Condominium sales up for the fifth consecutive month on a year-over-year basis
PEABODY, September 3, 2019 – Connecticut single-family home sales edged lower in July as the median sale price reached a six-year high for the month, according to the latest report from The Warren Group, publisher of The Commercial Record.
July single-family home sales totaled 3,893 transactions, a 1.4 percent decrease from July 2018 when there were 3,949 transactions. This marked twelve consecutive months of single-family homes sales declining on a year-over-year basis. At the same time, the median single-family home price rose 0.7 percent on a year-over-year basis to $282,000 – a six-year high for the month of July. Year-to-date, there have been 18,649 single-family home sales in Connecticut – a 4.7 percent decrease from the first seven months of 2018. Year-to-date, the median sale price hit $261,000 – a 0.4 percent increase.
“Historically, July tends to be the month when single-family home prices hit the highest mark for the year,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The median sale price of $282,000 marked a six-year high for the month of July. The last time the median sale price surpassed this mark was in July 2013 when the price hit $286,000.”
Condominium sales increased in July, rising 1.3 percent on a year-over-year basis with 947 transactions. This is compared to the 935 condo sales recorded in July 2018. Meanwhile, the median sale price dipped 2.9 percent on a year-over-year basis to $170,000 compared to $175,000 in July 2018. Year-to-date, there have been 5,168 condo sales, a 0.2 percent decrease from the first seven months of 2018, with a median sale price of $170,000, which is unchanged from this time last year.
“When looking at year-to-date numbers, the Connecticut condo market is more or less on par with where it was at this point last year,” Norton continued. “However, the market should cool down in the coming months, so don’t be surprised if we see a dip in sales activity and the median sale price.”
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