Connecticut’s housing market enjoyed a strong end to 2012, according to the Prudential Connecticut Realty Real Estate Market Report for the fourth quarter.
Statewide, the number of closed sales of single-family homes increased 16 percent in 2012 and closed sales of condominiums were up 9.2 percent.
Housing starts are on the rise, with housing permits increasing 40 percent with 3,616 permits issued through November.
In FairfieldCounty, closed sales of single-family homes increased 13.5 percent to 6,383, and closed sales of condos increased 5.5 percent to 1,893, according to the report.
“Based on our fourth quarter report findings, sales should continue to recover into next year, with prices leveling off and stabilizing,” said Candace Adams, CEO and president of Prudential Connecticut, which is based in Wallingford.
The median sales price for single-family homes fell about 1 percent statewide and was down about 1.8 percent in FairfieldCounty; however, the latter continued to have the highest median sales price of any county in the state at $455,000.
For condos, the median sales price was up 2.2 percent in FairfieldCounty to $235,000. Across the state, the median sales price for condos fell 3.6 percent to $160,000.
Other highlights of the report include:
- The average days on the market increased 1.3 percent in FairfieldCounty to 156 days, and 3.3 percent statewide to 155 days;
- Leasing activity across the state increased 8.5 percent, with 13,315 leases signed and occupied;
- The sales volume for single-family homes valued above $2 million increased 3 percent, and the median price for homes valued above $2 million rose 9 percent;
- Connecticut completed 3,621 foreclosures through October, up 0.2 percent from the previous year.