Single-family home sales see modest increase from October 2018.
PEABODY, December 4, 2019 – The median sale price for both single-family homes and condominiums increased on a year-over-year basis across Connecticut in October, according to the latest report from The Warren Group, publisher of The Commercial Record.
October single-family home sales totaled 2,907 transactions, a 1.0 percent increase from October 2018 when there were 2,879 transactions. At the same time, the median single-family home sale price rose 3.7 percent on a year-over-year basis to $255,000 – a 12-year high for the month of October. Year-to-date, there have been 27,992 single-family home sales in Connecticut – a 2.7 percent decrease from the first 10 months of 2018. Year-to-date, the median sale price hit $262,000 – a 0.8 percent increase from 2018.
“The median single-family home price experienced a notable gain in October,” said Tim Warren, CEO of The Warren Group. “The last high for October was at the housing market’s peak in 2007 when single-family homes achieved a median sale price of $280,000. Although October prices are still 10 percent behind where they were back then, year-to-date prices are trending higher.”
Condominium sales declined in October, falling 3.7 percent on a year-over-year basis with 812 transactions. This is compared to the 843 condo sales recorded in October 2018. Meanwhile, the median sale price rose 7.0 percent on a year-over-year basis to $168,000 compared to $155,000 in October 2018. This marked a five-year high for the median condo sale price in October. Year-to-date, there have been 7,616 condo sales, a 1.2 percent decrease from the first 10 months of 2018, with a median sale price of $165,000, a 0.3 percent decrease.
“This is the second month in a row that the median condo price has increased on a year-over-year basis – marking a strong finish to the summer market,” Warren continued. “Despite the streak, the year-to-date numbers continue to lag behind where they were in 2018.”
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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.
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