Regional Spotlight—Single-family home sales in Connecticut increased more than 25 percent in April compared to the same month a year ago. Median home prices statewide, however, dropped in April, according to The Warren Group, publisher of The Commercial Record.
In April, there were 1,946 single-family home sales statewide, up from 1,550 in April 2011. This marks the fourth consecutive month that sales volume increased year-over-year. April sales volume reached the highest level so far this year; surpassing the 1,610 sales recorded in March. The lowest monthly single-family sales total was 1,222 in February. Year-to-date sales are up almost 11 percent – a total of 6,104 homes have sold so far this year, up from 5,500 during the same period last year.
“Low mortgage rates and an improving job market in Connecticut are encouraging buyers to enter the market,” says Timothy M. Warren Jr., CEO of The Warren Group. “It looks like the months ahead will continue to be positive as the strong spring and summer market heats up. Typically, June is the biggest month of the year for real estate closings.”
The median price for single-family homes sold in April decreased 5.5 percent to $226,700 from $240,000 a year ago. Middlesex and New London are the only counties in April where prices increased from 2011.
“With the decrease in April, median prices are down 5.6 percent for the year to date. In 2011, median prices declined 2.89 percent. I’m hopeful that the gains in sales volume will eventually reverse the downward trend with prices, but we haven’t seen evidence of that yet,” Warren adds.
Statewide condominium sales also increased – rising almost 14 percent to 506 from 444 in April 2011. A total of 1,641 condo sale transactions were recorded in the first four months of the year, a 5 percent increase from 1,562 the prior year. April marks the highest volume of condo sales so far this year.
The median condo sales price decreased in April. Prices dropped almost 12 percent to $150,000 from $170,000 during the same month in 2011. The year-to-date condo price dropped more than 6 percent to $155,250 from $165,950.
For more information, visit www.thewarrengroup.com.