The median sale price for a single-family home in Connecticut reached an 11-year high for May while sales in this property sector continue to decline, according to the latest report from The Warren Group, publisher of The Commercial Record.
Last month, Connecticut’s single-family home sales totaled 3,110 transactions, down from the May 2018 level of 3,175 transactions. May marked the 10th consecutive month that single-family homes sales fell on a year-over-year basis.
But while sales were down, prices were up: the median single-family home price increased 6.7% on a year-over-year basis to $272,000, the highest level for the month of May since 2008. Year-to-date, there have been 11,194 single-family home sales in Connecticut, which is 5.3% below the same period last year. The year-to-date median sale price of $249,600 is up 1.5% from the first five months of 2018
“May marked the first time this year that the median single-family home price has increased on a year-over-year basis,” said Tim Warren, CEO of The Warren Group of Peabody, Massachusetts. “Reports are showing that inventory levels are down from where they were this time last year, so I wouldn’t be surprised to see similar spikes in the coming months as springtime deals come to closing.”
In Connecticut’s condominium market, the 861 transactions during May were slightly above the 850 transactions in May 2018. While sales were up, the median sale price for condominiums dipped from $172,000 a year earlier to $170,000. Year-to-date, there have been 3,251 condo sales in the state, down 1.5% from the first five months of 2018, and the year-to-date median sale price of $161,000 represented a 0.6% increase from the same period in the previous year.
“The median sale price for condos has now declined on a year-over-year basis for two straight months, and buyers are taking advantage,” Warren said. “Local buyers know a deal when they see one, and as a result, sales numbers are creeping up over the last three months.”