Condominium sales up as median sale price edges lower
PEABODY, June 26, 2019 – Connecticut single-family home sales declined in May as the median sale price reached an 11-year high, according to the latest report from The Warren Group, publisher of The Commercial Record.
May single-family home sales totaled 3,110 transactions, a 2.1 percent decrease from May 2018 when there were 3,175 transactions. This marks ten consecutive months of single-family homes sales declining on a year-over-year basis. At the same time, the median single-family home price increased 6.7 percent on a year-over-year basis to $272,000 – an 11-year high for the month of May. Year-to-date, there have been 11,194 single-family home sales in Connecticut – a 5.3 percent decrease from the first five months of 2018. Year-to-date, the median sale price was recorded at $249,600 – a 1.5 percent increase.
“Single-family homes sales across Connecticut have now declined on a year-over-year basis for ten consecutive months,” said Tim Warren, CEO of The Warren Group. “May marked the first time this year that the median single-family home price has increased on a year-over-year basis. Reports are showing that inventory levels are down from where they were this time last year, so I wouldn’t be surprised to see similar spikes in the coming months as the summer market heats up.”
Condominium sales in Connecticut increased in May, rising 1.3 percent on a year-over-year basis with 861 transactions. This is compared to the 850 condo sales recorded in May 2018. Meanwhile, the median sale price dipped 1.4 percent to $170,000 compared to $172,000 a year earlier. Year-to-date, there have been 3,251 condo sales, a 1.5 percent decrease from the first five months of 2018, with a median sale price of $161,000 – a 0.6 percent increase.
“The median sale price for condos has now declined on a year-over-year basis for two straight months, and buyers are taking advantage,” Warren continued. “Local buyers know a deal when they see one, and as a result, sales numbers are up over the last three months.”
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