Condos see highest number of transactions since 2007 as prices edge higher.
Jan. 23, 2019 (PEABODY, MA) – Following a slight uptick in December, the median single-family home price in Connecticut finished 2018 at an 11-year high, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,454 single-family homes were sold in Connecticut in December, compared to the 2,472 homes sold in December 2017 – a 0.8 percent decrease on a year-over-year basis. Meanwhile, the median single-family home price increased 0.9 percent to $247,000. Year-to-date, single-family home sales totaled 33,594 transactions, a 1.9 percent decrease from 2017. At the same time, the year-to-date median sale price reached $268,000 – a 3.2 percent increase from a year earlier and the highest year-end price achieved by single-family homes since 2007.
“The median single-family home price achieved an 11-year high in 2018, but it still has some ways to go before getting back to where it was at the housing market’s peak,” said Tim Warren, CEO of The Warren Group. “While a year-end median price of $268,000 is impressive, it’s still almost 10 percent below the peak. In 2007, the statewide median sale price reached a record of $295,000.”
In December, the number of condominium sales in Connecticut was unchanged on a year-over-year basis, with 682 transactions. The median sale price for condos declined, falling 2.7 percent on a year-over-year basis to $162,000, down from $166,500 in December 2017. Year-to-date, condo sales totaled 9,067 transactions – a 0.14 percent increase from 2017 and the most condo sales in a single year since 2007. Meanwhile, the year-to-date median condo price reached $165,000 – a 1.2 percent increase from 2017 and the highest median year-end condo price since 2015.
“Once again, condos proved to be a favorite among Connecticut homebuyers, which is reinforced by the fact that this is the most annual sales seen since 2007,” Warren continued. “However, the 9,067 condo sales we saw last year is still well below the market’s peak. In 2006 and 2007, the local condo market saw 14,639 and 12,899 transactions, respectively, so we still have a ways to go.”
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