CT home sales down while condo sales rise

Sales activity and the median sale price on Connecticut”™s single-family homes were down during June, according to new data from The Warren Group, publisher of The Commercial Record. However, the state”™s condominium market recorded an increase in sales and the median sale price.

Last month, there were 3,516 single-family home sales in Connecticut, down from the 3,786 transactions recorded in June 2018. June marked the 11th consecutive month when single-family homes sales decreased on a year-over-year basis. The median single-family home price in June was $280,000, a 0.5% dip from one year earlier. Year-to-date, there have been 14,746 single-family home sales in Connecticut, which is a 5.5% decrease from the same period last year, while the year-to-date median sale price of $256,000 is up 0.4% from one year earlier.

“The real estate market is softening in Connecticut, just as recent data show on a national basis,” said Tim Warren, CEO of The Warren Group. “The big question is whether demand continues to be strong, but the supply of home for sale in all price ranges is scarce. Or has the market passed its peak despite a strong economy? Either way, I wouldn”™t be surprised to see this trend continue in the coming months.”

Meanwhile, Connecticut”™s condominium sales totaled 962 transactions in June, up from the 940 condo sales recorded in June 2018. The $181,600 median sale price was above the $171,000 price recorded one year ago. Year-to-date, there have been 4,219 condo sales, a 0.5% decrease from the first six months of 2018, and the $165,000 median sale price was up 0.6% from the same period one year earlier.

“The condo market was a bright spot for the Connecticut housing market last month,” Warren continued. “The median sale price of $181,600 marked an eight-year high for the condo market in the month of June. Meanwhile, the number of sales have now increased on a year-over-year basis for four consecutive months.”