Distressed property sales in Connecticut accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.

Below is a graph that shows just how far the CT market has come since January 2012 when distressed sales accounted for 35% of all sales.

Existing Home Sales Hit 2nd Highest Figure Since June 

CT mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.

Inventory of CT homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.

Bottom Line

If you are debating putting your home on the CT market this year, now may be the time. Buyers are still out there looking for their dream home. Meet with a real estate professional at Dave Jones Realty who can help you determine your best plan!