April Single-Family Home, Condo Median Price Higher Than Previous Year
BOSTON, June 17, 2013 – Single-family home sales in Connecticut dropped more than 2 ½ percent in April compared to the same month a year ago. Median home prices statewide, however, increased more than 9 percent in April, according to The Warren Group, publisher of The Commercial Record.
In April, there were 1,923 single-family home sales statewide, down from 1,973 in April 2012. This marks the third consecutive month that sales volume decreased year-over-year. April sales volume reached the highest level so far this year; surpassing the 1,507 sales recorded in March. Year-to-date sales are down 3.6 percent – a total of 5,966 homes have sold so far this year, down from 6,189 during the same period last year.
“There is high demand this spring, which is causing this pattern of rising prices,” said Timothy M. Warren Jr., CEO of The Warren Group. “Nevertheless, sales volume is down which means that buyers and sellers are missing market opportunities.”
The median price for single-family homes sold in April rose more than 9 percent to $250,000 from $229,000 a year ago. New London and Tolland are the only counties in April where prices decreased from 2012. The median selling price for the first four months of the year was $237,000, a 7.7 percent increase from the $220,000 median price recorded during the same period in 2012.
“The housing market continues to improve, but could be hindered if rising prices cause an affordability issue. Seven consecutive months of price increases is slightly concerning,” Warren added.
Statewide condominium sales increased for the first month since January – rising almost 5 percent to 532 from 508 in April 2012. A total of 1,647 condo sale transactions were recorded in the first four months of the year, a less than 1 percent increase from 1,645 the prior year. April marks the highest volume of condo sales so far this year.
The median condo sales price also increased in April. Prices rose almost 14 percent to $174,000 from $152,800 during the same month in 2012. The year-to-date condo price is up more than 3 percent, rising to $162,000 from $157,000.