Boston, April 8, 2015 – Single-family home sales in the Nutmeg State climbed by 13.8 percent in February, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 1,352 single-family homes sold in Connecticut during the month compared with 1,188 sold in February 2014. This marked the highest number of sales in the month of February since 2008 when there were 1,403 homes sold. Year-to-date, sales were up by 2.9 percent with 2,711 transactions compared with 2,636 during the same timeframe a year ago.
The median price of a single-family home fell by almost 5 percent in February to $224,750 compared with $236,000 a year ago. This marked the second consecutive month the median price of a home has declined. Year-to-date, prices dropped by 3 percent to $225,000 compared with $232,000 during the same time a year ago.
“February was a good month for both condo and single-family home sales which indicates that there is strong demand for homes,” said The Warren Group CEO, Timothy M. Warren Jr. “Prices for single-family homes slipped again, and so far this year the 3% decline in median prices matches the decline for all of 2014. The only year of the last four years that we experienced an increase in the median price was 2013. A lot is riding on the coming spring market.”
Condominium sales statewide posted a double-digit increase in February, climbing 14.1 percent to 405 condos sold up from 355 the same time a year ago. Year-to-date, condo sales were up 3.5 percent with 768 condos sold compared with 742 during the same timeframe last year.
The median sales price for condos in February posted a slight decrease of almost 2 percent, falling to $152,000 from $155,000 in February 2014. Year-to-date, prices fell by 0.2 percent to $158,250 compared with $158,500.
The Warren Group offers a range of real estate products, information services and printed publications, including Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.