Connecticut’s single-family home sales in February dropped by 4.1 percent on a year-over-year basis, according to data from The Warren Group. A total of 1,727 single-family homes were sold in the state during February, compared with 1,800 sold in February 2016, and the median price of a single-family home fell 2.2 percent to $220,000 from $225,000 a year earlier. This marks the lowest median sales price for a February since 2012.
The condominium market also saw sluggish movement: sales were down in February by 8.1 percent, with 454 condos sold, compared with 494 in February 2016. The median sale price for condos in February was $144,500, which is 3.7 percent below the $150,000 level in February 2016. This is the third consecutive February year-over-year decrease for condo median price.
“The Connecticut real estate market is sluggish as sales volume and median prices dipped last month,” said Timothy Warren, CEO of The Warren Group. “A decade ago the median price in February for a single-family home was $275,000. This February it was 20 percent below that peak, just $220,000. Perhaps a strong spring market will get things back on track, but I don”™t see any signs of that yet.”
Separately, CoreLogic reported that February”™s home prices, including distressed sales, in the Bridgeport-Stamford-Norwalk market were down 2.1 percent on a year-over-year basis and down 1.5 percent from January. This was a significant difference from the national trend, which saw a 7 percent year-over-year increase and a 1 percent month-over-month increase in home prices.
