BOSTON, June 5, 2014– Single-family home sales in Connecticut dropped in April by 7.9 percent compared to the same month a year ago. Statewide, median home sale prices reported a decrease of 2.0 percent in April, according to The Warren Group, publisher of The Commercial Record.
In April, there were 1,816 single-family home sales statewide, down from 1,973 in April 2013. This marked the first time sales have decreased in thirteen months year-over-year. April sales volume, however, was at the highest level so far this year, surpassing the 1,589 sales recorded in March. Year-to-date sales were down 0.5 percent – a total of 6,021 homes have sold so far this year, down from 6,054 during the same period last year.
“Single-family home and condo sales were disappointingly sluggish in April. Our numbers today reflect the sales of homes that were shopped and negotiated in the winter months and closed during April,” said Timothy M. Warren Jr., CEO of The Warren Group. “We’ll have to wait for the summer months to gauge sales during the big spring selling season.”
The median price for single-family homes fell in April by 2.0 percent to $245,000 from $250,000 a year ago. The median selling price for the first four months of the year was $235,000, a 1.3 percent decrease from the $238,000 median price recorded during the same period in 2013.
“Median prices slipped modestly in April as the real estate market has been unable to maintain the forward progress and momentum that it enjoyed in 2013. This reflects a stubbornly weak recovery from the Great Recession,” Warren said.
Statewide condominium sales decreased in April by 7.0 percent after two consecutive months of solid increases. A total of 506 condo sale transactions were recorded in April compared with 544 in April 2013. Condo sales were up during the first four months of the year by 1.1 percent compared with the same time last year. A total of 1,690 sales were posted so far this year compared with 1672 sold at the same time last year.
The median condo sales price also decreased in April. Prices fell 0.75 percent to $172,700 from $174,000 during the same month in 2013. The year-to-date condo price was also down by 1.8 percent, falling to $160,000 from $162,950.