In a long-awaited bit of good news for Connecticut’s housing market, single-family home sales in the state leapt 74.3 percent in November from a year earlier, the biggest increase in monthly home sales year-over-year in 20 years, according to The Warren Group, the Boston real estate research firm.
Another bit of positive news is that single-family home sales have increased four out of the last five months.
“The jump in sales can be credited to the homebuyer tax credit and a stabilizing economy,” Warren Group CEO Timothy M. Warren Jr. said. “It may be too soon to say we’re totally out of the woods, but it’s definitely a positive trend.”
Single-family home sales increased to 2,702 in November from 1,550 in November 2008. This was the largest number for the month of November since 2005. Year-to-date home sales are down 3.8 percent to 22,202 from 23,074 last year.
Sales activity jumped most in Fairfield, New London, and Tolland counties in November compared to a year ago. Sales swelled by 87.1 percent in Tolland County — from 70 to 131. In Fairfield County, sales rose 91.9 percent, while in New London County, sales shot up 89.2 percent.
In Hartford and Windham counties, the numbers were almost as good. In Hartford County November sales totaled 741, up 63.22 percent over 454 in November 2008. In Windham County, there were 89 home sales, up 71.15 percent from 52 a year earlier.
Year-to-date the news was not nearly as positive, with 5,940 home sales in the 11 months through November in Hartford County, down 4.44 percent from 6,216 in the same period in 2008. In Tolland County year-to-date sales numbered 1,003, up 1.31 percent from 990 in 2008. In Windham County, year-to-date sales totaled 861, up 7.22 percent from 803.
The median price for single-family homes in November dropped slightly to $235,678 from $238,750 in November 2008, down 1.3 percent. This is the smallest percentage decline so far this year, with prices falling by double-digits in almost every other month of 2009. The year-to-date median selling price plunged 10.6 percent to $241,500 from $270,000.
In Hartford County the median price was $219,900 in November, down from $220,000 a year earlier. In Tolland County the median was $220,000, down 6.38 percent from $235,000 in November 2008, and in Windham County, the median was $166,400, down 4.91 percent from $175,000.
Condominium sales also surged in November to the highest number recorded in any month in 2009. Condo sales soared 61.1 percent to 860 from 534 in November 2008. This is the second consecutive month that condo sales have climbed.
Although condominium sales increased significantly in November, sales are down 17 percent so far in 2009.
Condo sales from January through November plunged 17.7 percent to 6,671 from 8,106 during the same months last year.
The median selling price for condos in November was relatively flat, dipping to $177,000 from $177,150 in November 2008.
This also marks the smallest drop in median condo prices so far this year.
