Along with robins and crocuses, the arrival of spring is usually accompanied by an uptick in residential real-estate activity.
Not so this April. Single-family home sales in Connecticut for the month totaled just 2,575 transactions — a 5-percent decline compared to the 2,710 homes that changed hands in April 2018.
According to a report from the Boston-based Warren Group, publishers of the Commercial Record, the median single-family home price for the month remained unchanged on a year-over-year basis at $250,000.
For the year to date, 8,081 single-family homes have been sold in Connecticut, a 6.6-percent decrease from the first four months of 2018. Also for the year to date, the median home sale price settled at $240,000, a 1.2-percent decline over a year ago.
“The year-to-date numbers surrounding single-family home sales are well below where they were at this time in 2018, which is good news for sellers,” said Warren Group’s Cassidy Norton. “Recent trends in Connecticut have seen far too many homes for sale; that glut of housing depressed the median sale price. Though prices are down slightly from this time last year to date, I expect they will rise in the spring market if the number of sales remains low.”
A brighter picture emerged in condominium sales, which rose 7.6 percent year over year, with 726 deals last month statewide. However, the median condo sale price dipped 1.2 percent, to $162,000 from $164,000 a year ago.
“This is the first time in 2019 that the median condo sale price decreased on a year-over-year basis,” Norton said. “The median condo price followed the same pattern at the beginning of 2018 before seeing a swift uptick in the summer months. I wouldn’t be surprised to see a similar trend in the near future.”
TRANSACTIONS
Rich Lombardo, associate broker in the Milford Pearce Commercial Real Estate office, has closed on the sale of an approximately 1,150-square-foot office suite at 420 East Main St., Branford for $125,000.
The condominium suite, located in the Thimble Creek Complex, previously housed the offices of Raymond Ippolito, MD, a general surgeon in the greater New Haven area. The buyer and new owner of the condo suite is Generation Psychiatry Services PLLC. Lombardo represented both the seller and the buyer in this transaction.
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Two units in a four-unit flex building totaling approximately 3,000 square feet at 4 Oxford Rd., Milford, a campus of other multi-tenanted buildings, have been leased by Ephemeral Solutions Inc. Kevin Geenty of the Geenty Group, Realtors in Branford represented the tenant. The landlord is Sanibel 955, LLC and Boar’s Head Properties, LLC, represented by Dana Barnes of Concord Equity in Avon.
