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No Dramatic Changes in August: Home Sales Increase While Prices Decline

The Warren Group
 

The mixed news continues as Connecticut single family home and condo sales increased year over year in August while the median sales price for both dropped. Single family home sales increased by 20% in August 2015 to 3,295 from 2,741 in August 2014. The new numbers from The Warren Group revealed that August 2015 was the 5th consecutive month of year-over year decreases in single family home sales price. In August 2014 the median single family home sales price was $269,900. It declined 6% to $255,000 in August 2015. The year-to-date (YTD) median sales price for single family homes declined 0.6%, from $251,500 the same time last year to $250,000 this year.

Fairfield County suffered the largest decline (7%) in median sales price from $497,100 in August 2014 to $463,000 the same time this year. Of the three counties with median sales price increases, Tolland County is up the most with a 4% increase from $230,000 in August 2014 to $239,900 in August 2015. Of the six counties with declining YTD median single family home sales prices, Fairfield County had the largest decline with a 4% drop from $492,200 in August 2014 to $472,500 in August 2015.

Statewide condo sales jumped 29% from 658 in August 2014 to 847 in August 2015 while the median sales price dropped by 5% from $176,500 in August 2014 to $170,000 in August 2015. The YTD median condo price also declined, dropping by 3% from $170,000 in August 2014 to $165,000 this year.

Litchfield County had the largest decline in median condo sales price with a 23% drop from $130,250 in August 2014 to $100,000 in August 2015. Of the five counties with increases in year over year median condo sales price, Tolland County had the largest increase with a 44% jump from $108,000 in August 2014 to $155,000 in August 2015. The YTD median condo sales price declined for five counties, with Litchfield County also declining the most in this category, posting a 16% drop from $129,500 in August 2014 to $109,000 in August 2015. Windham County had the largest YTD sales price increase from $114,950 in August 2014 to $135,000 in August 2015, a 17% jump.

Click here to read more from The Warren Group. 

 
 

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