11:52AM The year ahead has to be better than 2011, which has been one of the worst years for Easton real estate unit sales in recent past. For example, in 2005 we had nearly DOUBLE the amount of sales that we had in 2011. This past year looks like a near repeat in volume that we saw in 2009. The interesting curve ball is that prices have increased on average, although not across the board.
Historically, presidential elections have brought about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, it should help this market considerably in the coming year. I cannot state with certainty that any major price adjustments on the positive side are in the midst any time soon.
Anticipate more than a few minor "bumps" come Spring and early summer, when it is expected that we will begin to see Easton's shadow inventory coming on to the market, and competing with owners wishing to sell their homes. Close to 60 properties are on the horizon for upcoming bank owned properties that will be coming on the market in 2012 and early 2013, and that number is more homes than sold in all of 2011.
Unfortunately, the year ahead doesn't look so wonderful here as far as continued growth in property values are concerned. The shadow inventory is disconcerting along with 2010's low sales. I wish I could state it differently, and I would not like to have to say it at all. Easton's sales were down 49% from 2010. That is a BIG HIT. At the same time, average prices increased by 8.7 percent, so last year was in no way, shape, form or fashion abysmal in pricing, and I will hold on to that thought, along with optimism for the coming year to reach over 65 sales. Will we see another increase in value like that in 2012? NO. We may very well begin 2013 back at 2010 price levels, so plan accordingly.
There are some segments of the market that fared better than others this past year, and five bedroom homes were as hot as they could get. My opinion is that the land offered In easton along with the value as compared to Westport or Weston brought those buyers here in droves. Not only were five bedroom homes the hottest selling in town, but unit sales increased over 45% for these properties from 2010, when overall unit sales went down 49 percent at the same time. Buyers opted for larger square footage homes, too. Roughly one third of all homes sold in the past year were over 4,000 square feet.
Best bets for selling for top dollar in the year ahead are four and five bedroom homes and homes between 2000-2500 square feet, as well as any home over 4000 square feet.
Best bets for buyers are where the market has suffered, and they are apt to get a better deal, and that would be primarily three bedroom homes, and especially those with any possibility of reasonably adding a fourth bedroom.
Bottom Line: Expect market time to sell your home to increase this year. Prices aren't going up, sales volume will. Pay close attention to the market.
If you have a question about buying or selling Real Estate in Easton, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy
