house price decline1Boston: The Warren Group publishers of the Commercial Record have released a report on Connecticut single-family home sales. According to their data, Single-family home sales in the Nutmeg state decreased by 4.1 percent in February. This is in contrast to last February’s 30.81 percent year-over-year increase.

A total of 1727 single-family homes were sold in Connecticut during the month of February compared with 1,800 sold in February 2016.

“The Connecticut real estate market is sluggish as sales volume and median prices dipped last month,” said Timothy Warren, CEO of The Warren Group. “A decade ago the median price in February for a single-family home was $275,000. This February it was 20% below that peak, just $220,000. Perhaps a strong Spring market will get things back on track, but I don’t see any signs of that yet.”

The median price of a single-family home fell 2.2 percent in February to $220,000, compared with $225,000 a year ago. Warren, said “this is the lowest median sales price for a February since 2012.”

Condominium sales in Connecticut decreased in February by 8.1 percent with 454 condos sold, down from 494 in February 2016. The median sale price for condos in February decreased by 3.7 percent to $144,500, compared to $150,000 in February 2016. This is the third consecutive February year-over-year decrease for condo median price.