Median condo price spikes in December, year-end price reaches five-year high.
PEABODY, January 29, 2020 – The median sale price for both single-family homes and condominiums increased across Connecticut in December pushing year-end numbers even higher, according to the latest report from The Warren Group, a leading provider of real estate and transaction data.
December single-family home sales totaled 2,634 transactions, a 5.3 percent increase from December 2018 when there were 2,501 transactions. At the same time, the median single-family home sale price rose 4.2 percent on a year-over-year basis to $258,500. Year-to-date, there were 33,146 single-family home sales in 2019 – a 2.1 percent decrease from 2018. Year-to-date, the median sale price hit $260,000 – a 0.4 percent increase from 2018 and an 11-year high.
At the county level, Hartford County recorded the most single-family home sales in 2019 with 8,396 transactions with a median sale price of $226,000 – a 0.7 percent decrease from 2018. Fairfield County recorded the second-most single-family home sales in 2019 with 8,237 transactions with a median sale price of $440,000 – a 2.7 percent decrease from 2018. New Haven County recorded the third-most single-family homes sales in 2019 with 7,469 transactions with a median sale price of $230,000 – which was unchanged from 2018.
“Statewide, the median single-family home price has been on a slow, but steady, increase over the last four years,” said Tim Warren, CEO of The Warren Group. “Although the larger counties like Fairfield, Hartford, and New Haven actually saw the median sale price decline or remain flat on a year-over-year basis, the smaller Connecticut counties did their part in bolstering the statewide price at the end of 2019.”
Condominium sales also increased in December, spiking 11.7 percent on a year-over-year basis with 776 transactions, compared to the 695 condo sales recorded in December 2018. Meanwhile, the median sale price increased 8 percent on a year-over-year basis to $175,000 compared to $162,000 in December 2018. Year-to-date, there were 9,109 condo sales in 2019, a 0.2 percent decrease from 2018, with a median sale price of $167,000, a 1.2 percent increase and a five-year high.
At the county level, Fairfield County recorded the most condo sales in 2019 with 2,858 transactions with a median sale price of $255,000 – a 1.2 percent decrease from 2018. Hartford County recorded the second-most condo sales in 2019 with 2,344 transactions with a median sale price of $155,000 – a 3.3 percent increase from 2018. New Haven County recorded the third-most condo sales in 2019 with 2,320 transactions with a median sale price of $141,000 – a 1.4 percent increase from 2018.
“The median condo price has progressively risen over the last three years, but this is the first time that we’ve seen the number of sales take a dip on a year-over-year basis since 2011,” Warren continued. “Despite the slight decline, condos continue to prove to be a favorite among Connecticut homebuyers. Since 2017, year-end condo sales have tallied more than 9,000 transactions, and I wouldn’t be surprised to see this streak continue in the new year.”
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