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CT Trend Continues, Home Sales Increase While Prices Decline

The Warren Group
 

In a continuation of the upward trend for single-family home and condo sales, June became the fifth consecutive month of sale increases in Connecticut. The numbers from the Warren Group show a 19.9% jump in single-family home sales, from 2,799 sold during June 2014 to 3,368 sold in June of this year. Year-to-date (YTD) sales also saw a dramatic 12.1% increase from 10,933 during the same time last year to 12,254 this year. However, also mirroring the trend is the decline in single-family home and condo median sales prices. The median price of a single-family home fell 4.4% to $264,900 in June this year from $277,000 from June 2014. The YTD single-family price fell 2.0% from $250,000 last year to $245,000 this year.

Hartford and Windham Counties were the only ones to see an increase in single-family home sales price when comparing June 2014 to June 2015. Windham had the larger increase with a 6.6% change from $167,950 in June 2014 to $179,000 this year. Fairfield County had the largest percent decrease as well as the largest price decrease with a 9.8% change from $543,500 in June 2014 to $490,000 this year.

Windham and Litchfield Counties were the only counties to experience increases in YTD median sales price. Windham had the largest increase from $160,000 during the same time last year to $163,000 this year, a 2.2% change. New London and Hartford Counties both had 0% YTD median sales price change. Tolland County had the largest YTD median sales price decline with a 4.6% decline, dropping from $220,000 last year to $210,000 this year.

Statewide condo sales increased by 14% from 765 in June 2014 to 872 June 2015. YTD condo sales saw a 9% increase from 3,077 during the same time last year to 3,355 this year. The condo median sales price follows the same trend as the single-family homes trend, dropping by 2.8% to $175,000 this June from $180,000 during June 2014. YTD condo sales price saw a decrease, from $166,500 last year to $163,000 this year, a 2.1% decline.

Because Windham County only sold 2 condos in June 2015, the 100% decline in median sales price will not be included in the comparison to other counties. Discounting Windham County, Tolland County had the largest decline in median sales price for condos, from$165,000 in June 2014 to $123,500 in Jun 2015 a 25.2% change. New London County experienced the largest median sales price increase, going up 36.5% from $115,000 last June to $157,000 this June. Tolland County also lays claim to the largest YTD condo median sales price decline, dropping 18.5% from $138,700 last year to $113,000 this year. Windham County had the largest YTD median sales price increase, up 17.7% from $114,700 during the same time last year to $135,000 this year.

Read more at The Commercial Record. 

 
 

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