Prudential Connecticut Realty Releases Q3 2008 CT Real Estate Market Report

Rocky Hill, CT (PressExposure) October 23, 2008 -- Prudential Connecticut Realty recently released its third quarter Connecticut Real Estate Market Report, announced Barry Rosa, Vice President and Director of the company’s New Homes & Land Specialty Markets Division.

“In light of all that has been going on, there has been little positive or negative change to the real estate markets in Connecticut,” according to Mr. Rosa. “In fact, Connecticut has actually done well when placed in the context of all the national economic news unfolding over the past year.”

Mr. Rosa’s report states that sales are still running about 70% of last year’s levels and marketing times have not increased much year over year. Inventory levels have not shown any large increases, and median sales prices have moderated, but are not in a downward freefall.

He also points out that there is no oversupply in Connecticut of new or existing homes and condos. And, while sales have declined from last year, the real barometer on the market is the supply of homes compared to the rate of sales and deposit activity. In Connecticut, there is about a seven-month supply of inventory based on sales and current deposit levels.

“Properties priced to be ‘in’ the market are very likely going to sell. Properties priced to be ‘on’the market may take a long time to sell,” Mr. Rosa said. “The economic cycle we are in will pass and a new one will start. We all need to take a little wider view of real estate markets. Daily events can and often do cloud reality.”

Mr. Rosa has specific sales and inventory statistics broken out by county and city. For a copy of the entire report, visit [http://www.prudentialct.com] and click on “The Market Report.”

About Prudential Connecticut Realty

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 13th largest in the United States, earning more than $5.1 billion in sales with more than 1,800 real estate agents. For more information, visit [http://www.prudentialCT.com]

Press Release Source: http://PressExposure.com/PR/Prudential_Connecticut_Realty.html

Press Release Submitted On: October 21, 2008 at 1:09 pm
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