Boston, October 6, 2015 – Connecticut’s single-family home market continued its strong year with 3,295 sales in August, a 20.2 percent increase from the 2,741 August 2014, according to a new report from The Warren Group, publisher of The Commercial Record.
But while sales continued to soar, median home prices slid 5.5%, which was the fifth straight month of year-over-year decreases. The August median price was $255,000, compared to $269,900 in August 2014.
“Skyrocketing sales and decreasing median prices seem to be somewhat contradictory trends,” said Timothy Warren Jr., CEO of The Warren Group. “But the data show that it is not unusual in the early stages of recovery from a crash in the real estate market. Possibly the improved economy and more jobs are attracting buyers while prices are still low. The median price for 2015 so far is 15% below the price at the peak for the market in 2007.”
Year to date there have been 19,097 single family home sales, up 13.5 percent from the 16,791 through August last year. The median price through eight months of sales is $250,000, down 3.1 percent from last year’s mark of $251,500 through August.
Similar trends were reflected in the Connecticut condo market: sales rose 28.7 percent in August compared to August 2014, with 847 sales this year compared with 658 last year. The median sales price for condos dropped 5.2 percent from $176,500 in August 2014 to $170,000 this year.
Year to date there have been 5,067 condo sales, a 12.6 percent increase compared to the 4,490 transactions through August 2014. The median price year to date has dropped 2.9 percent to $165,000 this year; it was $170,000 through August 2014.
The Warren Group has recorded and tracked real estate transactions since 1872. The fourth-generation family-owned company uses its long-time leadership in Boston real estate and banking information to produce specialized reports and printed publications, including Banker & Tradesman and The Commercial Record.
With more than 140 years as a local business leader, The Warren Group has developed relationships with a variety of industry leaders and trade groups, including bankers, mortgage brokers, credit unions and lawyers. Working together with our partners, The Warren Group organizes trade shows and industry events, including The Bank Summit, coming in October. For more information about The Warren Group, visit www.thewarrengroup.com.