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Median Sales Prices for Homes Decline in December 2014

The Warren Group

December 2014 was a good month for home sales in Connecticut but the median price of homes dropped. More single family homes were sold in December 2014 - 2,196 - than December 2013 - 2,160 - for the highest number of December sales since 2009. However, median sales price of a single-family home dropped from $245,000 in December 2013 to $240,000 in December 2014, a 2.1% decline. The year-to-date (YTD) median sales price for single-family homes dropped even more with a 3.3% decline from $260,000 in 2013 to $251,000 in 2014. Median sales price for condos also dropped: in December 2013 the price was $168,000 but fell 4.8% to $160,000 in December 2014. The silver lining is that the YTD condo sales increased from 6,753 last year to 6,960 this year for a 3.1% increase.

Most counties experienced mild to no increases in median single family home sales price. Middlesex and New Haven counties were the only two to see decreases. New Haven County had the larger decrease with a 7.6% drop from $209,950 in December 2013 to $194,000 in December 2014. Every county experienced decreases in year-to-do (YTD) median sales price with the exception of Tolland County which saw no change from 2013 to 2014.

Almost all counties experienced a decrease in median condo sales price from December 2013 to December 2014. The two exceptions were New London and New Haven counties. New London County’s median sales price for condos increased 27.11% from $112,500 in December 2013 to $143,000 in December 2014. The YTD median sales price for condos was split with half the counties experiencing decreases and half experiencing increases. 

Read more at The Commercial Record.




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