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Editorial Contact:
Aglaia Pikounis
The Warren Group
(617) 896-5370
apikounis@thewarrengroup.com
Michelle Laczkoski
The Warren Group
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Conn. Home Sales Slip 1.9 Percent In 2009;
December Home, Condo Sales Surge By Double-Digits
Median Home Price Falls 10 Percent Year-Over-Year
BOSTON, Jan. 28, 2010 – A strong showing in December helped Connecticut’s single-family housing market level off from 2008, with year-over-year single family home sales down only 1.9 percent in 2009.
But the median home price fell 10.1 percent from 2008, and condo sales slid sharply compared to 2008, according to The Warren Group, publisher of The Commercial Record.
“Single-family home sales in Connecticut posted solid gains during the last three months of 2009 and that helped to temper the sharp drops in monthly sales earlier in the year,” said Timothy M. Warren Jr. “The homebuyer tax credit and low mortgage interest rates helped to boost the home sales. Median prices for single-family homes and condominiums continued to deteriorate last year, but on the positive side we did see a gain in the median price for single-family homes and condos in December – the first increase in more than a year.”
A total of 24,401 single-family homes were sold in 2009, down from 24,863 in 2008. The total was boosted by a strong December, with single-family home sales rising 34.8 percent to 2,216 from 1,644 in December 2008. It was the strongest sales pace for the month of December since 2006.
The median price for a single-family home in Connecticut retreated 10.1 percent to $240,500 in 2009 from $267,500 in 2008. December’s median home price rose 3.6 percent to $238,250 from $230,000 in December 2008. It was the first increase in monthly median home prices year-over-year since November 2007.
“Median home prices have been declining for two years and are now 18 percent lower than they were in 2007, when prices peaked in Connecticut,” said Warren.
Connecticut’s condominium market continued to slump. A total of 7,359 condos were sold in 2009, a 13.8 percent decrease from the 8,536 sold in 2008. This marks the second consecutive year that condo sales have fallen below 10,000. In contrast, the month of December was a bright spot, with year-over-year condo sales spiking 29.1 percent to 693 from 537 in December 2008. It was the third consecutive month that condo sales increased.
The median condo price slipped 8.8 percent to $178,000 from $195,250 in 2008. December’s median condo price was also $178,000 – 1.7 percent higher than the $175,000 median price in December 2008.
Statistics for all cities and towns available by request to members of the media.
About The Warren Group
The Warren Group, based in Boston, is the publisher of The Commercial Record in Connecticut, Banker & Tradesman in Massachusetts, as well as 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.