Due to concerns over the COVID-19 (coronavirus), The Warren Group was unable to collect real estate transaction information from Hamden, CT from February 13 – 29. We are making every commercially reasonable effort to collect records during this difficult time and apologize for any inconvenience this crisis may cause.
CT Single-Family Home, Condo Sales Spike in February on Year-Over-Year Basis
Median single-family home price reaches 12-year high for month of February.
PEABODY, April 1, 2020 – Single-family home and condo sales increased in February on a year-over-year basis and the median sale price for both property types also saw notable gains, according to the latest report from The Warren Group, a leading provider of real estate and transaction data.
February single-family home sales totaled 1,721 transactions, a 4.2 percent increase from February 2019 when there were 1,652 transactions. This marked a three-year high for February single-family home sales. Meanwhile, the median single-family home price spiked 9.8 percent on a year-over-year basis to $247,000, compared with $225,000 in February 2019 – marking a 12-year high for the month of February. Year-to-date, there have been 3,741 single-family home sales in Connecticut – a 6.1 percent increase over the first two months of 2019 – with a median sale price of $250,000 – an 8.7 percent increase on the same basis.
“Single-family home sales saw notable gains across Connecticut in January and February,” said Timothy Warren, CEO of The Warren Group. “Because of COVID-19 the next few months are more uncertain. Our data reports on closed real estate sales and I expect that some closings may have been postponed in March as the stay at home recommendations took effect. For the months ahead, we must expect that fewer people will be out home shopping and fewer new listings of homes for sale. Both of these will lead to fewer closings.”
Condominium sales in Connecticut also experienced a notable gain, rising 10.6 percent on a year-over-year basis with 534 transactions. Meanwhile, the median sale price for condos spiked 10.3 percent from February 2019 to $160,000. Year-to-date, condo sales totaled 1,103 transactions – an 8.5 percent increase over the first two months of 2019 – with a median sale price of $161,000 – a 7.3 percent increase on the same basis.
“The median condo sale price of $160,000 marked a nine-year high for the month of February and 534 transactions marked the most sales for the month since February 2008,” Warren added. “However, like the single-family market in the coming months, I expect the current situation with COVID-19 to have a significant impact on activity starting in the second quarter.”
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Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record, and Registry Review. For more information visit www.thewarrengroup.com.