BOSTON, November 5, 2015 – Connecticut’s real estate market stayed hot in September, recording 2,919 sales of single-family homes, a 24.4 percent increase from the 2,346 sales in September 2014, according to a new report from The Warren Group, publisher of The Commercial Record.
While it was the strongest September for single-family sales since 2006, median home prices slipped 1.4 percent from $248,000 last September to $244,400 this year. It is the fifth straight month of year-over-year sales price declines.
“September’s numbers are a continuation of the strongest spring and summer market Connecticut has seen in several years,” said Tim Warren Jr., CEO of The Warren Group. “The increase in sales is the largest so far this year and the largest in any month since October 2012. But strong sales has been a trend going on all year long. Seven of the nine months so far this year have had double-digit increases in sales. Home buyers are eager to take advantage of low prices and low interest rates.”
Year to date, there have been 22,025 single family home sales in Connecticut, a 14.9 percent increase from last year’s mark through nine months of 19,175. Prices have fallen 2.3 percent year over year through September in 2015, with a median of $250,000. Last year’s median sales price through September was $256,000.
Connecticut’s condo market also had a strong month, with 805 sales recorded in September 2015, a 22.9 percent jump from last September’s 655 condo sales. Median sales prices rose for condos for the first time since January, gaining 5.2 percent at $175,740. Last year’s median price in September for condos was $167,000.
Overall in 2015 median condo prices are still down, however, falling 2.6 percent to $165,600 through the first nine months of the year. Last year’s median price through September was $170,000. Year to date, condo sales have risen 14.0 percent, with 5,875 sales so far in 2015, as compared with 5,155 in 2014.