Berkshire Hathaway HomeServices New England Properties Releases Third Quarter Connecticut Market Report for 2017
Wallingford, CT – Berkshire Hathaway HomeServices New England Properties has released its Third Quarter 2017 Connecticut Market Report, a valuable resource for anyone looking to buy or sell a home. The report examines the single family and condominium markets throughout Connecticut and is an in-depth analysis of sales and emerging trends in the market.
Connecticut sales remained flat year over year, however average price increased by 5.81% up to $369,200. Luxury home sales – those sold for over $2 million – skyrocketed this quarter with 25.55% more sales in the 3rd quarter of 2017 when compared to 2016. 26 of the 172 sales in this price point were sold for over $5 million and all but one in Fairfield County. Days on market for both single family homes and condominiums dropped by 7% when compared to the 3rd quarter of 2016 to a combined average days on market of 75. Tolland, Middlesex and Fairfield County had the biggest gains in sold single family homes year over year by 8.80%, 5.66% and 5.28% respectively. Windham County had a 52.00% increase in condominium sales in the 3rd quarter.
Homeownership remains a priority for younger consumers despite tight housing inventory and stiff competition for homes – conditions that are driving up prices in many markets. In Berkshire Hathaway HomeServices’ latest Homeowner Sentiment Survey, a full 71% of prospective homeowners – a demographic composed largely of Millennials – believe now is a good time to buy a home and 63% remain steadfast in their ideal preferences for a home.
Finding a home in Connecticut has been difficult with new listings down 3.73% year over year. Several factors that have contributed to the housing shortage include 15.50% fewer new building permits through August when compared to 2016. In addition, the vast Baby Boomer generation has contributed to the shortage as many are reluctant to sell. In the Berkshire Hathaway HomeServices survey, 73% of Boomers said they hesitate to list their homes because home values are rising. Daren Blomquist, senior vice president at ATTOM Data Solutions agrees: “An increasing number of U.S. homeowners are amassing impressive stockpiles of home equity wealth, enjoying the benefits of rapidly rising home prices while staying conservative when it comes to cashing out on their equity — homeowners are staying in their homes nearly twice as long before selling as they were prior to the Great Recession.”
While waiting to sell is enticing, the 3rd quarter’s upwards pricing trend combined with the fastest home sales the state has seen in years indicate strong fall and winter markets. 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. To view the full market report, please visit: https://www.bhhsneproperties.com/connecticut-market-report
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Berkshire Hathaway HomeServices New England, New York and Westchester Properties is a leading real estate brokerage firm with over 1,800 REALTORS® in Connecticut, Massachusetts, New York and Rhode Island. Share in our heritage and esteemed reputation as one of the most admired and respected companies in the world. By working with Berkshire Hathaway HomeServices New England, New York and Westchester Properties, you align with a century of unparalleled financial strength, operational excellence and business ethics. For more information, visit www.bhhsNEproperties.com.