Condominium activity edged higher on a year-over-year basis.
PEABODY, April 24, 2019 – Single-family home sales continued to decline across Connecticut in March as the median sale price also trended lower, according to the latest report from The Warren Group, publisher of The Commercial Record.
March single-family home sales totaled 1,983 transactions, a 4.7 percent decrease from March 2018 when there were 2,081 transactions. At the same time, the median single-family home price fell 1.6 percent to $243,000, compared with $247,000 in March 2018. This marks three consecutive months of both the number of sales and the median sale price declining on a year-over-year basis. Year-to-date, there have been 5,491 single-family home sales in Connecticut – a 7.5 percent decrease from the first three months of 2018. Year-to-date, the median sale price is at $235,000 – a 2.1 percent decrease.
“The number of single-family home sales have now declined on a year-over-year basis for eight consecutive months,” The Warren Group Associate Publisher and Media Relations Director Cassidy Norton said. “The first three months of any year are normally slow; while sales will pick up in the spring, it’s definitely a buyers’ market.”
Condominium sales in Connecticut increased last month, rising 2.2 percent on a year-over-year basis with 650 transactions. This is compared to the 636 condo sales recorded in March 2018. Meanwhile, the median sale price rose 0.6 percent to $163,500 compared to $162,500 a year earlier. Year-to-date, there have been 1,660 condo sales, a 5.9 percent decrease from the first three months of 2018, with a median sale price of $155,000 – a 0.8 percent increase.
“March condo prices have steadily risen on a year-over-year basis since 2017,” Norton continued. “Even though the March median sale price is trending upwards, it still has a long way to go before achieving the high of $204,000 seen in 2007, at the housing market’s peak.”
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