Condominium sales reach 11-year high for the month of April
PEABODY, May 30, 2019 – Connecticut single-family home sales declined in April, as the median sale price remained unchanged on a year-over-year basis, according to the latest report from The Warren Group, publisher of The Commercial Record.
April single-family home sales totaled 2,575 transactions, a 5 percent decrease from April 2018 when there were 2,710 transactions. This marks nine consecutive months of single-family homes sales declining on a year-over-year basis. At the same time, the median single-family home price remained unchanged on a year-over-year basis at $250,000. Year-to-date, there have been 8,081 single-family home sales in Connecticut – a 6.6 percent decrease from the first four months of 2018. Year-to-date, the median sale price settled at $240,000 – a 1.2 percent decrease.
“The year-to-date numbers surrounding single-family home sales are well below where they were at this time in 2018, which is good news for sellers,” said The Warren Group Associate Publisher and Media Relations Director Cassidy Norton. “Recent trends in Connecticut have seen far too many homes for sale; that glut of housing depressed the median sale price. Though prices are down slightly from this time last year to date, I expect they will rise in the spring market if the number of sales remains low.”
Condominium sales in Connecticut increased in April, rising 5.7 percent on a year-over-year basis with 726 transactions. This is compared to the 687 condo sales recorded in April 2018. Meanwhile, the median sale price dipped 1.2 percent to $162,000 compared to $164,000 a year earlier. Year-to-date, there have been 2,389 condo sales, a 2.5 percent decrease from the first four months of 2018, with a median sale price of $157,500 – a 0.3 percent increase.
“This is the first time in 2019 that the median condo sale price decreased on a year-over-year basis,” Norton continued. “The median condo price followed the same pattern at the beginning of 2018 before seeing a swift uptick in the summer months. I wouldn’t be surprised to see a similar trend in the near future.”
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