Median condo price increases as sales slow
BOSTON, June 28, 2018 – Single-family home sales in Connecticut decreased in May and the median sale price edged lower on a year-over-year basis, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,094 single-family homes were sold in Connecticut last month, compared to the 3,301 homes sold in May 2017 – a 6.3 percent decrease. Meanwhile, the median single-family home price declined for the first time in eight months on a year-over-year basis falling 1.2 percent to $250,000. Despite the year-over-year decline, the price was unchanged from April 2018. Year-to-date, single-family home sales totaled 11,692 transactions with a median sale price of $245,000.
“This is the first time the median sale price declined on a year-over-year basis since September 2017,” said Timothy Warren, CEO of The Warren Group. “The stumble in May seems to be part of the the pattern we are seeing in Conneicticut for the past year or two. It is a bumpy road with ups and downs, none very large. The good news is that when we compare the first five months of 2018 with the same period last year, we see a 4.3% gain in the median price.”
The number of condominium sales in Connecticut also decreased, falling 4.9 percent in May with 834 transactions, down from 877 transactions recorded in May 2017. The median sale price for condos increased, rising 2.9 percent on a year-over-year basis to $170,250, up from $165,000 a year earlier. Year-to-date, condo sales totaled 3,282 transactions with a median sale price of $160,000.
“This is the second consecutive May that condo sales have exceeded 800 transactions,” Warren continued. “The last time May condo sales exceeded this mark was in May 2008, which is a telling indicator that buyers continue to look at condos as preferred housing options.”
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