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Regional Spotlight: Connecticut Single-Family Home, Condo Sales Soar in June 2010

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RISMEDIA, August 6, 2010—Single-family home sales in Connecticut surged 33% in June 2010 compared to a year earlier, while the median home price climbed for the seventh straight month, according to a new report by The Warren Group, publisher of The Commercial Record.

There were 3,477 single-family homes sold in June, up from 2,612 a year earlier. June marked the first month sales exceeded 3,000 sales since August 2007. A total of 8,105 home sale transactions have been recorded in the second quarter, a 35.26% increase from 5,992 during the same period in 2009.

Sales volume in the second quarter reached the highest level since the third quarter 2007, when there were 9,682 sales. Year-to-date sales also increased 32.3% to 12,635 from 9,552 a year earlier.

“Single-family home sales in Connecticut have been steadily increasing by double-digit percentages,” said Timothy M. Warren Jr., CEO of The Warren Group. “The home buyer tax credit served its purpose and pushed buyers into the market. Low mortgage rates may help to continue the trend for the second half of the year.”

Fairfield County posted the largest gain in sales volume in June. In Fairfield County, single-family home sales soared 62 percent to 905, up from 558 in June 2009.

The median price for single-family homes sold in Connecticut rose just above 3% to $264,900 in June from $257,000 during the same month last year. The year-to-date median home price is $245,000, 3.61% higher than $236,475 recorded a year ago.

Fairfield and Tolland counties were the only areas of the state where the median home price increased in June. In Fairfield County, the median price in June increased 4.69% to $502,500 from $480,000 a year earlier. In Tolland County, the median price rose 2% in June to $249,900, up from $245,000 a year earlier.

Condominium sales also increased statewide in June. Condo sales soared 44.86% to 1,043 from 720 in June 2009. It was the first time condo sales exceeded 1,000 since October 2007. Year-to-date condo sales also shot up 36% to 3,774 from 2,774 a year earlier.

The median selling price for condos in June increased 5.53% to $186,000 from $176,250. The year-to-date median condo price is up 2.86% to $180,000 from $175,000.

In the second quarter, condo sales almost doubled from a quarter ago. Condo sales rose to 2,439 in the second quarter up from 1,335 in the first quarter of this year. Sales of condos also shot up from a year earlier when there were 1,683 sales.

For more information, visit www.thewarrengroup.com.

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