Affordable Housing, State News

September Home Sale Prices Decline, Continuing Year-Long Trend

The Commercial Record

Overall, while the number of single family home and condo sales has increased, median sales prices have dropped. September 2014 was the seventh consecutive month that single family home prices fell year-over-year.  The median price for a single-family home dropped almost 1% to $248,000 in September from $250,000 a year earlier. The September year-to-date (YTD) median single-family home sales price dropped 2.4% from $265,000 last year to $256,000 this year.

Single family median sales price dropped for six of the eight counties. Hartford experienced a 4.5% increase from September 2013 to September 2014, a change from $214,400 to $224,000. Windham saw a 4.2% increase from $153,500 to $160,000. Single family YTD median sales price dropped for every county except Tolland County, which saw a 1.1% increase from $220,000 in 2013 to $222,500 in 2014.

Statewide, median condo prices dropped 4.6% to $167,000 in September 2014 from $175,000 in September 2013. The YTD median condo price also dropped nearly 2% from $173,000 in 2013 to $170,000 in September 2014.

Condo median sales price dropped for five counties but of the three that experienced increases, Tolland County saw a drastic 78.1% increase from $115,950 in September 2013 to $206,500 in 2014; this dramatic increase in the median is driven by low sales volume since September 2014 only saw 13 condo sales. The low sale numbers allow outliers to have a greater impact than months with higher sales. The YTD median sales price increased for four counties, it stayed the same in Hartford and dropped for three.

Click here to read a recap from the Commercial Record. 


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