Connecticut Home Sales and Prices Rise in July; Condo Prices Also Up, According to The Warren Group. Year-To-Date Single-Family Home Sales Still Down.
BOSTON, Sept. 12, 2007 – The pace of price increases in Connecticut slowed in July, but the Nutmeg State’s housing market is still stronger than those in the rest of southern New England, according to The Warren Group, publisher of The Commercial Record.
Single-family home sales rose 1.5 percent in July from 3,793 last year to 3,849 this year. Year-to-date sales, however, were down 4.2 percent from 21,761 during the first seven months of 2006 to 20,847 during the same time period this year.
The median price of single-family homes rose for the fourth month in a row in July. Prices rose 1 percent from $297,000 in July 2006 to $299,900 this year. That marked a smaller percent change than in April, May and June, when prices increased 1.9 percent, 4.7 percent and 4.2 percent, respectively.
The year-to-date median price for single-family homes is up 1.8 percent from $280,000 last year to $285,000 this year.
“The housing market correction that’s gripping nearby states does not seem to be squeezing Connecticut as much,” said Timothy Warren Jr., CEO of The Warren Group. “Although prices and sales are flattening, we’re not seeing the kinds of dips in numbers that Massachusetts and Rhode Island are experiencing. It may not be quite as easy to sell a home in Connecticut as it was two years ago, and homeowners can’t expect the prices to appreciate by double-digit percentages every year. But the numbers suggest a fairly balanced and healthy market.”
Condominium sales did not fare as well as single-family home sales, but prices are still rising. Condo sales fell 6.8 percent in July from 1,449 last year to 1,350 this year. Year-to-date condo sales fell 8 percent from 8,843 during the first seven months of 2006 to 8,137 this year.
The median price, however, increased 6.6 percent in July from $197,500 last year to $210,500 this year. The year-to-date median price rose 4.4 percent from $191,500 to $200,000.
In Fairfield County, the market for both single-family homes and condos was strong in July. Single-family home sales rose 1.7 percent from 963 in July 2006 to 979 this year, while prices during the month were up 8.4 percent from $595,000 to $645,000. Year-to-date sales of single-family homes fell 3.3 percent from 5,536 last year to 5,353 this year, while the year-to-date median price was up 5.4 percent from $555,000 to $585,000.
Condos sales in Fairfield County were up 5 percent in July, from 400 to 420, while the median price rose 11.7 percent from $304,750 to $340,500. Year-to-date condo sales increased 1.1 percent from 2,546 to 2,574, and the year-to-date price was up 6.8 percent from $295,000 to $315,000.
In Hartford County, sales fell slightly in July, but prices are still increasing. Single-family home sales dropped 0.6 percent from 970 in July 2006 to 964, while the median price rose 2.2 percent from $249,450 to $255,000. Year-to-date sales of single-family homes fell 7.5 percent from 5,567 to 5,147, and the year-to-date price rose 2.1 percent from $235,000 to $240,000.
Statistics for all cities and towns available 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.
Editorial Contacts:
Katie Curnutte
The Warren Group
280 Summer St.
Boston, MA 02210
(617) 428-5100
kcurnutte@thewarrengroup.com