Median Sale Price Increase Remains Modest

Boston, January 4, 2017 – Single-family home sales in the Nutmeg State increased by 19.3 percent in November, according to the latest report from The Warren Group, publisher of The Commercial Record.

A total of 2,615 single-family homes were sold in Connecticut during the month of November compared with 2,192 sold in November 2015. Year-to-date, sales were up 9.3 percent with 29,579 transactions, compared with 27,057 during the same time a year ago.

The median price of a single-family home rose 3.9 percent in November to $238,000, compared with $229,000 a year ago. Year-to-date, prices took a slight dip to $247,000 compared with $248,000 during the same time a year ago, a decrease of 0.4 percent.

“The Connecticut housing market has remained healthy in the fourth quarter of 2016,” said Timothy Warren, CEO of The Warren Group. “The first half of the year was exceptionally strong for home sales with gains of up to 30%. In the third quarter we saw two months that showed declines in sales volume. But November’s results have us on track for the best sales year in a decade.”

Condominium sales in Connecticut increased in November by 6.9 percent with 618 condos sold, up from 578 in November 2015. This marks the highest November sales output since 2009. Year-to-date, condo sales were up 4.4 percent with 7,551 condos sold compared with 7,234 during the same timeframe last year.

The median sale price for condos in November increased by 0.3 percent to $158,500, compared to 158,000 in November 2015. Year-to-date, median condo sale prices took a slight decrease of 1.5 percent to $162,450, compared with $165,000 at the same time last year.

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, industry news coverage, networking, and education opportunities.  Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. It is publisher of Banker & Tradesman, The Commercial Record and Registry Review and architect behind some of the leading events and conferences for banking, legal, and real estate professionals in all of New England. For more information visit www.thewarrengroup.com.