Single-family home sales in Connecticut declined in November as prices increased on a year-over-year basis, according to the latest report from the Warren Group, which publishes the Commercial Record.
A total of 2,369 single-family homes were sold in Connecticut during November, compared to the 2,595 homes sold in November 2017, an 8.7 percent decrease. It is also the fourth consecutive month that home sales declined on a year-over-year basis. During the same period, the median single-family home price increased 3.1 percent to $250,000.
Year-to-date, single-family home sales totaled 31,136 transactions, a 2.1-percent decrease from the first 11 months of 2017. At the same time, the year-to-date median sale price of $260,000 marked a 4 percent increase over the same period.
“Falling sales paired with the rising single-family home price continues to highlight the unique relationship between supply and demand in Connecticut real estate,” said Cassidy Murphy, Warren Group associate publisher. “I fully expect the median sales price to continue its upward trend for the remainder of the year.”
The number of condominium sales in Connecticut also declined on a year-over-year basis, falling 5.5 percent in November with 676 transactions, down from 715 transactions in November 2017. The median sale price for condos also declined, falling 6.3 percent on a year-over-year basis to $150,000, down from $160,000 in November 2017.
Year-to-date, condo sales totaled 8,385 transactions — a 0.2-percent increase from 2017 — while the median sale price hit $165,000, a 1.5-percent increase from the first 11 months of 2017.
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$1.75M OK’d for Oxford retail project
Washington Trust’s Commercial Real Estate Group has approved $1.75 million in financing to MCG Oxford LLC for the construction of a multi-tenant retail space on Route 67, Oxford.
Located on a 1.1-acre parcel, the new retail property will include a 7,500-square-foot Dollar General store as well as a 2,500-square-foot freestanding retail building that can accommodate one or two tenants. Dollar General was founded in 1939 and operates more than 13,600 stores across 44 states.
MCG Oxford LLC is a single-owner limited liability company.
Headquartered in Westerly, R.I. Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing or acquisition of investment real estate projects.
