Regional Spotlight: Connecticut Home Sales, Prices Increase in January 2010

RISMEDIA, March 11, 2010—The median price for single-family homes in Connecticut climbed 6% in January 2010 compared to a year earlier, while sales increased for the fourth consecutive month, according to a report by The Warren Group, publisher of The Commercial Record.

The median price for single-family homes sold statewide in January rose 6.2% to $238,900 from $225,000 in January 2009. It was the second month in a row that median prices increased year-over-year and a sharp contrast to the start of last year when home prices were falling by 25-35%. There were 1,277 single-family home sales recorded in January, up 19.5% from 1,069 a year earlier.

“Connecticut’s housing market has been steadily improving over the last several months. January was the third straight month that sales increased year-over-year by double-digit percentages,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, the big unknown is whether home sales will continue to increase when the home buyer tax credit expires and the Federal Reserve stops purchasing mortgage-backed securities.”

Fairfield County led the state with significant gains in sales volume and prices. The county’s home sales surged almost 60% in January to 352 from 222 a year earlier. The median home price shot up 30% to $485,000 from $373,500.

Hartford County was the only area of the state to see prices dip in January. The median home price slipped 4.7% to $200,000 from $209,900 in January 2009.

Like single-family home sales, condo sales transactions increased statewide in January. Sales jumped 12.5% to 395 from 351 in January 2009, marking four straight months of double-digit percentage increases in year-over-year sales. The median condo price in January, $185,000, was unchanged from a year earlier.

For more information, visit www.thewarrengroup.com.

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