Boston, May 5, 2015 – Single-family home sales in the Nutmeg State gained by double digits in March, marking the second consecutive month of increases, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 1,768 single-family homes sold in Connecticut during the month, an 11 percent increase compared with 1,594 sold in March 2014. This was the highest number of sales for the month of March since 2010 when there were 2,310 homes sold. Sales were up in the first quarter by 6.6 percent with 4,510 transactions compared with 4,230 during the first quarter a year ago.
The median price of a single-family home also gained, rising 3 percent in March to $232,000 compared with $225,000 a year ago. The first quarter of the year saw prices drop slightly to $229,700 compared with $230,000 during the same time a year ago.
“March was a robust month for both condo and single-family home sales. Both increased by double digits despite stormy winter weather. This is a strong indicator that buyers are back shopping for new homes after a lackluster year in 2014,” said Timothy M. Warren Jr., CEO of The Warren Group. “Prices for single-family homes gained in March compared with March of 2014. This is the first gain in prices in over a year. All of this suggests that the spring real estate market should be strong.”
Condominium sales statewide gained 14.7 percent in March, climbing to 508 condos sold up from 443 the same time a year ago. Condo sales were up 9.7 percent in the first three months of the year with 1,300 condos sold compared with 1,185 during the same timeframe last year.
The median sales price for condos in March posted a decrease of 3.2 percent, falling to $150,000 from $154,900 in during the same month in 2014. Condo prices also fell in the first quarter of the year by 1.3 percent to $155,000 compared with $157,000.
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.