October 20, 2017

Waterfront sales lift home prices in coastal CT

Photo | Contributed
Photo | Contributed
A waterfront property on the market in Essex.

Fueled by a surge in waterfront property sales, the housing market on Connecticut's shoreline showed steady growth in the third quarter of 2017, according to a real estate firm report.

Home sales on the shoreline, which includes New Haven, Middlesex and New London counties, were up by 3 percent compared to the third quarter of 2016, according to the quarterly Market Watch report by William Pitt and Julia B. Fee Sotheby's International.

The firm reported 1,008 homes sold on the shoreline in the third quarter, up from 977 the previous year.

The median sales price on the shoreline also increased to $303,000, up from $286,000 at the same time last year, the report said. The third quarter median sales price ranged from $150,000 in New London to $402,000 in Madison.

The agency attributed much of the growth to a rise in waterfront sales in Middlesex and New London counties, including the high-profile sale of the Katharine Hepburn estate in Old Saybrook for $11.5 million in August.

Although New Haven County as a whole posted declines compared to 2016, sales activity was busy in the firm's core towns of Guilford, Madison, Branford and Killingworth, the report said.

In New Haven County, the report singled out Madison as being "notably ahead" in sales volume and unit sales overall this year, with more transactions in the mid-market range of $500,000 to $700,000. The report said the bulk of the sales were in the entry-level market, with just a handful of sales over $1 million.

"Overall, the areas we serve remain healthy, with robust sales activity, and…there is little in the forecast to suggest the forward movement will let up anytime soon," said William Pitt and Julia B. Fee Sotheby's CEO Paul Breunich.

The firm manages a $3.9 billion portfolio with more than 1,000 sales associates in 26 brokerages spanning Connecticut, Massachusetts and Westchester County, New York.

Natalie Missakian can be reached at news@newhavenbiz.com

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