Affordable Housing, Community Development, Federal News

CT May Home Sales Strong as Sale Prices Decline

The Warren Group
 

New numbers from The Warren Group comparing May 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 decreased while the median sales prices for condos increased.

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 May of 2015 and 2016, statewide single-family home sales jumped 23.9% to 2,921 from last year’s total of 2,357. However, the median sales price for a single-family home dropped 7.2% to $246,000 from $265,000.

YTD, Connecticut single-family home sales jumped 23% to 10,913 from last year’s total of 8,872. However, the median sales price for a single-family home slid 1.4% to $235,000 from $238,307.

Focusing on May of 2015 and 2016, seven of the eight counties experienced an increase in single-family home sales. Tolland County increased the most with close to a 65% jump from 91 sales in May 2015 to 150 in May 2016. Hartford County had the largest number of transactions for any county in the state with 785 sales. Fairfield County was the only county to experience a decline. It dropped 1.7% from 711 sales in May 2015 to 699 in May 2016.

Observing these same two time periods, half of the counties experienced a decrease in median sales price for single-family homes, while the other half experienced an increase. Fairfield County experienced the largest decrease with over a 16% dip from $510,000 to $425,000. However, Windham County ($159,900) had the lowest median sales price of any county in the state during this timeframe. Tolland County experienced the largest increase with almost a 15% bump from $200,000 to $229,950. However, Fairfield County ($425,000) had the highest median sales price of any county in the state for May 2016.

Each of the eight counties experienced an increase in YTD single-family home sales. Home sales in Hartford County increased the most with over a 31% jump from 2,143 homes sold to 2,805 within the same time period last year.

Five counties experienced a decline in YTD median sales price for single-family homes, while three experienced an increase. Fairfield County experienced the largest decline with over a 10% drop from $459,500 to $413,500, but still had the highest median sales price of any county in the state for this time period.. However, Windham County ($159,900) had the lowest median sales price of any county in the state for this timeframe. Hartford County experienced the largest increase. It rose 3.47% from $202,000 to $209,000.

Focusing on May of 2015 and 2016, statewide condo sales jumped 13.8% to 719 sales from last year’s total of 632. The median sales price for condos also jumped over 5% to $172,000 from $163,000.

YTD, Connecticut condo sales jumped over 15% to 2,879 sales from last year’s total of 2,483. However, the median sales price for condos took about a 1% dip to $157,000 from $158,500.

Read more at The Warren Group

 
 

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