Median Sale Price Remains Moderate

Boston, January 31, 2017 – Single-family home sales in Connecticut increased by 2.7 percent in December, according to the latest report from The Warren Group, publisher of The Commercial Record.

A total of 2,656 single-family homes were sold in the Nutmeg state during the month of December compared with 2,587 sold in December 2015. Year-to-date, sales were up 8.7 percent with 32,235 transactions, compared with 29,644 during the same time a year ago.

The median price of a single-family home rose 2.1 percent in December to $240,000, compared with $235,000 a year ago. Year-to-date, prices took a slight increase to $247,000 compared with $246,000 during the same time a year ago, a rise of 0.4 percent.

“The Connecticut housing market had an outstanding year in terms of sales volume,” said Timothy Warren, CEO of The Warren Group. “Median prices remained steady and well below their peak in 2007. Buyers took advantage of low prices and scooped up more homes than in any of the past nine years.”

Condominium sales in Connecticut increased in December by 15.7 percent with 716 condos sold, up from 619 in December 2015. This marks the highest December sales output since 2007. Year-to-date, condo sales were up 5.3 percent with 8,267 condos sold compared with 7,853 during the same timeframe last year.

The median sale price for condos in December increased by 13.6 percent to $166,500, compared to 146,500 in December 2015. Year-to-date, median condo sale prices took a slight decrease of 0.3 percent to $162,450, compared with $163,000 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.

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