February median single-family home price reaches a new all-time high.
PEABODY, MA – April 15, 2021 – Connecticut single-family home and condo sales continued their torrid pace in February, resulting in double-digit price gains on a year-over-year basis, according to the latest report from The Warren Group, a leading provider of national real estate and transaction data.
February single-family home sales totaled 2,200 transactions, a 24.8 percent increase from February 2020 when there were 1,763 transactions. This marked a 16-year high for single-family home sales in February. Meanwhile, the median single-family home price spiked 22.5 percent on a year-over-year basis to $300,000, compared to $245,000 in February 2020 – an all-time high for the month of February. Year-to-date, there have been 4,726 single-family home sales in Connecticut – a 24.8 percent increase over the first two months of 2020 – with a median sale price of $300,000 – a 20 percent increase on the same basis.
“Activity in the single-family housing market remained hot in February,” said Timothy Warren, CEO of The Warren Group. “The median sale price increased by double digits in nearly every county in Connecticut, indicating that the level of demand is statewide. Historically, February marks a low point in the year for both prices and sales, but the median sale price has now been at $300,000 for two consecutive months. If what we saw in February represents the floor for single-family sales in 2021, we’re in for a red-hot spring and summer market.”
Condominium sales in Connecticut also increased in February, rising 20.1 percent on a year-over-year basis to 652 transactions, up from 543 transactions in February 2021. On the same basis, the median condo price spiked 12.5 percent to $180,000 – the highest price for the month of February since 2008. Year-to-date, condo sales totaled 1,369 transactions – a 23.1 percent increase over the first two months of 2020 – with a median sale price of $185,000 – a 15.6 percent increase on the same basis.
“Condos followed similar trends to the single-family housing market in February,” Warren added. “The last time the February median condo price reached $180,000 was in 2008. If the current level of demand continues to outpace supply, I fully expect the median statewide condo price to set new records in the coming months.”
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