This week’s market update opens with a deep dive into Connecticut’s condo sector. Median sale price is $313,930 (up 8.3% year-over-year) and average price is $399,753 (up 5.9%). Homes are taking slightly longer to sell, with median days on market at 19, four days higher than last year. Price-per-square-foot growth is modest at $274, up 1.8%. The episode explains the difference between median and average pricing and notes a typical seasonal late-summer peak in values.

Buyer demand remains active but softer than last year. The median sale is 1.4% over the asking price, down 1.3 percentage points from 2024. Over-asking peaked in late spring and eased into the fall. Middle price ranges ($200K–$599K) are still the backbone of demand, closing around 2.1–2.2% over asking. The $1.2M–$1.39M range is exceptionally strong at roughly 6.9% over, while ultra-luxury properties over $3M are closing slightly below ask. Entry-level condos hover near at-ask pricing.

Inventory patterns show subtle but important shifts. Months of supply stands at 1.48, still favoring sellers but looser than last year. New listings total 893 (up 2.2%) while new pendings are down 11.7% at 591. The mismatch between inventory entering the market and homes going under contract explains rising days on market and cooling bidding pressure. Supply is tightest between $200K and $599K and loosens significantly above $1.4M.

The episode covers how pricing escalates by bedroom count: around $205K for one-bed units, $300K for two beds, $481K for three beds, and $725K for four beds. Over-ask activity is strongest in the $1.2M–$1.39M range and weakest at the $3M-plus level. About 31% of active condo listings have reduced their price, averaging a 6.2% drop. The median time to a first reduction is 48 days, and once reduced, pendings occur in roughly 20 days—nearly matching the 19-day median for sold listings. Lower-priced and upper-middle tiers have the highest rate of price drops, while the strongest segments need few adjustments.

Strategic takeaways are laid out clearly. Sellers should price carefully, especially in crowded price points, and be prepared to adjust within 30–45 days if traffic is weak. Higher-end sellers should plan for negotiation and longer timelines. Buyers have slightly more leverage than last year, especially in slower segments and after price reductions. Investors can take advantage of softening demand but must weigh taxes, HOA fees, and rents when evaluating returns. The episode reminds listeners that condo trends vary widely depending on location, amenities, school districts, HOA health, and neighborhood demand.

Mortgage rate updates show averages of 6.23% for 30-year fixed, 5.81% for 15-year fixed, 5.99% for FHA loans, and 6.01% for VA loans.

Local news focuses on the $35.2 million renovation of Waterbury’s historic Union Station. Plans include a new climate-controlled indoor waiting room, restrooms, seating, and ADA upgrades. Construction of the waiting area begins November 2025, with additional platform expansion set for early 2026. The project is funded 80% federally and 20% by the state and is part of a broader CT DOT plan to modernize all stations along the Metro-North Waterbury Branch. Ridership is rising, and upgrades are intended to support both transportation needs and downtown revitalization.

The national segment highlights declining single-family building permits, which are down 7.1% year-over-year through August, while multifamily permits are up 1.4%. Builders are pulling back due to affordability challenges, mortgage rates, and buyer demand shifts. Foreclosures are increasing nationally as filings, starts, and repossessions all rise double digits compared with last year, with shorter timelines from filing to completion. Markets like Florida, Nevada, and South Carolina are seeing the highest foreclosure rates. Finally, inventory of unsold single-family homes is rising sharply—about 33% higher than last year—and approaching pre-pandemic levels, especially in the Sun Belt and western states. This is easing competition, slowing price growth, and bringing more balance to the market.

The episode closes with a reminder to subscribe and contact Triniyah Real Estate for guidance on local market trends, selling plans, or buying decisions.

If you’re interested in buying, selling, or renting real estate anywhere within the State of Connecticut, please visit our website to see how we can assist you!