- The Market Report
Berkshire Hathaway HomeServices New England Properties' Monthly and Quarterly Market Reports are availble for all towns in Connecticut, Rhode Island, Massachusetts and Westchester County, New York. Subscribe to receive an email every month with up-to-the-minute data.
VIEW CONNECTICUT MARKET REPORT VIEW RHODE ISLAND MARKET REPORT
Connecticut 2018 Third Quarter Market Report Summary
Connecticut home sales were down in the third quarter of 2018 when compared to the same time last year; however, average price increased by 4% to $415,500 for single family homes. Homes sold in the $300,000 - $600,000 range increased by nearly 3%, with pricing remaining flat and fewer days on market when compared to 2017. Inventory continues to stall our state’s real estate growth with fewer properties being put on the market, making it tough to keep up with the demand of buyers. Days on market remain low in all Counties, averaging 80 days for both single family homes and condominiums.
In Fairfield County, there are a few towns seeing increased single family home inventory and sales to match including Greenwich, Norwalk, Sherman, Weston and Wilton. Buyer profiles include move-up purchasers and current New York City residents. The median price in all these towns besides Greenwich is under $800,000 making the homes and communities highly desirable. Greenwich’s single family home sales are up 27% year over year with the $3 - $4 million range up 13%. The higher end showed strength year over year outside of Fairfield County as well, with bright spots in Lyme and Stonington with multiple homes sold for over $2 million dollars this quarter.
New development permits are up slightly YTD 2018 vs 2017. However, they are still trending lower when compared to 2013 - 2016. Single family and multi-family permits are notably higher in Greenwich, New Haven and Simsbury.
Berkshire Hathaway HomeServices represents new development projects in these markets and is optimistic about an uptick in new construction activity. Given the lack of new construction in recent years, buyers are looking for architecturally progressive and updated smart homes that they unable to find in the resale market.
Overall, it is truly a seller’s market with 98% list to sale price ratio and strong consecutive price growth quarter over quarter. Seasonal shifts once seen in year’s past with buyers making decisions in Spring and Fall have not held true in the Northeast. This combined with impending loan rate increases, high consumer confidence and strong economy should drive sellers to the market and not wait until Spring of 2019.
If you have any questions regarding this report or real estate questions in general, Berkshire Hathaway HomeServices New England Properties Realtors® are here to help you navigate the current market with expert knowledge and exceptional service.