HARTFORD: CT Department of Economic and Community Development’s Kolie Sun reviewed the status of the state’s housing market in an article in the Connecticut Economic Digest [see it at https://www1.ctdol.state.ct.us/lmi/digest/pdfs/cedjul18.pdf].
Sun says, the 2017 housing market and its “continuing recovery from the recession that ended in 2010.” The article notes that a bright spot of the state's real estate market is the continuing upward trend of home sales and median prices two years in a row. According to the Warren Group report, CT single family sale numbers reached a pre-recession high not experienced since 2006. In addition, single family home sales in 2017, at 34,259, represent a 5.0% increase from 2016. The median single-family home sales price had an increase of 1.6% to $249,900 in 2017. Condominium sales price also increased 0.3% during the same time period.
Cities and towns in Connecticut authorized a total of 4,547 single and multifamily homes with a total valuation of $1.185 billion in 2017. This level of production represents 17.4% and 25.2% decreases from 5,504 in 2016 and 6,077 in 2015 (See chart 1).
Fairfield County again dominated the number of housing permits with the largest share (37.8%) in 2017, followed by Hartford County (21.0%) and New Haven County (16.5%). Windham County had the smallest share (2.4%).
In 2017, Connecticut issued 2,480 one-unit permits, which accounted for 54.5% of the total number of housing units authorized, while 42.0% were multifamily (5- units or more), reversing the trend of multifamily units surpassing single family in the previous two years.
Several municipalities showed strong performance in the number of permits authorized. Norwalk led all municipalities with 429 units, followed by Greenwich with 250, Milford with 194, Windsor Locks with 173, and Westport with 159. The combined permits issued for the top five municipalities accounted for more than a quarter of all housing permits issued in the state.