Regional Spotlight—Sales of both Connecticut single-family homes and condominiums rose in August – posting the highest sales volume for the month since 2009, according to the latest report by The Warren Group, publisher of The Commercial Record.
A total of 2,583 single-family homes sold in August, an 11.9 percent increase from 2,308 sales in August 2011. This is the fourth straight month sales have surpassed the 2,000 mark. Year-to-date sales have increased 12.9 percent to 16,217, compared to 14,363 during the same period a year ago.
“Strong home sales have shown once again that the housing market’s future looks promising,” says The Warren Group CEO Timothy M. Warren Jr. “Even though we are comparing to a slow market in 2011, the 12 percent increase is a promising indicator.”
The median price of single-family homes statewide remained unchanged in August at $255,000. The median sales price for homes sold January through August decreased 4 percent to $240,000, down from $250,000 during the same period a year ago.
“In past housing market recoveries, we’ve seen sales volume increase before prices followed,” Warren said. “Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery.”
In August, Connecticut condominium sales increased 15 percent. Sales statewide increased to 649 in August, up from 564 in August 2011. This is the highest number of condo sales recorded in any month this year. Year-to-date condo sales are also up 5.8 percent, increasing to 4,090 from 3,864 during the previous year.
The median sale price of Connecticut condos decreased 11 percent in August 2012 to $160,000, down from last year’s $180,000. The year-to-date median price of condos in Connecticut fell 8.6 percent to $160,000, down from $175,000 a year ago.
For more information, visit www.thewarrengroup.com.