Single-family home sales climbed 29.9 percent in February, while sale prices dipped slightly. Condo sales also saw an increase in volume but decrease in price.
A total of 1,788 single-family homes sold in Connecticut during the month compared with 1,376 sold in February 2015, according to the latest report from The Warren Group, publisher of The Commercial Record. This marked the highest number of sales in the month of February since 2007, when there were 1,860 homes sold. Year-to-date, sales were up 27.6 percent with 3,509 transactions compared with 2,751 during the same timeframe a year ago.
The median price of a single-family home fell by almost 1 percent in February to $222,750 compared with $224,900 a year ago. In the past 24 months, the median price has increased only once, back in March 2015 when it showed a 3.1 percent gain. Year-to-date, prices increased by 1.3 percent to $228,000 compared with $225,000 during the same time a year ago.
“Falling prices and increased sales have been the trend in Connecticut for over two years now,” said Timothy M. Warren Jr., CEO of The Warren Group. “Clearly there’s a strong demand for housing and residents are snapping up deals all over the state while prices remain below the peak of a decade ago.”
Condominium sales statewide posted a double-digit increase in February, climbing 18.2 percent to 493 condos sold, up from 417 the same time a year ago. Year-to-date, condo sales were up 17.5 percent with 929 condos sold compared with 793 during the same timeframe last year.
The median sale price for condos in February posted a slight decrease of almost 2 percent, falling to $150,000 from $153,000 in Feb. 2015. Year-to-date, prices fell by 6 percent to $150,000 compared with $159,500.
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