Single-Family, Condo Prices Record Highest Levels All Year

Boston, October 9, 2013 – A total of 2,893 single-family homes sold in August, up from 2,639 sales in August 2012. This is the best August since 2007, when there were 3,726 sales. It is also the second highest number of sales for a month all year, with the exception of July when there were 3,126 sales. Year-to-date sales have increased 4 percent to 17,110, compared to 16,458 during the same period a year ago.

“We’re already seeing how the seasonality affects the market, with sales dropping in August compared to July, and this will probably continue in the fall and winter months,” said The Warren Group CEO Timothy M. Warren Jr. “While the market has proved to be strong so far this year, there is much concern over how the government shutdown will impact the overall economy.”

The median price of single-family homes statewide rose for the 11th straight month. The median price climbed to $285,000 in August, up almost 12 percent from $255,000 the same month last year. The median sale price for homes sold January through August also increased 9.5 percent to $265,000, up from $242,000 during the same period a year ago.

In August, Connecticut condominium sales rose almost 3 percent. Sales statewide increased to 683 in August, up from 664 in August 2012. This is the highest number of condo sales recorded for the month since 2009. Year-to-date condo sales are also up about 7 percent, increasing to 4,438 from 4,141 during the previous year.

The median sale price of Connecticut condos increased almost 16 percent in August to $190,000, up from last year’s $164,250. The year-to-date median price of condos in Connecticut rose more than 7 percent to $172,500, up from $161,000 a year ago.