Strong December sales slowed the freefall in Connecticut’s housing market in 2009, according to new numbers from The Warren Group.
Single-family sales finished 2009 down 1.9 percent from 2008, the Boston-based housing data analyst said. In 2008, Connecticut sales fell 24.4 percent. In 2007, they dropped 9.9 percent.
Meanwhile, the state’s median home price fell 10.1 percent from 2008, and condo sales slid sharply compared to 2008, said CEO Timothy M. Warren Jr.
“The homebuyer tax credit and low mortgage interest rates helped to boost the home sales.” he Warren said.
A total of 24,401 single-family homes were sold in 2009, down from 24,863 in 2008. The total was boosted by a strong December, with single-family home sales rising 34.8 percent to 2,216 from 1,644 in December 2008. It was the strongest sales pace for the month of December since 2006.
The median price for a single-family home in Connecticut retreated to $240,500 in 2009 from $267,500 in 2008. December’s median home price rose 3.6 percent to $238,250 from $230,000 in December 2008. It was the first increase in monthly median home prices year-over-year since November 2007.
“Median home prices have been declining for two years and are now 18 percent lower than they were in 2007, when prices peaked in Connecticut,” Warren said.
In Connecticut’s slumping condo segment, 7,359 units were sold in 2009, a 13.8 percent decrease from the 8,536 sold in 2008. This marks the second consecutive year that condo sales have fallen below 10,000, he said.
In contrast, the month of December was a bright spot, with year-over-year condo sales spiking 29.1 percent to 693 from 537 in December 2008. It was the third consecutive month that condo sales increased, Warren said.
The median condo price slipped 8.8 percent to $178,000 from $195,250 in 2008. December’s median condo price was also $178,000 –1.7 percent higher than the $175,000 median price in December 2008.
