Berkshire Hathaway HomeServices New England Properties Releases Third Quarter 2019 Connecticut Market Report
An in-depth analysis of sales and emerging trends in the market.
Wallingford, CT (October 14th, 2019) – Berkshire Hathaway HomeServices New England Properties has released its Third Quarter 2019 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.
Single family home sales in Connecticut were up 1.75% when comparing the third quarter of 2019 to 2018 and flat year to date. The delayed spring market and low interest rates created steady increases over the last three months and pending sales were up across the Northeast in addition to the rest of the country.
According to NAR, “…optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase,” with 34% of those respondents strongly believing in this statement. Connecticut statistics also share these sentiments. The $200,000 – $500,000 range showed the strongest sales this quarter, with nearly 8% more homes sold year over year.
Market wide, average days on market decreased to only 69 days, an 11-day reduction when compared to same period last year. Average price remained flat at just over $365,000 and new listings brought to market remained the same. There were 3.48% fewer condominium sales sold this quarter, showing a normalization and balancing of the market as more buyers chose single family homes over condominiums. Right pricing plays a significant role, combined with property condition and proper home staging. Buyers know they have choices and prefer to wait for value properties that need minimal work for move-in.
Homes priced over $2 million saw 6.43% fewer sales but the average price in this range increased to over $3.5 million. Outside of Fairfield County, homes sold for over $1 million nearly doubled this quarter, with the majority being shoreline or lakefront properties. This is good news as it is an indication of second home purchases and New York City employees with flexible work options either moving to or moving up in the state.
Looking forward to the fourth quarter, the market has a heightened sense of momentum. Our sales executives are reporting a high level of activity among buyers and sellers alike. Since Labor Day weekend, open houses have been busy with buyers, specifically those looking to make a purchase quickly. The luxury market will still be sluggish but with low interest rates, now is the ideal time to sell and buy in the Northeast.
At Berkshire Hathaway HomeServices, we offer the unique ability to help buyers and sellers alike with all their home ownership needs. As the largest real estate company in the nation, our agents have partnerships with mortgage, insurance, and home warranty professionals to make the experience a one-stop-shop for today’s consumer. If you have any questions regarding the material presented in this report or any other real estate questions, please contact your Berkshire Hathaway HomeServices New England Properties sales associate. Our REALTORS® are here to help you navigate the current market with expert knowledge and exceptional service.
About Berkshire Hathaway HomeServices New York Properties/New England Properties/Westchester Properties
Berkshire Hathaway HomeServices New York Properties/New England Properties/Westchester Properties is a leading real estate brokerage firm with more than 1,800 REALTORS® in Connecticut, Rhode Island, Manhattan and Westchester County, NY. Selectively chosen by Berkshire Hathaway HomeServices and HomeServices of America; the global reach, financial strength and fresh brand make the brokerage the premiere real estate firm in the Northeast. Whether it’s residential, commercial, corporate relocation, equestrian or waterfront living, our company and REALTORS® are local market experts committed to providing exceptional service to our clients. For more information, visit www.bhhsNEproperties.com, www.bhhsNYproperties.com or www.bhhsWestchester.com.
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, bringing to the global residential real estate market a definitive mark of trust, integrity, stability, and longevity. The network’s parent company is HomeServices of America, Inc., the nation’s largest, full-service residential brokerage firm as measured by transactions, and an affiliate of Berkshire Hathaway Inc. The Berkshire Hathaway HomeServices global network has more than 50,000 affiliated independent sales associates and 1,500 offices throughout the U.S. and abroad, generating US$114.5 billion in closed transactions in 2018. For additional information, visit www.berkshirehathawayhs.com.