January single-family home sales reach a 15-year high.
PEABODY, MA – March 10, 2021 – Connecticut single-family home sales showed no sign of slowing down in January as the median sale price reached a new all-time high for the month, according to the latest report from The Warren Group, a leading provider of national real estate and transaction data.
January single-family home sales totaled 2,520 transactions, a 24.5 percent increase from January 2020 when there were 2,024 transactions. This marked a 15-year high for single-family home sales in January. Meanwhile, the median single-family home price spiked 19.4 percent on a year-over-year basis to $300,000, compared to $251,250 in January 2020. This marked an all-time high for the month of January.
“The momentum gained in last year’s single-family housing market has clearly rolled over into 2021,” said Timothy Warren, CEO of The Warren Group. “In fact, the median sale price of $300,000 marked a new all-time high for the month of January. Fairfield and Litchfield counties showed the biggest gains, indicating a demand for country or vacation homes for city-dwellers. But as the state gains immunity from the coronavirus this spring, we may see less demand in those areas.”
Condominium sales in Connecticut also increased in January, rising 25.1 percent on a year-over-year basis to 712 transactions up from 569 transactions in January 2020. On the same basis, the median sale price for condos surged 17.3 percent to $190,000 – the highest price for the month of January since 2006.
“The grand total of 712 condo sales marked the most transactions for the month of January since 2007, indicating that there’s no shortage of demand,” Warren added. “The last time January’s median condo price exceeded $190,000 was in 2006. It will be interesting to see if this momentum will last as the spring market heats up.”
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