Berkshire Hathaway HomeServices New England Properties
Releases 2017 Fourth Quarter Connecticut Market Report
Wallingford, CT – Berkshire Hathaway HomeServices New England Properties has released its Fourth 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 were down by 1.99% in the fourth quarter, however, average price increased by 6.76% to $344,2018. Days on the market for both single family homes and condominiums increased by 9.41% and 2.13% respectively, during this fourth quarter. Condominium sales surged in Windham, Middlesex, Hartford and New Haven Counties with corresponding increases in pricing- showing demand for lower maintenance living across the state. Luxury home sales- those sold for over $2 million, saw continued increases with 7.84% more sales (115) in the fourth quarter, when compared to 2016. Over 90% of the luxury sales in Connecticut took place in Fairfield County during 2017.
New building permits continue to decrease, with 10.87% fewer permits issued as of November 2017, when compared to 2016; and new listings are down 4.72% year over year, making 2018 an opportunity for homeowners to list their homes.
The most significant issue sellers and buyers need to be aware of is the new tax bill. It is too early to tell how it is going to impact the state of Connecticut but it will be a variable for the housing market in 2018. Regardless of the implications, move-in ready homes and those within walking distance to shops and restaurants will remain front runners in the 2018 market.
To view the full market report, please visit: https://www.bhhsneproperties.com/connecticut-market-report
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.
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.