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Connecticut 2019 First Quarter Market Report Summary
In the first quarter of 2019, the number of single family and condominium sales was down 3.14% across the state with slight increases in Hartford, New London and Windham Counties. Average days on market dropped to 90 days, an 11.76% decrease when compared to the same time last year. Overall, pending home sales decreased in the first quarter by 1.15% when compared to last year. The decrease indicates a cyclical low, however activity is down when compared to 2018.
Entry level homes, those priced under $300,000, are the most active subset of the market. While sales are flat year over year, listings taken are down six percent, showing buyers are moving quickly on all available inventory. Home sales over $2 million dropped considerably this quarter. Luxury home sales were down 10.43% year over year at an average price of $3.2 million, a 36.61% drop when compared to 2018. Looking forward, Greenwich has 24 contracts waiting to close in the $2 - $3 million range which is up from 2018 and promising for the Spring market.
New construction permits were down 33.51% for the months of January and February when compared to 2018, more in line with 2017 numbers. However, we are seeing success with the new developments that have come to market in the last six months, as it satisfies buyers in the market who are not able to find re-sale inventory.
It is truly a sellers’ market in the entry level price point as there are only 4 months of inventory available. Homes that have some updates and are staged well are seeing a tremendous amount of activity and showings due to limited competition. Open House attendance is at an all-time high and with the nicer weather getting more and more consistent, I predict days on market will continue to drop for
well-priced homes that come on the market. Buyers have tremendous opportunities to either get into the market or move up as mortgage rates remain at multi-month lows. In the first week of April, the Mortgage Bankers Association reported a nation-wide 18.60% surge in mortgage applications as borrowers locked in lower financing costs. But, with state leadership heavily focused on job creation and business recruitment, competition among homebuyers could increase during the months ahead.
If you have questions regarding the material presented in this report or any other related real estate issue, please contact your Berkshire Hathaway HomeServices New England Properties agent. Data interpretation, judgement, and historical context are key elements in making informed decisions and our Realtors® are here to help you navigate the current market with expert knowledge and exceptional service.