In this week’s Connecticut Real Estate Market Weekly Insights, we take a close look at the state’s condo market. August numbers show a median condo sale price of $300,000, unchanged from last year, while the average sale price dipped slightly to $374,577. Homes are taking about 17 days to go under contract, two days longer than a year ago, reflecting a market that is still competitive but less frenzied than summer 2024. Buyer demand remains firm, with sales averaging 1.7% over asking, though that is down from last year’s more aggressive over-bidding. Entry and mid-priced condos remain hot, while luxury segments see slower movement and more leverage for buyers. Inventory is still very tight at just 1.38 months of supply, even with a modest uptick in new listings. Sellers cutting prices account for about 27% of active listings, with average reductions near 6%, underscoring the importance of accurate pricing from day one.Beyond market stats, the episode covers interest rates, which ended last week at 6.35% for a 30-year fixed mortgage, with slightly lower rates on FHA, VA, and 15-year products. Local housing news includes Waterbury’s proposed 11-year tax break to help convert a former Catholic school into apartments for healthcare workers and a new quasi-public state agency preparing to allocate $90 million toward multifamily housing near transit hubs. The recent YIMBY conference in New Haven is also discussed, where leaders and advocates from around the world shared strategies for creating more affordable and inclusive housing.On the national front, we review U.S. housing data from the Census Bureau, HUD, and Zillow. Highlights include fewer building permits and housing starts, more completions, and a slowdown in new listings. Zillow’s report shows home values flattening, homes taking longer to sell, and fewer price cuts compared to the previous month. Builder confidence remains cautious but shows optimism for the months ahead, supported by slightly lower mortgage rates. Finally, fresh data from the American Community Survey shows rising homeowner costs and rent burdens, with significant variation by state.This episode ties together the local, statewide, and national housing landscape, providing insights that matter to buyers, sellers, investors, and anyone tracking the direction of Connecticut’s housing market.
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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