Connecticut’s residential real estate market started 2017 with a bang, as single-family home sales experienced a 23 percent year-over-year increase in January, according to data from The Warren Group, publisher of The Commercial Record trade journal. The 2,130 single-family homes sold in Connecticut during January outpaced the 1,731 sales level from January 2016 and it marked the highest total of sales in January since 2007, when 2,345 homes were sold.
But while sales were up, prices took a dip. The median price of a single-family home in Connecticut in January was $225,000, down 1.9 percent from $230,000 a year earlier. This was the first decline in year-over-year prices in five consecutive months.
The state’s condominium sales also enjoyed a banner January, with 578 condos sold – a 32.3 percent spike from the 437 sold in January 2016, and the highest January sales output since the 919 sales level from 2007. But as with single-family homes, the median sale price for condos in January took a dive: $149,000, down 0.7 percent from the $150,000 in January 2016. This marked the lowest median sale prices for Connecticut condos in 13 years, when prices reached $132,700 in 2003.