BOSTON: The Warren Group, publisher of The Commercial Record released their home sales report on single-family home sales in Connecticut increased by 2.7 percent in December.
A total of 2,656 single-family homes were sold in Connecticut in December compared with 2,587 sold in December 2015. Year-to-date, sales were up 8.7 percent with 32,235 transactions, compared with 29,644 during the same time a year ago.
The median price of a single-family home rose 2.1 percent in December to $240,000, compared with $235,000 a year ago. Year-to-date, prices took a slight increase to $247,000 compared with $246,000 during the same time a year ago, a rise of 0.4 percent. Rhode Island’s home market was aquite a bit stronger than Connecticut’s with sales rising 21% for the year and prices 3.4%.
Timothy Warren, CEO of The Warren Group., said , “the Connecticut housing market had an outstanding year in terms of sales volume,” adding “median prices remained steady and well below their peak in 2007. Buyers took advantage of low prices and scooped up more homes than in any of the past nine years.”
Housing stock may be a cause of the slow price appreciation, condominium sales in Connecticut increased in December by 15.7 percent with 716 condos sold, up from 619 in December 2015. According to the Warren report, the condo results were the highest December sales output since 2007. Year-to-date, condo sales were up 5.3 percent with 8,267 condos sold compared with 7,853 during the same timeframe last year.
The median sale price increase for condos far outstripped other homes, in December with 13.6 percent increase to $166,500, compared to 146,500 in December 2015. Year-to-date, the price comparison was weak, the median condo sale prices took a slight decrease of 0.3 percent to $162,450, compared with $163,000 at the same time last year.
For more information visit www.thewarrengroup.com.