- The Market Report
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Connecticut 2017 Year End Market Report Summary
Connecticut sales were down by 1.99% in the fourth quarter, however, average price increased by 6.76% to $344,218. Days on 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. New building permits continue to decrease, with 10.87% fewer permits issued as of November 2017 when compared to 2016. Types of permits are still split evenly between single family homes and buildings with 5 or more units. Luxury home sales – those sold for over $2 million – saw continued increases with 7.83% more sales (115) in the 4th quarter when compared to 2016. 22 of these sales were over $5 million, compared to only 7 sales in the last quarter of 2016. Year over year, there were 10.30% more luxury sales at an average price of $3,613,098. Over 90% of the luxury sales in Connecticut took place in Fairfield County during 2017.
Cumulative data showed a strong year overall. In 2017, sales increased by 3.00% to 45,067 for the state (single family homes and condominiums combined). The average price was $349,077, a 3.71% increase when compared to 2016 and days on market dropped from 2016’s 139 days to an average of 83 days. New listings are down 4.82% year over year, making 2018 an opportunity for homeowners to list their home.
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.
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.
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