February sales fall for first time in 13 months

 

BOSTON — February home sales in Connecticut declined for the first time in more than a year as demand outstripped supply and the shortage drove median prices higher, according to the Warren Group. Condo sales also slipped.

Single-family home sales statewide dropped to 1,149 units, down 7.7 percent from the 1,245 units sold during the same month in 2012. It was the first decline since December 2011.

"Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales," said CEO Timothy M. Warren Jr. "Even so, I'm still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up."

To date in 2013, single-family home sales are down nearly two percent from a year ago. Statewide, 2,542 transactions were executed in the first two months in the year, down from 2,577 during the equivalent period in 2012.

Median prices rose more than seven percent in February to $225,000 from $210,000 in 2012. The year-to-date median home price is also up about seven percent — from $210,000 a year ago to $225,000 in 2013.

February condominium sales fell in Connecticut to the lowest sales level in two years. There were 306 condo sales in February, down almost 11 percent from 343 sales during the same month of 2013.

According to Warren, this is the lowest level of sales since February 2011, when there were 302 transactions statewide. Year-to-date condo sales are up modestly, rising slightly less than two percent to 720 from 706 last year.

The median price for condos sold statewide in February declined almost ten percent to $139,516, down from $155,000 during the same month last year.

The median selling price for condos sold in January and February was $155,000, unchanged from the median price recorded a year ago.