BOSTON, December 3, 2015 – Connecticut single-family home sales grew in October, recording 2,610 sales, a 9.2 percent increase over the 2,379 sales in October 2014, according to a new report from The Warren Group, publisher of The Commercial Record.
There have not been this many single-family sales in October since 2006. However in 2006, the median price of a home sold in October was $274,586. Last year, it was $241,600. In October 2015, the median single-family home sales price was $235,000, a 2.1 percent decrease compared with the same month in 2014, and 16.8 below the median price 10 years ago. Year to date the median sales price is been $249,000, 1.9 percent below last year’s mark of $251,500 through the first 10 months.
Single-family median prices have been up and down across Connecticut’s eight counties over the last 10 years. Statewide, the media price has increased just four times in 10 years. And, in the past five years it has increased only once, despite a consistently growing volume of sales.
“The continued increase in sales volume is a welcome sign for Connecticut’s local economy, as many new homebuyers spend money furnishing their homes, and homes on the market provide work for contractors and tradespeople before and after a sale,” said Tim Warren, Jr., CEO of The Warren Group. “The on-going decline in home prices has been modest, but puzzling given that home sales are up 14.2 so far this year. Homebuyers obviously like the fact that prices are still well-below their historical peaks.
Condo sales continued their growth, recording 712 sales in October, up 6.43 percent year over year from the 667 sales in October 2014. Year to date there have been 6,587 condo s sold, a 13.1 percent increase from the 5,824 through the first 10 months last year.
The median sales price for condos in October was $155,000, a 7.7 percent decrease from October 2014’s median of $168,000. Year to date the median condo price has been $165,000, a 2.9 percent decrease from $170,000 through October in 2014.