Median condo price and sales activity see significant gains
PEABODY, August 28, 2018 – Single-family home sales in Connecticut increased in July on a year-over-year basis while the median sale price hovered at a five-year high, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,942 single-family homes were sold in Connecticut last month, compared to the 3,686 homes sold in July 2017 – a 7 percent increase. Meanwhile, the median single-family home price increased 4.1 percent on a year-over-year basis to $280,000. Although the median sale price increased from July 2017, it remained unchanged from a month earlier.
Year-to-date, single-family home sales totaled 19,517 transactions, a 0.3 percent increase from the first seven months of 2017. The year-to-date median sale price of $260,000 marked a 4 percent increase over the same period.
“This is only the second time this year that the number of single-family home sales increased on a year-over-year basis,” said Cassidy Murphy, Associate Publisher & Media Relations Director of The Warren Group. “Connecticut’s single-family home inventory is approaching a more balanced market and has had a positive impact on prices.”
The number of condominium sales in Connecticut also increased on a year-over-year basis, rising 5 percent in July with 930 transactions, up from 886 transactions recorded a year earlier. The median sale price for condos also increased, rising 3.7 percent on a year-over-year basis to $175,000. Year-to-date, condo sales rose 1.1 percent, totaling 5,166 transactions, while the median sale price increased 1.9 percent to $165,000.
“The median condo sale price of $175,000 marked a four-year high,” Murphy continued. “Despite rising prices, condo sales have now surpassed 900 transactions for two consecutive months, reflecting nationwide housing preference trends for condos versus single-family homes.”
ABOUT THE WARREN GROUP
Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and Registry Review. For more information visit www.thewarrengroup.com.