Home Prices Rise As Condos Decline Last Month
BOSTON, April 4, 2013 – Single-family home sales in Connecticut dropped in February, reversing 13 straight months of rising sales volume, according to a recent report by The Warren Group, publisher of The Commercial Record.
A total of 1,149 homes sold statewide in February, a 7.7 percent decrease from 1,245 sales in February 2012. This is first month since December 2011 that home sales posted a decrease.
“Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales,” said Timothy M. Warren Jr., CEO of The Warren Group. “Even so, I’m still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up.”
So far this year, single-family home sales are down almost 2 percent from a year ago. Statewide, a total of 2,542 transactions were completed in the first two months in the year, down from 2,577 during the same period in 2012.
The median price for a single-family home in Connecticut rose more than 7 percent in February to $225,000 from $210,000 in February 2012. The year-to-date median home price is also up about 7 percent – rising to $225,000 from $210,000 last year.
“With such low inventory, we’re seeing bidding wars – homes selling above the asking price,” Warren said. “As prices rise, more sellers will begin to list their property which in turn pumps up sales volume.”
February condominium sales posted a decrease in Connecticut – dropping to the lowest level sales in two years. There were 306 condo sales in February, down almost 11 percent from 343 sales during the same month last year. This is the fewest number of sales since February 2011, when there were 302 sales statewide. Year-to-date condo sales are up slightly, rising almost 2 percent to 720 from 706 last year.
The median price for condos sold statewide in February decreased almost 10 percent to $139,516, down from $155,000 during the same month last year.
The median selling price for condos sold in January and February was $155,000, unchanged from the median price recorded a year ago.