Connecticut single-family home sales climbed 27 percent in February from a year earlier, while the median home price rose for the third straight month, The Warren Group said Tuesday.
There were 1,291 single-family homes sold in February, up from 1,013 in February 2009. February marked the fourth straight month that single-family home sales have risen year-over-year by double-digit percentages.
There were 2,532 home sale transactions in the first two months of the year, a 21.6 percent increase from the same period in 2009.
“Single-family home sales in Connecticut have been increasing year-over-year since last October. The gains in sales volume have helped bump up median prices. But it’s important to remember that January and February sales activity is in comparison to last winter when the housing market was sputtering and sales were down by 25 percent to 30 percent,” said Timothy M. Warren Jr., CEO of The Warren Group, Boston publisher of The Commercial Record.
Fairfield and New London counties had the biggest gains in sales volume in February. In Fairfield County, single-family home sales soared 53 percent to 315 from 206 in February 2009. In New London County, sales jumped 43.9 percent to 118 from 82 during the same period.
The median price for single-family homes sold in Connecticut rose 3.6 percent to $227,000 in February from $219,104 in February 2009. This was the third consecutive month that median prices have increased compared to year-ago levels. The year-to-date median home price is $235,000, 6.8 percent higher than $220,000 median price recorded a year ago.
Litchfield and Hartford counties were the only areas of the state where the median home price didn’t increase in February.
In Hartford County, the median home price in February, $197,125, was essentially flat when compared to the $196,650 median home price posted in February 2009. In Litchfield County, the median home price actually slipped 7 percent to $202,250 from $217,500 in February 2009.
Condominium sales also increased statewide in February. Condo sales shot up 19.6 percent to 378 from 316 in February 2009. It was the fifth month in a row that condo sales increased year-over-year. A total of 768 condos have traded in January and February, which is up 15.1 percent from 667 a year earlier.
The median selling price for condos in February increased 4.1 percent to $178,250 from $171,250. The year-to-date median condo price is up 2.9 percent to $180,000 from $175,000.
