Realtors association: Third-quarter sales reflect increased confidence
Third-quarter data released by the Eastern Connecticut Association of Realtors last week shows that single-family home sales in New London and Windham counties are up over last year, which CEO Susy Hurlbert takes as a sign of increased buyer confidence.
"There is no real fear of a recession over the next 12 months at least, so I think there's confidence in the housing market because of that," she said.
Compared to the third quarter of 2017, the number of single-family homes sold increased by 2.13 percent, while the median sale price went up by 4.65 percent. The ECAR report uses data from SmartMLS.
The average time a single-family home spent on the market decreased from 59 to 56 days.
She said there is still a housing inventory shortage in the region, and that buyers are a little more motivated because interest rates are rising.
Commercial sales saw a 34.48 percent increase in number of units sold and 23.58 percent increase in median sale price in the third quarter. The number and cost of mobile and multifamily sales also rose.
The number of land sales stayed flat at 66, but the median sale price rose 43.15 percent.
The only category to dip was condos, which saw a 13.04 percent decrease in number of sales, along with a decrease in the average sale price.
Condo sales were down slightly in the second quarter, but Hurlbert noted this is a change from the strong market the region saw for condos last year. The number of condo sales increased by 13.89 percent from 2016 to 2017.
In New London County specifically, the total volume of single-family home sales increased by 11.8 percent, which Hurlbert said could be attributable to an improved job market.
Windham County saw a smaller increase in the number of single-family units and total volume, but a larger increase in the median sale price and a greater decrease in the number of days on the market.
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