Home and condo prices declined in Connecticut in the third quarter, as did sales, creating opportunities for buyers before the end of the year.
That’s part of Wallingford-based Berkshire Hathaway HomeServices New England Properties’ assessment in its Third Quarter 2016 Connecticut Market Report.
“In Connecticut, true value opportunities exist at opposite ends of the market,” report authors note. “Sellers of luxury homes are starting to drop prices dramatically. At the other end of the spectrum, buyers looking for a fixer-upper and low monthly payments are benefiting from the increase of foreclosure starts in the state as Connecticut countered the national trend in the month of July with a 50 percent increase.”
Among the report’s findings:
Single family homes in Connecticut decreased slightly by 1.4 percent year over year in the third quarter of 2016, a decrease in sales volume by 5 percent.
More dramatically, the condominium market dropped by 4.7 percent in sales year over year, representing a 7.2 percent decrease in sales volume.
Meantime, the average price of a single family home dropped 3.6 percent, to $378,600, and condo prices dropped to $222,100, by 2.6 percent. Single family homes and condos averaged 130 and 135 days on the market, respectively.
High end sales declined, with 85 sales between the $2 million and $3 million mark compared with the second quarter of 2016, when there were 102 units selling. In the upper end of the $3 million to $5 million range, 41 homes sold, while 14 sold in the $5 million range.
