March Market Update

Mar 12, 2022

What's happening is absolutely devastating and our company didn't want to sit on the sidelines and we're presenting this market update, just saying that we don't want you to either. We saw recently in the news how Airbnb stepped forward and offered a no-fee service for anyone looking to book Airbnb's in Ukraine.


You can feel so helpless at times when you look at a situation like this, and you're hoping that somehow, it's going to be the government or another agency that can intervene in order to help. We're just a small company out of Simsbury Connecticut and yet, we felt compelled to do something about the atrocity that's happening in Ukraine. To that effect, our company is going to align itself with our actions the way that we want to and in the housing business. And we're going to do that in a charitable way this year now, by helping the people in Ukraine through booking Airbnb's locally for them so that we're directing funds right into the hands of the people of Ukraine. We’re going to encourage you guys to do the same thing. It's very simple. You can simply log onto airbnb.com. You can find a super host or a local Airbnb, and book it there, and you can watch as the funds go directly from us into the hands of people who live in Ukraine and who are experiencing this atrocity now. We hope you do so.


What's happening in the market

As for what's happening in the market right now, it's a little bit of a downer as well and unfortunately, we've seen sales prices do what we expected them to do. Originally back last year, we announced it would probably cool until February, as it normally does every single year, and that's exactly what it's doing right now. We watched as sale prices in Connecticut, median sale prices, have dropped to about $300,000 from our zenith point of around $340,000 this past year. We're expecting that to turn around right away. Just keep in mind that those who are putting their houses under contract and buying homes right now, they're typically going to be writing those contracts in December, and in January, and then closing in February. That's why those numbers are showing up and fewer people do that. We saw around 2,500 people purchase homes in the last month as opposed to over 3,000 in prior months.


How about inventory?

We also saw that inventory has been slowly declining to its lowest point that we've seen in about the last ten years to around 1.3 months worth of inventory. What this means is that, if no one put their house on the market in the state of Connecticut, we'd all of a sudden see no homes on the market after about two months. Now, obviously, this is very concerning for people. And so they're reaching out to us as they saw our past market update for properties that are signed and looking to be sold, but just simply aren't on the MLS now. We encourage you to reach out about that as well if you're looking to sell your property. Right now is one of the best times in order to reach out and talk about the home prep process. We have a seven-step plan in order to not only make sure that you get the best price for your house in the market, but also the best terms. You see that a contract is written up, not just from the price, but it's also written up from the terms and sellers in this market are finding similar challenges to buyers in that they have to buy a house. It's just as challenging for them as it is for their buyer to find their house so we're writing our contracts in such ways that allow our sellers time to find that new home. Even leaseback agreements that allow them to stay in a property well after they've sold the home; in this seller's market, the buyers are accommodating. 


If you're a buyer in this market, we absolutely know how to navigate these situations by providing a 14 step comprehensive, perfect, contract checklist you can ask your agent about.


Thank you so much for joining us in this special edition for a market update. We hope that you get involved and assist the people of Ukraine in the way that we're aligning with our core values and doing the same. 

For more information, reach out to us anytime. Find on us Facebook, Instagram, and YouTube.

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