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Connecticut Market Report

Connecticut market report




Fourth Quarter 2014



Welcome to Berkshire Hathaway HomeServices New England Properties’ Fourth Quarter Connecticut Market Report, our examination of the single family and condominium markets in Connecticut.

2014 proved to be consistent with 2013 sales volume and pricing with 26,340 total sales and an average sales price of $411,400. Condominium sales continued to see robust gains in both average price and number of sales with 1.47% and 0.6% increases respectively. The luxury market saw an uptick in sales at all price points, with a 10% increase in sales over $5 million. When reviewing the Fourth Quarter specifically, closed sales were up slightly year over year, average price continued to drop while days on market remained consistent. Those properties priced properly in their market and in show-ready condition continued to sell at asking price in fewer days than competitive homes. Inventory decreased this quarter which will be beneficial to sellers who have already listed their home as the spring market quickly approaches.

In 2015 we anticipate that interest rates will begin to increase as employment, as well as GDP, continue to grow at a moderate pace. First time homebuyers, as well as those returning to homeownership, will see a number of great opportunities in 2015, with lenders increasing the maximum loan to value to 97% from 95% and FHA reducing the annual mortgage insurance premium by .50 bps, allowing more customers to qualify.

At Berkshire Hathaway HomeServices New England Properties, our mission is to provide an unparalleled customer service experience throughout all aspects of the home transaction process. If you have any questions regarding this report, Berkshire Hathaway HomeServices New England Properties Realtors® are here to help you navigate the current market with expert knowledge and exceptional service.