Affordable Housing, Community Development, State News

While February Home Sales Increased, Prices Decreased

The Warren Group
 

Connecticut single-family home sales grew by 13.8% to 1,352 in February 2015 from $1,188 in February 2014 making it the first time since February 2008 that sales were this high during February. However, the median sales price of a single-family home dropped by almost 5% from $236,000 in February 2014 to $224,750 in February 2015.

Over 70% of the increase in single-family homes sold was due to increases in Fairfield and New Haven County. The median single-family sales price decreased in February for half of the counties with Middlesex County the only one with a decrease under 10%. To counter that, Tolland County was the only county with an increase over 10%.

Year-to-date (YTD) median sales price fared worse with only three counties posting increases, with all under 10%. The highest was Windham County with a 7.3% YTD increase from $150,000 in 2014 to $161,000 in 2015. The lowest increase belonged to New London County with a 1.7% increase from $201,000 in 2014 to $204,500 in 2015. Of the 5 counties that experienced a decline in YTD median sales price, Hartford County fared the worst with a 12.1% drop from $210,000 in 2014 to $184,500 in 2015.

State-wide condo sales jumped 14.1% from 355 last year to 405 this year. However, the median sales price decreased by almost 2% from $155,000 in February 2014 to $152,000 in February 2015.

Condo median sales price only increased in February for Fairfield and Litchfield Counties. Fairfield County experienced the largest increase with a 22.0% change from $230,500 in 2014 to $281,250 in 2015. Change in Windham County’s median sales price cannot be included because it only sold one condo during the February of 2014. Of the five counties where condo median sales price decreased, New London and Tolland County fared worse with New London County decreasing 30.2% percent from $133,000 in 2014 to $92,780 in 2015 and Tolland County not far behind with a 29.7% drop from $163,500 in 2014 to $115,000 in 2015.

Fairfield and Windham County were the only counties to see a YTD median sales price gain. Hartford experienced no change and of the remaining five counties Tolland County had the largest drop in YTD median sales price, going from $152,000 in 2014 to $119,500 in 2015 for a 21.4% decrease.

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