Median condo price experiences double-digit spike from November 2018.
PEABODY, January 8, 2020 – The total number of sales for both single-family homes and condominiums increased across Connecticut in November, according to the latest report from The Warren Group, publisher of The Commercial Record.
November single-family home sales totaled 2,490 transactions, a 4.9 percent increase from November 2018 when there were 2,373 transactions. At the same time, the median single-family home sale price rose 3.2 percent on a year-over-year basis to $258,000 – a 12-year high for the month of November. Year-to-date, there have been 30,492 single-family home sales in Connecticut – a 2.1 percent decrease from the first 11 months of 2018. Year-to-date, the median sale price hit $258,000 – a 0.4 percent increase from 2018.
“The median single-family home price experienced another notable gain in November,” said Tim Warren, CEO of The Warren Group. “This is now the fifth consecutive month that the median single-family home price has increased on a year-over-year basis. However, this should be taken with a grain of salt. During the first half of 2019, the median sale price only increased in May. So with the recent streak of increases, the median sale price is still relatively on par with where it was in 2018 on a year-to-date basis.”
Condominium sales also increased in November, rising 4.1 percent on a year-over-year basis with 706 transactions, compared to the 678 condo sales recorded in November 2018. Meanwhile, the median sale price spiked 13.3 percent on a year-over-year basis to $170,000 compared to $150,000 in November 2018. This marked a seven-year high for the median condo sale price in November. Year-to-date, there have been 8,324 condo sales, a 0.8 percent decrease from the first 11 months of 2018, with a median sale price of $166,000, a 0.6 percent decrease.
“November condo sales were up 4.1 percent and they exceeded 600 units sold for the third year in a row,” Warren added. “The 13.3 percent jump in the November condo median price is the biggest spike we have seen in any month since 2013.”
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