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Single-Family and Condo Sales Soar in January, Prices Steady

 

New numbers from The Warren Group comparing January of 2015 and 2016 revealed that single-family homes and condo sales grew dramatically. However, the median sales prices for single homes remain unchanged, while the median sales price for condos dropped. Statewide single-family home sales jumped 24.9 percent to 1,717 from last year’s total of 1,357. However, the median sales price for a single-family home remained unchanged at $230,000.

Of the seven counties that experienced an increase in single-family home sales, New London County increased the most with a 66% jump from 112 in January 2015 to 186 in January 2016. Tolland County was the sole county to experience a decrease in single-family home sales. It was a marginal 3% decrease from 65 sales to 63 sales.

Observing these same two time periods, five counties experienced a decline in median sales price for single-family homes, while three experienced an increase. Fairfield and Windham County both experienced the largest declines with 10% drops. Fairfield dropped from $445,000 to $399,450, while Windham dropped from $169,000 to $152,000. Hartford experienced the largest increase with a 12% jump from $180,000 to $201,000.

Statewide condo sales jumped 16% from 376 in January 2015 to 436 in January 2016. Conversely, the median sales price dropped by 11% from $169,000 in January 2015 to $150,000 in January 2016.

Comparing January of 2015 and 2016, the data revealed that every county experienced an increase in condo sales except Tolland County. Windham County experienced the largest increase with a 133% jump from 3 sales in January 2015 to 7 sales in January 2016. Condo sales dropped 20% from 5 sales to 4 sales in Tolland County.

Observing these same two time periods, six counties experienced a decline in median sales price for condos, while two experienced an increase. New London experienced the largest decline with a 13% drop from $115,412 to $100,000, while Middlesex experienced the largest increase with a 22% jump from $122,500 to $149,000.

Read more at The Warren Group.

 
 

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