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Housing Sales Strong in 2015 Despite Dip in Prices

The Warren Group
 

Last year, Connecticut experienced the highest number of single family home sales in almost a decade for the month of December. The total number of sales was almost 20% higher than December of the previous year.  Windham was the only county that experienced a decline in their housing sales.

Not only did Connecticut experience a growth in sales during the month of December but it experienced overall growth in sales for the entire year of 2015. Like the month of December, Connecticut also experienced close to a 20% increase in single family home sales from December 2014 to December 2015. Not one county in the entire state experienced a decline for this time period.

However, when comparing 2014 and 2015 for December as well as 2015 overall, Connecticut's median sales price has decreased by 2% for both categories. Focusing on December, the median sales price declined from $240,000 in 2014 to $235,000 in 2015, while over the course of 2015 it slid from $251,500 to $246,000. Fairfield County suffered the largest decline (19%) in median sales price from $485,000 in December 2014 to $394,000 in December 2015.  Of the seven counties with declining year-to-date (YTD) median single family home sales prices, Fairfield County also experienced the largest decline with a 4% drop from $475,200 in December 2014 to $455,000 in December 2015.

Tim Warren, JR, CEO of The Warren Group noted that these statistics suggest that potential home buyers feel secure enough financially to purchase a home and home sellers are motivated to sell despite the recent dip in the statewide median price.

The sale and median price statistics for condominiums revealed a similar pattern.  The total number of condominium sales was almost 3% higher than December of the previous year.  Not only did Connecticut experience a growth in sales during the month of December but it experienced an overall growth in condominium sales for the entire year of 2015 (13%).  Litchfield County experienced the largest increase in December condominium and YTD condominium sales.  It had a 43% increase from 21 sales in December 2014 to 30 sales in December 2015 as well as a 29% increase in YTD sales.

However, when comparing 2014 and 2015 for December and overall, Connecticut’s median condominium sales price has decreased by 8.4% and 3.3%, respectively.  Litchfield (8%) was the only county that experienced an increase in their median condominium sales for December, while Middlesex (3%) and Windham (1%) were the only counties that experienced an increase in their YTD median condominium sales.

Click here to read more from The Warren Group.


 
 
 

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