Connecticut saw a 21 percent spike in single-family home sales in March. Condo sales were up 11 percent. Both are balanced against a drop in the median sales price.
The Warren Group, publisher of The Commercial Record, reports 2,139 single-family homes sold in Connecticut during the month compared with 1,768 sold in March 2015. It was the highest March total since 2007, when there were 2,636 homes sold. Year-to-date, sales were up 25.6 percent with 5,652 transactions compared with 4,501 during the same timeframe a year ago.
The median price of a single-family home fell by 3 percent in March to $225,000 compared with $232,000 a year ago. Median sales continue to slide modestly; this is the 12th consecutive month of price drops year over year. Year-to-date, prices decreased by 1.1 percent to $227,000 compared with $229,475 during the same time a year ago.
“The median price of a single-family home fell 3 percent in 2014, another 2 percent in 2015 and 1 percent so far this year,” said Timothy M. Warren Jr., CEO of The Warren Group. “Home shoppers are active while prices remain well below their peaks in 2007.”
Condominium sales statewide posted a double-digit increase in March, rising 11 percent to 564 sold, up from 507 the same time a year ago. Year-to-date, condo sales were up 14.7 percent with 1,493 condos sold compared with 1,301 during the same timeframe last year.
The median sale price for condos in March posted a decrease of 3.3 percent, falling to $145,000 from $150,000 in March 2015. Year-to-date, prices fell by 3.8 percent to $149,000 compared with $155,000.
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