Affordable Housing, Announcements, State News

Connecticut Median Sales Price Drops in July

The Warren Group

The month of July was the fifth time sales have increased year-over-year in 2014. According to July home sales numbers released by The Warren Group, while sales have increased, this was the fifth consecutive month that median single family home sales price has decreased. Overall, the median home sales price dropped 3.9% from the same time last year from $286,000 in 2013 down to $275,000 in 2014. Year-to-date (YTD) median home sale price also decreased from $262,000 in 2013 to $255,000 in 2014 for a 2.7% drop.

Every single county experienced a decrease in median sales price from July 2013 to July 2014, with Litchfield County experiencing the sharpest decline with a 14% drop in price from $239,500 to $206,000. Every county except Tolland County experienced a drop in year-to-date median sales price. Tolland County experienced a 4.7% increase from $215,000 to $225,250.

The state did not fare any better for median condo sales price. Both the year-over-year median sales price and YTD median sales price of condos decreased. The median sales price of condos decreased by 2.7% in July to $180,000 in 2014 from $184,900 in 2013. The YTD price dipped slightly from $170,000 in 2013 to $169,900 in 2014.

Half the counties experienced drops in median sales price for condos while the other half experienced increases. Litchfield County also had the biggest drop in median condo sales price with a 22.6% drop from $155,000 in July 2013 to $120,000 in July 2014. Windham County, on the other hand, had the largest increase, up 3.5% from $130,500 to $135,000.

New Haven County had the largest drop in YTD median condo sales price with a 10.1% drop from $148,500 in 2013 to $133,500 in 2014. Litchfield County had the largest gain from $115,000 in 2013 to $129,500 in 2014 for a 12.6% increase. Hartford County was the only county to show no YTD median sales price change, staying at $160,000.

Click here to read about it at The Commercial Record. 



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