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Connecticut Market Report

Connecticut market report




Second Quarter 2014



The Connecticut market saw robust seasonal gains in the Second Quarter 2014, with closed sales exceeding 7,400 transactions and median sales price increasing market-wide versus last quarter.  Pent-up demand from the first quarter led to an 11.3% decrease of days on market to 140 days with buyers entering the housing market at all price points. 

Overall, the average cost for Connecticut’s homes remained unchanged year-over-year.  Signed contracts for single family homes decreased 19.6% versus last year, but increased 13.3% from last quarter.  Meanwhile, Connecticut’s rental market remained strong in the second quarter, up 1.2% to 3,890 signed leases year over year.  Average rental prices have remained in line with last year’s data, with New Haven County showing the largest average price increase.

The ultra-luxury segment of the market improved with 22 sales over $5 million in the second quarter, up 57% from the same time last year.  Confidence in the market combined with appealing inventory have increased the number of high-end buyers.

Pending sales increased in June due to more inventory, favorable interest rates and an increase of cash buyers in the market.  It appears as though the spring market is delayed and will spread through the summer and early fall.   Pricing has remained consistent over the last four quarters, a sign that sellers understand the market conditions and valuation.  Well priced homes in good condition sold quickly, mostly at or above list price, with multiple offers in the second quarter.

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 sales associates are here to help you navigate the current market with expert knowledge and exceptional service.