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CT April Home Sales Increase but Prices Barely Budge

The Warren Group
 

New numbers from The Warren Group comparing April of 2015 and 2016 revealed that single-family home and condominium sales both grew by double digits. However, the median sales prices for single-family homes grew by less than 1%, while the median sales prices for condos decreased.

The Warren Group year-to-date (YTD) numbers tell a slightly different story. Single-family home and condo sales both grew by double digits, while the median sales prices took slight declines.

Focusing on April of 2015 and 2016, statewide single-family home sales jumped 16.2% to 2,340 from last year’s total of 2,014. However, the median sales price for a single-family home only grew 0.8% to $240,000 from $238,200. 

YTD, Connecticut single-family home sales jumped 22.7% to 7,992 from last year’s total of 6,515. However, the median sales price for a single-family home slid 0.3% to $230,000 from $230,625.

Focusing on April of 2015 and 2016, six of the eight counties experienced an increase in single-family home sales. Hartford County increased the most with close to a 30% jump from 471 sales in April 2015 to 606 in April 2016. This was the second largest number of transactions for any county in the state, following Fairfield County with 631 sales. Windham County experienced the largest decline with a 20.7% drop from 92 sales in April 2015 to 73 in April 2016. This was also the lowest number of single-family home sales during this time period.

Observing these same two time periods, half of the counties experienced an increase in median sales price for single-family homes, while the other half experienced a decrease. Litchfield County experienced the largest increase with about a 4% bump from $200,000 to $207,875. While Fairfield County ($425,000) had the highest median sales price of any county in the state for April 2016, it also experienced the largest decrease with an over 12% dip from $484,000 to $425,000. Windham County ($159,076) posted the lowest median sales price of any county in the state during this timeframe.

Each of the eight counties experienced an increase in YTD single-family home sales. Home sales in New London County increased the most with a 29.6% jump from 541 homes sold to 701 within the same time period last year. However, Hartford County experienced the bulk of the transactions for April 2016, with 2,016 YTD sales.

Six counties experienced a decline in YTD median sales price for single-family homes, while one experienced an increase, and one remained static. Tolland County experienced the largest decline with an over 7% drop from $209,950 to $195,000. However, Windham County ($152,000) had the lowest median sales price of any county in the state for this timeframe. Hartford County was the sole county to experience an increase. It rose 1.8% from $196,500 to $200,000. However, Fairfield County ($410,000) had the highest median sales price of any county in the state for this time period.

Focusing on April of 2015 and 2016, statewide condo sales jumped 18.7% to 659 sales from last year’s total of 555. However, the median sales price for condos slipped by almost 4% to $157,000 from $163,450.

YTD, Connecticut condo sales jumped 16% to 2,152 sales from last year’s total of 1,855. However, the median sales price for condos took about a 4% dip to $150,079 from $157,000.

Read more at The Warren Group

 

 
 

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