Community Development, State News

February Connecticut Home Sales Spike as Prices Decline

The Warren Group
 

New numbers from The Warren Group comparing February of 2015 and 2016 revealed that single-family homes and condo sales grew dramatically. However, the median sales prices for single-family homes and condos both dipped. The Warren Group year-to-date (YTD) numbers tell a slightly different story. Although both single-family homes and condo sales both grew, the median sales prices for single-family homes increased due to stronger prices in January while condo sales dipped.

Focusing on February of 2015 and 2016, statewide single-family home sales jumped 29.9 percent to 1,788 from last year’s total of 1,376. However, the median sales price for a single-family home slipped 1 percent to $222,750 from $224,900.

YTD, Connecticut single-family home sales jumped 27.6 percent to 3,509 from last year’s total of 2,751. Additionally, the median sales price for a single-family home received a 1.3 percent bump to $228,000 from $225,000, buoyed by the higher prices seen in January.

Focusing on February of 2015 and 2016, each of the eight counties experienced an increase in single-family home sales. Windham County increased the most with close to a 67% jump from 48 sales in February 2015 to 80 in February 2016.

Observing these same two time periods, three counties experienced a decline in median sales price for single-family homes, while five experienced an increase. Tolland County experienced the largest decline with almost an 8% drop from $222,450 to $205,000. Litchfield experienced the largest increase with a 14% jump from $179,750 to $205,000.

Each of the eight counties also experienced an increase in YTD single-family home sales. New London County increased the most with a 59% jump from 208 homes sold to 331 within the same time period last year.

Five counties experienced a decline in YTD median sales price for single-family homes, while three experienced an increase. Fairfield County experienced the largest decline with over a 9% drop from $435,000 to $395,000. Litchfield experienced the largest increase with almost an 8% jump from $190,000 to $205,000.

Focusing on February of 2015 and 2016, statewide condo sales jumped 18.2 percent to 493 sales from last year’s total of 417. However, the median sales price for condos slipped by almost 2 percent to $150,000 from $153,000.

YTD, Connecticut condo sales jumped 17.5 percent to 929 sales from last year’s total of 793. However, the median sales price for condos took a 6 percent dip to $150,000 from $159,500.

Focusing on February of 2015 and 2016, six of the eight counties experienced an increase in condo sales. Tolland County increased the largest percent increase with a 55.6% jump from 9 sales in February 2015 to 14 in February 2016. Litchfield County experienced the largest decline with a 11.8 percent drop from 17 sales in February 2015 to 15 in February 2016.

Observing these same two time periods, half of the counties experienced a decline in median sales price for condos, while the other half experienced an increase. Hartford County experienced the largest decline with around 12% drop from $150,000 to $131,500. Tolland County experienced the largest increase with a 107% leap from $115,000 to $238,075.

Six of the eight counties also experienced an increase in YTD condo sales. Windham County increased the most with a 75% jump from 8 condos sold to 14 within the same time period last year. Litchfield and New London County both experienced the largest declines with almost 3% drops. Litchfield County dropped from 36 sales to 35, while New London County dropped from 37 sales to 36.

Three counties experienced a decline in YTD median sales price for condos, while five experienced an increase. Hartford County experienced the largest decline with a 10% drop from $150,000 to $135,000. Tolland County experienced the largest increase with almost an 60% jump from $119,500 to $190,850.

Read more at The Warren Group

 
 

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