Single-Family Home Sales and Median Price Increase By 2 Percent
Boston, May 1, 2017 – Single-family home sales in the Nutmeg state increased by 1.9 percent in March, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2207 single-family homes were sold in Connecticut during the month of March compared with 2165 sold in March 2016. The median price of a single-family home increased 2.2 percent in March to $230,000, compared with $225,000 a year ago.
Year to date, there were 6,064 single-family home sales in 2017, compared to 5,696 over the first three months of 2016 – a 6.5 percent increase. Over the same period, the median price was $225,500 in 2017, down slightly from 227,000.
“Home sales, and the prices of those sales, showed some very modest gains in the first quarter of 2017,” said Timothy Warren, CEO of The Warren Group. “These data are for sales that closed in the first quarter. The shopping and negotiating of the deals took place in the winter months, but now we are entering the critical Spring selling season. Realtors would love to see more activity in the next two quarters.”
Condominium sales in Connecticut increased in March by 17.75 percent with 670 condos sold, up from 569 in March 2016. The median sale price for condos in March increased by 3.8 percent to $150,500, compared to 145,000 in March 2016.
“Condos are becoming popular in Connecticut, as they are regionally, but their sales numbers are not that vigorous,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “This year so far 1,702 have sold. This is 13.5 percent higher than at this point last year. But it’s barely half the condo sales volume that we see looking back to the same period in the years before the recession.”