February median single-family sale price reaches three-year low.
PEABODY, March 27, 2019 – Single-family home and condo sales declined in February on a year-over-year basis, according to the latest report from The Warren Group, publisher of The Commercial Record.
February single-family home sales totaled 1,606 transactions, a 6.2 percent decrease from February 2018 when there were 1,713 transactions. This marked a four-year low for February single-family home sales. Meanwhile, the median single-family home price fell 5.1 percent on a year-over-year basis to $224,000, compared with $236,000 in February 2018 – marking a three-year low for the month of February. Year-to-date, there have been 3,443 single-family home sales in Connecticut with a median sale price of $230,000.
“This is the fewest number of single-family home sales for the month of February since 2015,” said Timothy Warren, CEO of The Warren Group. “Single-family home sales have declined on a year-over-year basis for seven straight months and 13 of the past 15 months. Clearly the market has softened despite a low unemployment rate and a good economy.”
Condominium sales in Connecticut also experienced a notable decline, falling 4.6 percent on a year-over-year basis with 475 transactions. Meanwhile, the median sale price for condos remained unchanged from February 2018 at $145,000. Year-to-date, condo sales totaled 994 transactions with a median sale price of $148,500.
“Even though the number of condo sales declined on a year-over-year basis, the level of activity we saw isn’t unusual for the month of February,” Warren continued. “In fact, the last time we saw more than 500 condo transactions in February was more than 10 years ago in 2008.”
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