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March Home Sales Strong but Sale Prices Remain Low

The Warren Group
 

March 2015 proved to be a good month for both condo and single-family home sales with single-family home sales increasing to 1,786, 11% over the last year’s March numbers when 1,594 homes were sold. Condo sales also increased, rising 14.7% to 508, compared to 443 condo sales during the same time last year. According to the Warren Group, March was the second consecutive month for single-family home sale increases, with Fairfield County selling the most homes, 442, in addition to having the largest volume gain, a 72 unit increase over last year.

All counties, except Tolland County, increased the number of single-family home sales from March 2014 compared to March 2015. While the median price for single-family homes increased by 3%, to $232,000 this year from $225,000 in March 2014, a review of county level data offer a more mixed assessment.  Half of the counties experienced decreases in their single-family home median sales price while the other half saw modest to no increase. First quarter single-family home sale prices for 2015 were a bit weak with a slight drop from $230,000 last year to $229,700 this year.

The median sales price for condos decreased 3.2% to $150,000 in March 2015 from $154,900 in March 2014. Windham County more than doubled the median condo sales price from $88,000 in March 2014 to $136,050 in March 2015. There was no change in Hartford County where the median condo sales price stayed at $150,000. Litchfield and Tolland Counties had the largest drops with a 36.5% drop from $135,250 to $85,900 and 31.4% drop from $154,950 to $106,250 respectively. The condos prices for the first quarter of the year also decreased, dropping from $157,000 last year to $155,000 this year. 

Click here to read in on The Commercial Record.

 
 

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