Condominium sales up for the fourth consecutive month on a year-over-year basis
PEABODY, July 30, 2019 – Connecticut single-family home sales declined in June as the median sale price edged lower, according to the latest report from The Warren Group, publisher of The Commercial Record.
June single-family home sales totaled 3,516 transactions, a 7.1 percent decrease from June 2018 when there were 3,786 transactions. This marks eleven consecutive months of single-family homes sales declining on a year-over-year basis. At the same time, the median single-family home price dipped 0.5 percent on a year-over-year basis to $280,000. Year-to-date, there have been 14,746 single-family home sales in Connecticut – a 5.5 percent decrease from the first six months of 2018. Year-to-date, the median sale price hit $256,000 – a 0.4 percent increase.
“Single-family home sales in Connecticut continued to slide last month,” said Tim Warren, CEO of The Warren Group. “This marked the eleventh consecutive month that sales have declined on a year-over-year basis. The real estate market is softening in Connecticut, just as recent data show on a national basis. The big question is whether demand continues to be strong, but the supply of home for sale in all price ranges is scarce. Or has the market passed its peak despite a strong economy? Either way, I wouldn’t be surprised to see this trend continue in the coming months.”
Condominium sales in Connecticut increased in June, rising 2.3 percent on a year-over-year basis with 962 transactions. This is compared to the 940 condo sales recorded in June 2018. Meanwhile, the median sale price spiked 6.2 percent on a year-over-year basis to $181,600 compared to $171,000 in June 2018. Year-to-date, there have been 4,219 condo sales, a 0.5 percent decrease from the first six months of 2018, with a median sale price of $165,000 – a 0.6 percent increase.
“The condo market was a bright spot for the Connecticut housing market last month,” Warren continued. “The median sale price of $181,600 marked an eight-year high for the condo market in the month of June. Meanwhile, the number of sales have now increased on a year-over-year basis for four consecutive months.”
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