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Connecticut Home Sales Increase after Seven-Year Slump

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Regional Spotlight—After seven straight years of declining home sales in Connecticut, sales volume increased in 2012 – another sign of a recovering housing market, according to a new report from The Warren Group, publisher of The Commercial Record.

Sales of single-family homes in Connecticut rose 14.8 percent to 24,276 in 2012, up from 21,141 in 2011. Last year marked the best year on record since 2009, when there were 24,401 sales.

December’s 2,026 single-family sales represented an 18 percent year-over-year increase from 1,714 in December 2011. Fourth quarter numbers were also up 19 percent year-over-year, rising to 5,905 single-family sales compared to 4,961 in the fourth quarter of 2011 Sales volume was highest in the third quarter 2012, when there were 7,266 sales.

Single-family home sales in Connecticut rose in every month in 2012. This is a stark contrast to 2011, when year-over-year sales volume only increased in two months.

“The market in Connecticut showed much improvement in 2012, compared to the previous year when we saw record lows for sales,” says Timothy M. Warren Jr., CEO of The Warren Group. “An improved employment picture and consumer confidence boosted the housing market in 2012, and prices will slowly follow suit.”

The median price for Connecticut single-family homes sold in 2012 was $240,000, a 1.2 percent drop from $243,000 in 2011. This is the lowest median price since 2003, when the recorded price was $231,750.

The median price for single-family homes sold in December increased more than 10 percent to $243,000, up from $220,000 during the same month in 2011.

The median price for single-family homes sold during the fourth quarter rose more than 6 percent to $240,000, up from $225,000 in the fourth quarter 2011.

“Prices have increased for three consecutive months, which is a promising sign for steady growth in 2013,” Warren said.

Condominium sales in Connecticut also increased in 2012. A total of 6,111 condominiums were sold last year, a 7 percent increase from 2011 when 5,704 sales were recorded. Fourth quarter condo sales also rose 7 percent to 1,467 from the 1,370 recorded during the same time in 2011.

In the month of December, however, condo sales decreased. A total of 467 condos traded hands, a 9.8 percent drop from 518 sold during the same time a year ago.

Condo median prices also decreased in 2012. The median price decreased almost 5 percent to $163,000, down from $171,000 in 2011. The median sales price of condos in December increased, however, by almost 3 percent to $171,900, from $167,000 during December 2011.

Condo median prices jumped 5 percent in the fourth quarter to $169,900, up from $161,750 in the fourth quarter 2011.

For more information, visit www.thewarrengroup.com.

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