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CT Home Sales Rebound in 2012, Prices Remain Depressed

The Warren Group
 

In 2012 Connecticut’s single family home sales increased almost 15% from 21,141 in 2011 to 24,276. This is the highest number of sales in a single year since 2009 when there were 24,401 sales. Still, the median sales price for a single family home did not show an increase and instead dipped to $240,000, the lowest median price since 2003 when it was $231,750.All eight counties saw increases in the volume of their year-to-date single family home sales, with the largest rise posted in Tolland County which saw a 30.1% increase from 860 sales in 2011 to 1,119 sales in 2012.

Most counties experienced a decrease in year-to-date median sales price of single family homes, with Litchfield County’s 7% drop from $215,000 in 2011 down to $200,000 in 2012 the largest decline. Fairfield County’s single family median home sales price - $460,000 in both 2011 and 2012 – was the highest median home sales price out of the counties. The lowest median home sales price for single family homes was posted in Windham County, which dropped down to $155,000 in 2012. Meanwhile, New London County saw an upward swing, with median home sales prices climbing by 9.2% from $206,000 in 2011 to $225,000 in 2012.

Condo sales also rose in Connecticut from 5,704 in 2011 to 6,111 in 2012, a 7.1% increase. The median sales price for condos also decreased from $171,000 in 2011 to $163,000 in 2012, a 4.7% decline. Every county except New London County experienced a decrease in median condo sales price. New London condo median sales price increased 7.1% from $140,000 in 2011 to $150,000 in 2012. On the other end, Tolland County experienced the largest decrease in median condo sales price with a 22.2% decrease from $162,000 in 2011 to $126,000 in 2012.

Hartford, Middlesex, New Haven and Tolland County all experienced increases in year-to-date condo sales with Tolland County seeing the largest increase from 131 condos sold in 2011 to 169 sold in 2012 for a 29% increase. Fairfield, Litchfield, New London and Windham County all experienced decreases in year-to-date condo sales where New London had the largest decrease from 278 condos sold in 2011 to 261 sold in 2012 for a 6.1% decrease.

Click here
to read the report from the Warren Group.
Click here
to read the changes from 2010 to 2011.

 
 

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