March sales numbers decline on year-over-year basis as inventory dwindles
BOSTON, May 1, 2018 – The median single-family home price in Connecticut increased in March and the median condominium price followed a similar trajectory, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,012 single-family homes were sold in Connecticut in March 2018, compared to the 2,229 homes sold in March 2017 – a 9.7 percent decrease. Meanwhile, the median single-family home price increased 7.8 percent to $248,000, compared to $230,000 a year ago, marking the second consecutive month of median price gain. Year-to-date, single-family home sales totaled 5,834 transactions with a median sale price of $240,000.
“March saw the largest median single-family home price gain since September 2013,” said Timothy Warren, CEO of The Warren Group. ”Inventory of homes for sale is falling and the tight supply is pushing up the median price. Prices held steady for the past two years, but the most recent two months show remarkable upward movement.”
Condo sales in Connecticut decreased 8.3 percent in March with 619 transactions, down from the 675 transactions recorded in March 2017. The median sale price for condos spiked 8.3 percent to $162,500, up from $150,500 a year earlier. Year-to-date, condo sales totaled 1,745 transactions with a median sale price of $153,972.
“On a county level, single-family sales declined in every area, while Litchfield was the only county to see an increase in condo sales,” Warren continued. “Litchfield also saw the largest single-family price gain of 15.8 percent.”
ABOUT THE WARREN GROUP
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.