Conn. Home Prices Fall 16.2 Percent In November FOR IMMEDIATE RELEASE Editorial Contacts: Aglaia Pikounis The Warren Group (617) 896-5370 apikounis@thewarrengroup.com Conn. Home Prices Fall 16.2 Percent In November Single-Family Home, Condo Sales Hit 20-Year Low for the Month BOSTON, Jan. 8, 2009 – Single-family home prices in Connecticut sank a record 16.2 percent in November -- the steepest drop in year-over-year monthly prices in 20 years, according to The Warren Group, publisher of The Commercial Record. The median selling price for single-family homes fell to $238,750 in November 2008 from $285,000 in November 2007. The 16.2 percent decline in prices represents the sharpest percentage drop since The Warren Group started tracking Connecticut’s housing market in 1988. The median price for single-family homes sold during the first 11 months of 2008 was $270,000, down 9.4 percent from $298,000 during the same period a year earlier. “November was a challenging month for residential real estate in Connecticut and other parts of New England. The single-family home price declines in Connecticut mirror the record price drops in Massachusetts and Rhode Island, where prices were off 16.7 percent and 19.6 percent respectively during the month,” said Timothy Warren Jr., CEO of The Warren Group. “Sales of single-family homes and condos have been dismal in Connecticut, and with unemployment expected to creep up further and consumer confidence low, the market will continue to suffer losses in the first quarter.” Single-family home sales continued a downward trend, posting the worst November sales pace since The Warren Group started collecting real estate statistics in the state more than 20 years ago. Home sales tumbled 26.6 percent to 1,546 from 2,105 in November 2007. Through November 2008, 23,064 homes have sold, a 24 percent decrease from the 30,339 units sold during the same months in 2007. The condo market also experienced dramatic losses in November. Condo sales plummeted 37.9 percent to 527 from 848 a year earlier. It was the lowest number of condo sales for the month of November ever recorded by The Warren Group. A total of 8,099 condos were sold from January through November, down 33.4 percent from the 12,152 condo transactions during the first 11 months of 2007. “November was the eighth month in 2008 that condo sales were off by more than 30 percent from a year earlier. Only 1990, when condo sales for the year were down 35 percent, appears to be worse,” said Warren. The median condo price dipped 13.9 percent to $176,500 from $205,000 in November 2007. It was the biggest percentage decline in year-over-year monthly prices in 2008. But statewide condo prices, overall, have remained steadier than single-family home prices. The median price for condos sold through November 2008 has slipped 3 percent to $198,900 from $205,000. Complete statistics for cities, towns and counties available to members of the media by request. About The Warren Group The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 800-356-8805.

Posted on Friday, January 09, 2009 (Archive on Wednesday, February 28, 2091) Posted by apikounis  Contributed by apikounis

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