BOSTON: Single-family home sales in Connecticut jumped 10.6 percent in May compared to May of 2016, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 3,260 single-family homes were sold in Connecticut during the month of May, compared with 2,947 sold in May 2016. Price increases were more modest, the median price of a single-family home increased 1.8 percent in May to $251,450, compared with $247,000 a year ago.
Year to date, there were 11,695 single-family home sales in 2017, compared to 10,995 over the first five months of 2016 – a 6.4 percent increase.
“Industry experts will be pleased to see a healthy jump in home sales both year-over-year and month-over-month. It’s the best May since 2006,” said Timothy Warren, CEO of The Warren Group, “I’m a bit surprised. Perhaps the Spring market is stranger than I anticipated, The fact that the median price is barely moving for the fourth straight year may explain why homebuyers were out in force.”
Condominium sales in Connecticut increased in May by 20.3 percent with 867 condos sold, up from 721 in May 2016. Condo prices however were down, median sale price for condos in May decreased by 4.1 percent to $165,000, compared to $172,000 in May 2016.
Year to date, there were 3,226 condo sales in 2017, compared to 2,886 over the first five months of 2016 – an 11.8 percent increase.