Berkshire Hathaway HomeServices releases 2018 third quarter market report

Wallingford — Berkshire Hathaway HomeServices New England Properties has released its third quarter 2018 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 home sales were down in the third quarter of 2018 when compared to the same time last year; however, average price increased by 4 percent to $415,500 for singlefamily homes. Homes sold in the $300,000 to $600,000 range increased by nearly 3 percent, 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 singlefamily home sales are up 27 percent year-over-year with the $3 to $4 million range up 13 percent. 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 yearto-date 2018 versus 2017. However, they are still trending lower when compared to 2013 to 2016. Single-family and multifamily 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 percent 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 2019.

To access the complete report, visit www.bit.ly/ 2J0I5FA.