Median Sale Price Takes a Slight Dip
Boston, March 7, 2017 – Single-family home sales in the Nutmeg state increased by 23.0 percent in January, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,130 single-family homes were sold in Connecticut during the month of January compared with 1,731 sold in January 2016. This is the highest total of sales in January since 2007 when the number reached 2,345 homes sold.
The median price of a single-family home fell 1.9 percent in January to $225,000, compared with $230,000 a year ago. This is the first decline in year-over-year prices in five consecutive months.
“The Connecticut housing market has been in recovery mode since 2012,” said Timothy Warren, CEO of The Warren Group. “Despite the robust sales volume, the median sale price is slipping. At $222,500, the median price of a single family home is below the median price in January 2013 when it was $230,000.”
Condominium sales in Connecticut increased in January by 32.3 percent with 578 condos sold, up from 437 in January 2016. This marks the highest January sales output since 2007, when there were 919 condos sold.
The median sale price for condos in January decreased by 0.7 percent to $149,000, compared to 150,000 in January 2016. Median sale prices have hit their lowest January total in 13 years, when prices reached $132,700 in 2003.
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Listen to Tim Warren., CEO of The Warren Group, discuss Connecticut January 2017 Home Sales. Click Here