Affordable Housing, Community Development, Federal News

March Connecticut Home and Condo Sales Jump as Prices Fall

The Warren Group
 

New numbers from The Warren Group comparing March 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 and condos dipped. The Warren Group year-to-date (YTD) numbers tell a similar story. Single-family home and condo sales both grew, while the median sales prices declined.

Focusing on March of 2015 and 2016, statewide single-family home sales jumped 20.9 percent to 2,139 from last year’s total of 1,768. However, the median sales price for a single-family home slipped 3 percent to $225,000 from $232,000.

YTD, Connecticut single-family home sales jumped 25.6 percent to 5,652 from last year’s total of 4,501. However, the median sales price for single-family homes slid 1.1 percent to $227,000 from $229,475.

Focusing on March of 2015 and 2016, each of the eight counties experienced an increase in single-family home sales. Hartford County increased the most with close to a 30% jump from 440 sales in March 2015 to 568 in March 2016, which was the largest number of transactions for any county in the state.

Observing these same two time periods, five counties experienced a decline in median sales price for single-family homes, while three experienced an increase. Litchfield County experienced the largest decline with an over 15% drop from $226,550 to $192,100. However, Windham County ($144,900) had the lowest median sales price of any county in the state for March 2016. Middlesex County experienced the largest increase with a 5% jump from $240,000 to $254,000. Fairfield County ($405,000) held the highest median sales price of any county in the state for 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 39.4% jump from 363 homes sold to 506 within the same time period last year. However, Hartford County experienced the bulk of the transactions for March 2016, with 1,410 YTD sales.

Five counties experienced a decline in YTD median sales price for single-family homes, while three experienced an increase. Tolland County experienced the largest decline with almost a 7% drop from $208,000 to $193,500, which was also the lowest median sales price of any county in the state for this time period. Hartford County experienced the largest increase with over a 5% jump from $190,000 to $199,950. However, Fairfield County ($400,000) had the highest median sales price of any county in the state for this time period.

Focusing on March of 2015 and 2016, statewide condo sales jumped 11 percent to 564 sales from last year’s total of 507. However, the median sales price for condos slipped by over 3 percent to $145,000 from $150,000.

YTD, Connecticut condo sales jumped 14.7 percent to 1,493 sales from last year’s total of 1,301. However, the median sales price for condos took about a 4 percent dip to $149,000 from $155,000.

Focusing on March of 2015 and 2016, five of the eight counties experienced an increase in condo sales. Tolland County increased the most with a 57.1% jump from 14 sales in March 2015 to 22 in March 2016. However, Fairfield County experienced the bulk of the transactions for March 2016, with 175 sales. New London County experienced the largest decline with a 34.4 percent drop from 32 sales in March 2015 to 21 in March 2016. Windham County experienced the lowest number of condos sold during this time period at 5.

Observing these same two time periods, five of the counties experienced a decline in median sales price for condos, while three experienced an increase. Middlesex County experienced the largest decline with around a 26% drop from $140,077 to $103,500, which was close to Litchfield County ($102,000) for the lowest median sales price of any county in the state during March 2016. Litchfield County experienced the largest increase with an 18% bump from $86,200 to $102,000. Fairfield County ($235,000) held the largest median sales price of any county in the state for March 2016.

Six of the eight counties also experienced an increase in YTD condo sales. Tolland County’s condo sales increased the most with a 42.9% jump from 28 condos sold to 40 during the same time period last year. However, Fairfield County experienced the bulk of the transactions for March 2016, with 465 sales. New London County experienced the largest decline with over a 17% drop from 69 sold to 57. Windham County experienced the lowest number of condos sold during this time period at 19.

Five counties experienced a decline in YTD median sales price for condos, while two experienced an increase and one remained static. Hartford County experienced the largest decline with a 7.3% drop from $150,000 to $139,025. However, Litchfield County ($119,950) experienced the lowest median sales price of any county in the state for March 2016. Litchfield County also experienced the largest increase with almost a 27% jump from $94,750 to $119,950. Although it declined, Fairfield County ($245,000) held the largest median sales price of any county in the state for this timeframe.

Read more at The Warren Group

 

 
 

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