Condo sales also fall following a 2 percent uptick in median sale price.
PEABODY, February 27, 2019 – January single-family home sales saw the largest year-over-year decline since the Great Recession in January 2009, according to the latest report from The Warren Group, publisher of The Commercial Record.
January single-family home sales totaled 1,835 transactions, a 14.5 percent decrease from January 2018 when there were 2,145 transactions. This marked the largest year-over-year decline for the month of January since 2009 when sales fell 35.3 percent on the same basis. Meanwhile, the median price of a single-family home fell 0.4 percent on a year-over-year basis to $235,000, compared with $236,000 in January 2018.
“Last year the number of home sales fell in nine of 12 months and for the entire year sales fell by 1.9 percent,” said Timothy Warren, CEO of The Warren Group. “However, no month in 2108 had a decline approaching the 14.5 percent decline that we saw last month. Homeowners and prospective buyers are standing fast with their current living quarters.
Condominium sales in Connecticut also experienced a notable decline, falling 17.6 percent on a year-over-year basis with 519 transactions. On the same basis, the median sale price for condos increased 2 percent to $153,000 – the highest price for the month of January since 2015.
“This is the first uptick we’ve seen in the January condo sale price since 2015,” Warren continued. “Despite the increase, the median sale price is still well below the peak price of $191,000 seen in January 2006.”
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