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CT Home Sale Prices Continue to Decline While Condo Prices Rebound

The Warren Group

The Warren Group has released the housing sales data for September 2015. Again, as we have seen all year, while the housing sales numbers are strong, median home prices continue to decline. Connecticut homes sales increased by almost 25% in September 2015 compared to the same time last year, increasing from 2,346 to 2,919. Conversely, single-family home median sales price declined slightly by 1.4 percent from $248,000 last September to $244,400 this September. September 2015 is the fifth straight month of consecutive year-over-year single family home median sales price declines.

Year-to-date (YTD) single family home sales have also had double digit increases, with a 14.6 percent increase from 19,175 sales last year to 22,025 sales this year. YTD single family median home sales prices have also fallen, decreasing 2.3 percent to $250,000 this year from $256,000 last year in September. New London County had the largest year-over-year single family median home median sales price decline, falling 14 percent from $243,450 in September 2014 to $200,000 in September 2015. Tolland County had the largest increase, a 5.4 percent change from $205,000 in September 2014 to $216,000 in September 2015. Windham County was the only one to experience an increase in YTD single family home median sales price, increasing by 2.6 percent this year to $166,250 from $162,000. The other counties experienced mild declines in YTD median sales price, with Fairfield County’s 3.1 percent drop the largest.

Connecticut’s condo sales did not follow the same trajectory as the single family home sales, with both an increased sales volume – a 22.9 percent rise from 655 in September 2014 to 805 this year – and an uptick in condo median sales price. Last year’s median price in September was $167,000, which increased by 5.2 percent to $175,740 this year. It is the first increase in condo median sales prices since January. 

Despite the statewide increase, the four counties that experiences median condo sales price declines saw steep drops. Windham County dropped by 36.1 percent, Tolland County by 37.1 percent, Litchfield County by 18.1 percent and Fairfield County by 5.2 percent. Conversely New London County, which had a median sales price of $123,448 last year, saw an increase of 21.5 percent to $150,000 this year. The YTD condo median sales prices were more stable. Tolland County fared the worst with an 18.6 percent decline from $143,450 in September 2014 to $116,800 this year. Only Middlesex and New London County’s had increases with New London County increasing the most, rising 11.6 percent from $129,900 last year to $145,000 in September 2015.

Read more at The Warren Group. 


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