Third Quarter Single-Family, Condo Prices Rise Again
Boston, November 4, 2013 – A total of 2,326 single-family homes sold in Connecticut in September, a 21.4 percent increase from 1,916 sales in September 2012. Sales also increased in the third quarter – rising to 8,351 from 7,304 during the same period in 2012. That is a 14 percent increase in what is traditionally the biggest quarter of the year for closings. Year-to-date sales are up almost 6 percent at 19,444, compared to 18,374 during the same period a year ago.
“This was the best September in terms of single-family sales volume since 2007. Despite rising interest rates, home sales have remained strong this entire year,” said The Warren Group CEO Timothy M. Warren Jr. “Median prices continue their upward surge with an 8 percent gain, indicating strong demand and a shortage of supply.”
The median price of single-family homes increased 8.7 percent to $250,000 in September, up from $230,000 a year earlier. This is the highest median price recorded in September since 2008. Third quarter median prices increased almost 10 percent to $275,000 from $250,500 in the third quarter 2012. The median price for homes sold January through September was $265,000, rising more than 10 percent from $240,000 in the prior year.
In September, condominium sales statewide rose almost 16 percent to 583, up from 504 a year ago. Condo sales in the third quarter increased 17.6 percent to 2,069, compared to 1,760 during the third quarter 2012. Year-to-date condo sales are up 8 percent, increasing to 5,024 from 4,645 during the same period last year.
The median condo price in September rose 11 percent, increasing to $175,000 from $157,500 in September 2012. Third quarter median prices are up 13 percent, rising to $181,500 from $160,131 in the prior year. The year-to-date median price of condos in Connecticut is $172,950, up more than 8 percent from $160,000 a year ago.