Throughout the year, we brokers are repeatedly asked, “How’s the market?” because residential real estate is apparently endlessly fascinating to the general public. Being the happy-go-lucky, smiling, whistling, optimistic guy you all know and love, I always reply that the market is “Fine”.
Unfortunately, Houlihan manager Haffenreffer has now come along and supplied the actual facts of the case for the full year of 2016, and it’s safe to say that last year was a bit “sucky”, as the young people like to say.
Total House Sales
Total Condo Sales
Check out the results for the upper price ranges of $5,000,000+, those continue to be depressed, but keep in mind, as I’ve described in an earlier post, there is quite a bit of new construction going on all over town, much of it custom-building for people who’ve bought a tear-down and then hired a builder to erect their dream-house. This activity is significant yet goes completely unacknowledged in statistics like the ones provided here.
Click on links below to see the full (ugly) story….
P.S. Regarding the fading of the upper price range, perhaps the inescapable conclusion is that Connecticut’s dominant political party (no names mentioned) has gradually chipped away at our once-great state’s biggest advantage over neighboring New York, which was taxes. We are now among the highest taxed states and guess who is the first to get the hell out of here? Did you say “the mega-wealthy”? You’re right! They are leaving because they can.