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8 n e w h a v e n B I Z | M a r c h 2 0 2 3 | n e w h a v e n b i z . c o m O n T h e R e c o r d | Q & A What challenges is the real estate industry facing? e current market is quite unique, and something that I haven't seen to this extent over my 20-year period (in real estate). We are in some challenging times. It is simply because of the lack of inventory. (As of late February) in the entire state of Connecticut, for single family and condominiums, we only have 3,115 listings. Pre-pandemic, we were around 22,000. It is nothing that is going to be fixed overnight. For the spring, we will get an influx of properties coming on the market, as we traditionally do. We are not going to get 15,000 more on the market. Our indicators show that by mid-year to the end of the year, interest rates should be coming back down. We have had sort of the perfect storm, with a lack of inventory and an increase in interest rates. (As of late February, Bankrate.com reported the national average interest rate for a 30-year, fixed- rate mortgage was 6.77%.) What message would you like to share with industry members? As president and as the face of CT Realtors, it is important for me to stress this is something we can get through. We have seen fluctuations in the market in the past, and we have come out on the other side just fine. We are going through a difficult time now, but that doesn't mean we can't come out from underneath this. It is just going to take perseverance and hard work. What are your priorities for your new role? I wish I could flip a switch and make it all better. My priority is to promote the message that it is still a great time to sell in the state of Connecticut, to ensure that buyers will have opportunities, and to be prepared for the upcoming market. As a president, people look to you to lead, and to have the answers. e only thing that I can do is to be upfront and honest, and let them know the world is not ending, things are going to be OK. I also like to always incorporate diverse ideas and to embrace new technology. What are you seeing in the market for buyers and sellers? What I've seen, both personally and what my colleagues tell me, is that sellers and buyers have had a little bit of a pause. at was aided by the holidays and the end of the year, which typically is a slow time for real estate. Buyers have had to realize that their buying New CT Realtors president prepares to lead industry through 'difficult time' David P. Gallitto President CT Realtors Age: 64 Education: B.A., University of Notre Dame David P. Gallitto, president of CT Realtors. By Michelle Tuccitto Sullo D avid P. Gallitto took over in January as president of CT Realtors for 2023, at a time when the industry is facing challenges such as low inventory. Gallitto, a Middletown resident, has been a Realtor for two decades and is affiliated with the New Haven-based firm of Huntsman, Meade & Partners. CT Realtors advocates for the real estate industry and has 20,000 members. Gallitto has been on CT Realtors' board of directors for a decade, and has had several positions on its executive committee. He is also a director with the National Association of Realtors. Part of his job is being vocal on legislative issues that impact the real estate industry and homeowners. Gallitto will be leading CT Realtors for the entirety of 2023. In February, New Haven Biz chatted with Gallitto about the current real estate market in Connecticut and what he hopes to accomplish in the year ahead . PHOTO | CONTRIBUTED

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