Median prices continue to dip
Boston, February 11 – There were 2,588 single-family home sales in December in Connecticut, the highest sales total for the month since 2006, according to a new report from The Warren Group, publishers of The Commercial Record.
December’s total of 2,588 was a 17.9 percent rise over the 2,196 single-family homes sold in the same month in 2014. The median sales price in December 2015 was $235,000, a 2.1 percent decrease from December 2014’s median of $240,000.
Overall, 2015 saw major growth in sales in Connecticut, coupled with a slight decrease in prices. There were 29,986 single-family homes sold through the year, a 16.9 percent increase from the 25,660 sold in 2014. The median price for a home in 2015 was $246,000, a 2.2 percent decrease from 2014’s median of $251,500.
“There is a significant amount of pent-up demand, and it has been building for close to a decade when sales volume has been abnormally low. The spike in sales shows that people are finally confident enough in their jobs and incomes that they are eager to buy homes,” said Tim Warren, Jr, CEO of The Warren Group. “Sellers seem eager to sell despite the fact that the statewide median price for 2015 is 16.6 percent below the peak of $295,000 that was reached in 2007.”
December saw 619 condo sales with a median price of $146,500; the sales were a 2.7 percent growth over the 603 in December 2014, and the median price represented an 8.4 percent decrease over the December 2014 median condo price of $160,000.
Overall in 2015 there were 7,886 condo sales, a 13.3 percent increase over the 6,961 sales in 2014. The 2015 median price for a condo was 163,000, a 3.3 percent decrease from the 2014 median of $168,500.