Sales of single-family homes and condos continued to fall substantially in March, according to The Warren Group.
The median price of single-family homes fell 7 percent, from $288,500 in March 2007 to $268,250 in March 2008. That’s the biggest monthly price drop since April 1995, when prices declined 7.9 percent. During the first quarter of 2008, the median price fell 5.8 percent, from $282,500 to $266,000.
Fairfield County experienced the state’s biggest price drop in March and the entire first quarter. The median price for single-family homes fell 10.1 percent in March, from $565,000 to $508,000. During the first quarter, prices fell 8.5 percent, from $555,000 to $507,750. Sales in the county fell dramatically, declining 37.3 percent in March from 659 to 413. In the first quarter, sales declined 31.9 percent, from 1,691 to 1,152.
Single-family home sales throughout the state declined 27.9 percent, from 2,609 in March 2007 to 1,882 in March 2008. During the first three months of the year, sales fell 27.3 percent, from 6,730 to 4,896.
“Throughout 2007, it seemed like the Nutmeg State – and particularly Fairfield County – was avoiding the housing slump that gripped its neighboring states,” said Timothy Warren Jr., CEO of The Warren Group. “But this year, it’s a different story. The state is quickly catching up with the correction affecting Massachusetts and Rhode Island.”
