BOSTON: Realtors and Connecticut homeowners are sitting a little prettier this spring as homes sales for April are the best in more than ten years and prices have increased by 6.4% year over year according to The Warren Group, publisher of The Commercial Record.
A total of 2,584 single-family homes were sold in Connecticut in last month, compared to the 2,402 homes sold in April 2017 – a 7.6 percent increase. Meanwhile, the median single-family home price increased 6.4 percent to $250,000, compared to $235,000 a year ago, marking the seventh consecutive month of median price gains. Year-to-date, single-family home sales totaled 8,478 transactions with a median sale price of $243,000.
“Single-family home prices across Connecticut have now increased for seven consecutive months on a year-over-year basis,” said Timothy Warren, CEO of The Warren Group. “Inventory is low and prices are rising as buyers face stiff competition for attractive homes.”
Condo sales in Connecticut increased 1.2 percent in April with 667 transactions, up from the 659 transactions recorded in April 2017. The median sale price for condos edged lower, falling 0.6 percent on a year-over-year basis to $164,000, down from $164,900 a year earlier. Year-to-date, condo sales totaled 2,431 transactions with a median sale price of $156,500.
“The market for condominiums seems a bit flat or lackluster compared with single-family homes,” Warren continued. “April had the highest total of single-family home sales of any April since 2007.”