BOSTON, March 6, 2012 – Single-family home sales in Connecticut rose 4.5 percent in January, while median prices dropped 12.5 percent, according to The Warren Group, publisher of The Commercial Record.
Sales of single-family homes in Connecticut increased to 1,322 in January, up from 1,264 in January 2011. This is the first time monthly sales posted an increased since August. This marks the highest monthly sales volume for the month since January 2008, when there were 1,653 sales.
“Sales in Connecticut have been weak in recent months, so it’s promising to see a strong start to the year,” said Timothy M. Warren Jr., CEO of The Warren Group. “The mild winter will only help boost the spring selling season.”
The median price for Connecticut single-family homes sold in January was $210,000, a 12.5 percent drop from $240,000 in January 2011. This is the lowest median price recorded statewide since March 2003.
“As sales volume bumped along the bottom, buyers apparently made good deals and drove down median prices across the state,” Warren said.
A total of 357 Connecticut condominiums were sold in January, a 6 percent increase from January 2011 when 336 sales were recorded.
Condo median prices decreased in January. The median price dropped more than 12 percent to $154,900, down from $176,950 in January 2011. This is the lowest median price recorded statewide since March 2004, when the median sale price of a condo was $148,950.