May Marks 7 Consecutive Months of Double-Digit Percentage Increases
Boston, June 30, 2016 – Single-family home sales in the Nutmeg State rose 23.9 percent in May, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,921 single-family homes sold in Connecticut during the month compared with 2,357 sold in May 2015. This marked the highest number of sales in the month of May since 2007, when there were 3,039 homes sold. Year-to-date, sales were up 23.0 percent with 10,913 transactions, compared with 8,872 during the same timeframe a year ago.
The median price of a single-family home dropped by 7.2 percent in May to $246,000, compared with $265,000 a year ago. This is the largest percentage decrease in median sale price in five consecutive months. Year-to-date, prices have decreased by 1.4 percent to $235,000 compared with $238,307 during the same time a year ago.
“Single-family home sales have hit double digit percentage increases for seven consecutive months, for the first time since 2009,” said Timothy M. Warren Jr., CEO of The Warren Group. “Homebuyers are taking advantage as prices remain below their peak values.”
Condominium sales in Connecticut posted another double-digit increase in May, rising 14.7 percent with 719 condos sold, up from 627 in May of 2015. Year-to-date, condo sales were up 15.7 percent with 2,871 condos sold compared with 2,482 during the same timeframe last year.
The median sale price for condos in May posted an increase of 5.8 percent, rising to $172,000 from $162,500 in May of 2015. This is the highest median sale price recorded in eight months. Year-to-date, median condo sale prices fell 0.9 percent to $157,000, compared with $158,500 at the same time last year.
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.
Timothy Warren Jr., CEO of The Warren Group, discusses this month’s residential sales for Connecticut in this podcast.