First Quarter 2017
Welcome to Berkshire Hathaway HomeServices New England Properties’ First Quarter 2017 Connecticut Market Report, our examination of the single family and condominium markets throughout the state compared with trends across the Northeast and nationwide.
The first quarter of the year showed promise for a strong 2017 as sales and prices were up for both single family homes and condominiums. Due to demand for mid-priced single family homes, average days on market decreased 4.9% to 103 days while prices increased 3.1% to $359,800. There were also 234 more sales in the first quarter of 2017 when compared to 2016. Condominium sales were also strong this quarter with a 7.4% increase at an average price of $215,500 (up 3.5% from 2016). Windham County saw the biggest gains in pricing for both single family homes and condominiums with average prices increasing 13.1% and 33.5% respectively. While all Connecticut counties had more sales year over year; Tolland County, Litchfield County, and Fairfield County had the largest gains when compared to the first quarter of 2016.
Homes in good condition with upgrades are selling the fastest, although fixer-uppers are becoming more appealing to two types of buyers – millennials and flippers. Home flipping is at a 10-year high nationwide and HousingWire reported that 1-in-3 millennials are preferring to purchase a fixer upper house with minimal repairs. The most popular features being replaced post-close are countertops in a kitchen, faucets or plumbing features in bathrooms and wall color in all other rooms.
Both sellers and buyers surveyed by the National Association of Realtors believe it is a good time to buy and sell (see page 6 for more information). With prices on the rise and possible mortgage increases, buyers are in the market creating demand. Sellers should consider improvements, competitive pricing and getting their home listed quickly as the weather starts to warm up. The only challenge for sellers is finding their next home which makes working with a Realtor® imperative in this market as they can help with contingencies and options in selling and buying on the same day.
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.