BOSTON, April 10, 2014 – Single-family home sales in the Nutmeg State rose 2.8 percent in February compared with February 2013, according to a new report from The Warren Group, publisher of The Commercial Record. This is the tenth consecutive month of home sale increases in Connecticut.
There were 1,177 single-family homes sold in the month of February, a modest increase from the 1,145 homes sold in February 2013.
“We see many signs of a healthy real estate market in Connecticut,” said Timothy M. Warren Jr., CEO of The Warren Group. “We are in the third year of recovery from the crash in real estate and financial markets. People are interested in real estate once again.”
Despite the low inventory, sales of single-family homes are up by 2.6 percent so far this year. Statewide, a total of 2,613 transactions were completed in the first two months of the year compared with 2,547 at this time last year.
The median price of single-family homes rose by 4.4 percent in February, selling at $235,000 compared with $225,000 in the same month last year. Year-to date, prices of single family homes are up by 1.8 percent to $230,100 from $226,000.
Condominium sales posted big gains in February with a 17.2 percent increase over the same month last year. There were 354 recorded sales, up from 302 in February 2013. Year-to-date condo sales are up by 3.1 percent compared with this time last year.
The median price for a condo rose in February by 10.8 percent to $155,000 compared with $139,841 in February 2013. Overall, the median price of a condo is up by 1.9 percent so far this year.