August single-family home, condo sales reach highest total of the year

By Kevin Zimmerman

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Single-family home and condominium sales in Connecticut rose by 12 percent and 9.9 percent respectively in August, the best numbers of the year so far, according to the latest report from real estate sales and ownership data firm The Warren Group.

A total of 3,698 single-family homes were sold in the state during the month, compared with 3,303 sold in August 2015. The figure represents the highest number of homes sold in a month this year, and is the highest total of any month since August 2007. Year-to-date, sales were up 10.2 percent with 21,320 transactions, compared with 19,338 during the same time frame a year ago.

The median price of a single-family home rose 1.9 percent in August to $260,000, compared with $255,000 a year ago. The median sale price remained unchanged from July. Year-to-date, prices decreased by 0.5 percent to $249,000 compared with $250,255 during the same time a year ago.

“Sales in Connecticut have bounced back from the dip of 15.6 percent that occurred in July,” said Warren Group CEO Timothy Warren. “The Connecticut market is behaving unusually. Home sales are brisk with an increase of over 10 percent this year. But median prices remain low, well below their pre-recession highs.”

Condominium sales in the state increased by 9.9 percent with 933 condos sold, up from 849 in August 2015 – again, the highest number of sales in 2016 and the highest since July 2015, when sales reached 935. Year-to-date, condo sales were up 5.9 percent with 5,441 condos sold compared with 5,138 during the same timeframe last year.

The median sale price for condos in August remained flat at $170,000, matching the same total in August 2015. Year-to-date, median condo sale prices took a slight drop 0.6 percent to $164,000, compared with $165,000 at the same time last year.

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