Connecticut”™s residential market showed mixed signs in September, with single-family home sales up 4.6 percent compared to the previous year, but the median sales price down 7.3 percent, according to a report published by The Warren Group Nov. 6.
In Fairfield County, the sales of 482 single-family homes in September represented a 3.4 percent drop compared to the previous year, while the median sales price plummeted 17.2 percent to $414,250 from $500,000 in September 2011, The Warren Group reported.
The report also noted there were 13.7 percent fewer condominiums sold in Fairfield County in September, with a median sales price of $235,000 compared to a median sales price of $265,199 a year ago.
Statewide, condo sales increased 7 percent in September, to 503 from 470 a year ago, while the median sales price fell 9.3 percent.
Timothy M. Warren Jr., CEO of the Boston-based real estate data provider, said it is typical to see sales volume increase before prices, particularly in an economic recovery period.
“Overall, I would characterize the real estate market in Connecticut as improving,” Warren said. “Over the first nine months (of 2012), sales volume has increased for single-family homes 13 percent, and condos are up 7 percent. ”¦ We”™re seeing more activity, more interest and just a generally cheerier outlook this year than we did last year.”
Warren said increases in the volume of sales have slowed since the first half of the year.
“It”™s still headed up but not at the same slope as earlier in the year,” he said. “And that”™s also reflected in what I think are some disappointing numbers for median prices.”
He said improvements in the housing market are likely dictated by the employment situation, and dismissed the notion that the election had a significant effect on prospective home buyers.
“I”™m not a big believer in the impact on the real estate market to the political scene,” Warren said. After years of slow growth, Warren said there is “some pent-up demand” resulting in part from a steadily ”“ albeit slowly ”“ improving employment picture.
“If there is the confidence, I think there is the demand to change the housing market,” he said.
