Regional Spotlight: Connecticut Home, Condo Sales Surge More Than 30 Percent in March 2010

RISMEDIA, May 7, 2010—The median price for a single-family home in Connecticut increased 8.1% in March 2010 compared to a year ago, while sales of single-family homes and condominiums surged by double-digit percentages, according to The Warren Group, publisher of The Commercial Record.

“Connecticut’s housing market has gained momentum over the last few months. The tax credits offered to first-time home buyers and existing homeowners looking to move have aided the market tremendously,” said The Warren Group CEO Timothy M. Warren Jr. “While there’s growing confidence in the housing market, we are concerned about how unemployment and the tax credit expiration will affect home sales activity throughout the rest of the year.”

Single-family home sales shot up 37% to 2,025 from 1,478 in March 2009. March marked the sixth straight month that home sales have increased year-over-year. It was also the best sales pace for the month of March since 2007. First quarter home sales in Connecticut totaled 4,546, a 27.7% increase from 3,560 in the first quarter of 2009.

The median price for single-family homes sold in March increased for the fourth consecutive month. The median price rose 8% to $240,000 from $222,000 in March 2009. The median price for homes sold in the first three months of 2010 is up 7.7% to $237,000 from $220,000 a year ago.

While median home prices were on the rise in most parts of the state in March, prices in Middlesex, Tolland and Windham counties declined compared to a year ago. In Middlesex County, the median home price dipped 2.6% to $245,000 from $251,500 in March 2009. Tolland County’s median home price fell 6.5% to $215,000 in March from $230,000 a year earlier, while in Windham County the median home price dropped 9.3% to $156,500 from $172,500 during the same period.

Statewide condominium sales also soared in March. A total of 570 condos were sold in March, a 34.4% jump from 424 during the same month last year. In the first quarter, condo sales escalated 22.7% to 1,339 from 1,091 during the first three months of 2009.

The median condo price slipped 1% to $178,450 from $180,250 last March. The year-to-date median condo price inched up 1.1% $180,000 from $178,000.

For more information, visit www.thewarrengroup.com.

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