Connecticut Home Prices Plunge - NBC Connecticut

Connecticut Home Prices Plunge

November home prices and sales drop sharply in Connecticut

    processing...

    NEWSLETTERS

    Connecticut Home Prices Plunge
    Getty Images
    Now that's a home that won't sell.

    There are plenty of homes for sale, but who's buying them? 

    The tough housing market is far from ideal for sellers.  

    "I was expecting it to be sold rather quickly," said Robert Savin, who's West Hartford condo has been on the market now for three months.  "Another unit in my building sold pretty much right away."

    Homes are selling, but just not as fast or at the high prices they used to, according to Savin's realtor, Michelle Hollander of William Raveis in West Hartford.  She also points out Hartford County is faring better than the rest of the state.  "Today they are moving and if you're priced right they will sell.  It's just really about being realistic," said Hollander.

    Home prices in Connecticut plunged 16.2% in November 2008 compared to the same time frame in 2007, according to The Warren Group.  Home sales in Connecticut dropped 26.6% in the same time period.  The Warren Group says it's the sharpest decline in 20 years.

    "It's almost a correction that had to take place for the market to level off," said realtor Julie Corrado, of Alaimo and Corrado Century 21 in South Windsor.  "It's something that was definitely expected."

    Economists expect the housing market to continue its decline through 2009, as foreclosures and consumer fear rise.

    "There's definitely people out there that would want to buy a home if it's priced correctly," said Corrado.

    "Sellers have to have patience," said Hollander.  "It's not going to happen overnight and it just takes one person."