Median Sale Prices Remain Strong
Boston, October 4, 2016 – Single-family home sales in the Nutmeg State rose by 12.0 percent in August, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,698 single-family homes were sold in Connecticut during the month of August compared with 3,303 sold in August 2015. This marks the highest number of homes sold in a month this year with June coming in second with 3,506. In fact, it is the highest total of any month since August 2007. Year-to-date, sales were up 10.2 percent with 21,320 transactions, compared with 19,338 during the same timeframe a year ago.
The median price of a single-family home rose 1.9 percent in August to $260,000, compared with $255,000 a year ago. The median sale price remains unchanged from last month. Year-to-date, prices have decreased by 0.5 percent to $249,000 compared with $250,255 during the same time a year ago.
“Sales in Connecticut have bounced back from the dip of 15.6 percent that occurred in July,” said Timothy Warren, CEO of The Warren Group. “The Connecticut market is behaving unusually. Home sales are brisk with an increase of over 10 percent this year. But median prices remain low, well below their pre-recession highs.”
Condominium sales in Connecticut increased in August by 9.9 percent with 933 condos sold, up from 849 in August 2015. This marks the highest number of sales in 2016. This total hasn’t been topped since July 2015, when sales reached 935. Year-to-date, condo sales were up 5.9 percent with 5,441 condos sold compared with 5,138 during the same timeframe last year.
The median sale price for condos in August remained flat at $170,000, matching the same total in August 2015. Year-to-date, median condo sale prices took a slight drop 0.6 percent to $164,000, compared with $165,000 at the same time last year.
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