While Connecticut home sales figures continue to paint a bleak picture, Barry Rosa, vice president and director for Prudential Connecticut Realty’s specialty markets division, says predictions of a market collapse are overblown.
“One thing is certain, this is not the first weak economic cycle, and it will run its course,” Rosa wrote in Prudential Connecticut’s market report for the first quarter.
Figures based on multiple listing service sales in the first quarter revealed a 30 percent decline of single family homes in the state and a 6 percent drop in median price.
Every county in the state had at least a 20 percent decline in home sales for the first quarter. Only two — Litchfield and Middlesex counties — were able to avoid a drop in median price.
In the Hartford region, the number of home sales in several towns tumbled precipitously.
Bloomfield went from 48 sales to 25 in the first quarter, while Simsbury dropped from 60 to 28. Bristol’s home sales fell off by 40 percent.
But Rosa noted that Connecticut hasn’t been a speculative marketplace, and it is not saddled with large standing inventories of new homes that would make its market more vulnerable.
