Median single-family home, condominium prices also experience uptick.
PEABODY, October 30, 2019 – Connecticut single-family home and condominium sales increased in September as both property types experienced modest price gains on a year-over-year basis, according to the latest report from The Warren Group, publisher of The Commercial Record.
September single-family home sales totaled 2,797 transactions, a 6.7 percent increase from September 2018 when there were 2,621 transactions. At the same time, the median single-family home price rose 0.8 percent on a year-over-year basis to $260,000 – an eleven-year high for the month of September. Year-to-date, there have been 25,007 single-family home sales in Connecticut – a 3.3 percent decrease from the first nine months of 2018. Year-to-date, the median sale price hit $264,000 – a 1.5 percent increase from 2018.
“Although single-family home sales saw a significant gain in September, the 2019 total is still well behind where it was year-to-date in 2018,” said Tim Warren, CEO of The Warren Group. “I expect single-family sales to remain sluggish as the market winds down, and I don’t foresee a major spike during the final months of the year to pull the number of sales even with 2018.”
Condominium sales also increased in September, rising 2.2 percent on a year-over-year basis with 750 transactions. This is compared to the 734 condo sales recorded in September 2018. Meanwhile, the median sale price rose 0.6 percent on a year-over-year basis to $164,000 compared to $163,500 in September 2018. Year-to-date, there have been 6,790 condo sales, a 1.1 percent decrease from the first nine months of 2018, with a median sale price of $165,000, a 1.5 percent decrease.
“This is the first time the September median condo price increased on a year-over-year basis since September 2015,” Warren continued. “Despite the increase, the year-to-date numbers continue to illustrate a lackluster condo market.”
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