Single-family home sales slow as local inventory dwindles

Oct. 2, 2018 (PEABODY, MA) – Single-family home sales in Connecticut decreased in August on a year-over-year basis as the median sale price reached a five-year high for the month of August, according to the latest report from The Warren Group, publisher of The Commercial Record.

A total of 3,701 single-family homes were sold in Connecticut in August, compared to the 3,864 homes sold in August 2017 – a 4.2 percent decrease. Meanwhile, the median single-family home price increased 2.4 percent to $271,500 – the highest price achieved for the month of August since 2013. Year-to-date, single-family home sales totaled 23,234 transactions, a 0.4 percent decrease from the first eight months of 2017. Meanwhile, the year-to-date median sale price of $260,000 marked a 4 percent increase over the same period.

“The median single-family home price reached a five-year high for the month of August, but based on historical trends, we can probably expect the price to start edging lower on a month-over-month basis during the remainder of 2018,” said Timothy Warren, CEO of The Warren Group. “However, if inventory fails to keep up with demand – like we’ve seen in the last few months – year-over-year price gains could continue for a while longer.”

The number of condominium sales in Connecticut increased on a year-over-year basis, rising 3.8 percent in August with 956 transactions, up from 921 transactions a year earlier. The median sale price for condos also increased, rising 4.7 percent on a year-over-year basis to $177,900, up from $169,000 in August 2017. Year-to-date, condo sales totaled 6,128 transactions with a median sale price of $168,125.

“The median condo sale price of $177,950 is the highwater mark for 2018,” Warren said. “Condos sales also reached a new high for the year, but activity still remains below where it was at its peak in 2006.

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