Connecticut sales soar in third quarter

Figures show interest in the suburbs surged over summer

TRD TRI-STATE /
Oct.October 12, 2020 01:00 PM
Connecticut sales soar in third quarter, reflecting a shift toward more space and work-from-home. (iStock)

Connecticut sales soar in third quarter, reflecting a shift toward more space and work-from-home. (iStock)

Connecticut is seeing more than just leaves changing color and flight-avoiding tourists. It’s also seeing a high volume of home buyers looking to move.

Sales of single-family homes in the third quarter increased 30 percent year-over-year, to 13,960 from 10,698, according to a report by Compass. Average price surged 26 percent, to $478,915.

Homes also didn’t languish on the market, selling after just 64 days, or 6 percent faster than last year’s 68.

“With more people telecommuting and/or going into the office less frequently, many are seeking larger homes with more space and land as opposed to homes predicated on distance and time to Grand Central,” the report said.

Overall sales volume rose by $2.8 billion, an increase of 64 percent from a year ago.

While nearly all areas of Connecticut saw a rush in business, some fared better than others. In Southport, sales doubled to 52 and dollar volume skyrocketed 255 percent to $80 million from $22 million.

In Greenwich, third-quarter sales outpaced those of the second quarter, as pandemic-related interest in the suburbs gained momentum and pent-up demand was released.

From July 1 through Sept. 30, greater Greenwich saw 311 homes changed hands, up 89 percent from the 165 sold from April through June.

Although the report did not offer any predictions, it did draw one conclusion.

“One thing is crystal clear, greater Greenwich is on many people’s radar and the demand is red hot,” it said.






Related Articles

arrow_forward_ios
Ronnie Wood and his London home (Getty, Milton Stone)

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
Bozeman, Montana

Montana’s real estate market shows no signs of cooling heading into winter

Montana’s real estate market shows no signs of cooling heading into winter
French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate
Opendoor CEO Kevin Wu, Daniel Morillo and Ken Griffin (Getty; Opendoor; LinkedIn)

Opendoor hires CIO from Ken Griffin’s Citadel

Opendoor hires CIO from Ken Griffin’s Citadel
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...