In this week’s Connecticut Real Estate Market Weekly Insights, the focus begins with a deep dive into the state condo market. Median condo sale prices rose to $315,000, up 10.5% year over year, while the average price reached $376,803, a 6.3% increase. Condos are moving quickly with a median of 16 days on the market, three days faster than last year, though competition has cooled slightly with buyers paying about 2.3% over asking on average. Mid-priced condos in the $200,000 to $399,000 range remain the hottest segment, while luxury properties around $1.2 million to $1.39 million are seeing surprising bidding wars, with buyers paying up to 8% above list price. In contrast, ultra-luxury condos above $3 million are negotiating down by an average of 6%. Inventory remains tight statewide at just 1.24 months of supply, keeping sellers in control, although overpriced listings often require reductions to move. Nearly 29% of active listings have had price cuts, with discounts averaging 6%.The episode also covers current mortgage rates, which declined slightly to 6.52% for 30-year fixed, 5.90% for 15-year fixed, 6.11% for FHA, and 6.13% for VA loans.Local real estate news highlights a major legislative debate: Connecticut lawmakers are preparing for a special session to revisit a vetoed housing bill, with Democrats emphasizing the urgency of addressing the affordability crisis while Republicans argue that the state’s 8-30g housing law overreaches and undermines local control. The discussion underscores Fairfield County’s affordability gap, where many listings top $1 million, and stresses the state’s need for more than 100,000 new housing units. Additionally, a New Haven judge upheld approval for a 112-unit apartment development on Grand Avenue, clearing the way for new housing in Wooster Square despite neighborhood opposition.Nationally, mortgage delinquencies dropped slightly, with overall rates at 3.93% and notable declines across FHA and VA loans. However, serious delinquencies ticked up compared to last year, raising concerns about broader consumer debt pressures. Builder confidence also remains low, with the Housing Market Index slipping to 32 in August. Persistent affordability issues, high mortgage rates, and regulatory hurdles continue to weigh on sentiment, leading many builders to offer price cuts and incentives.The episode wraps by reminding listeners that real estate trends are highly local and encouraging homeowners and buyers to reach out for guidance on how statewide and national shifts may affect their individual situations.
If you’re interested in buying, selling, or renting real estate anywhere within the State of Connecticut, <a href="https://www.triniyah.com/contact">please visit our website to see how we can assist you</a>!

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