Home sales in Connecticut increased almost 15 percent in May – rising to the highest level of transactions since August 2011, according to The Warren Group, publisher of The Commercial Record.
A total of 2,257 single-family homes sold in May, up from 1,971 the same month a year ago. This is the highest number of transactions recorded since August 2011 when there were 2,308 sales. May marks the fifth consecutive month that sales volume increased year-over-year. Year-to-date sales are up almost 12 percent. A total of 8,348 homes have sold so far this year, up from 7,471 during the same period last year.
“The spring market has been especially strong in Connecticut,” said Cory S. Hopkins, editorial director of The Warren Group. “We’re expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market.”
The median price for single-family homes sold in May dropped more than 1 percent to $247,000 from $250,000 a year ago. This is the highest median sale price recorded so far this year. Year-to-date, the median sale price of a single-family home in Connecticut is $225,000, which is 5 percent lower than the $237,000 median price recorded during the same period in 2011.
“Prices are continuing to drop indicating buyers are in the driver’s seat, and making good deals,” Hopkins added. “We are also seeing similar results with condominium sale prices.”
The median sale price of a condominium in Connecticut was $167,000 in May, a 5.6 percent decline from $176,950 in May 2011. The year-to-date median condo price declined almost 6 percent to $160,000 from $170,000 during the same period last year.
For the second straight month, condo sales also increased. Sales rose more than 10 percent to 592 from 536 in May 2011. A total of 2,229 condo sale transactions were recorded in the first five months of the year, a 6 percent jump from 2,098 the prior year.