CT’s pre-pandemic median home price at 12-year high

Connecticut”™s housing market in February saw increases in sales and median home prices, according to new data from The Warren Group.

In the single-family home market, February”™s sales totaled 1,721 transactions, up from the 1,652 transactions recorded one year earlier and a three-year high for February single-family home sales.

The median single-family home price soared to $247,000, a spike from the $225,000 level recorded one year earlier and a 12-year high for the month of February. Year-to-date, there have been 3,741 single-family home sales in Connecticut, up 6.1% over the first two months of 2019, while the median sale price of $250,000 is an 8.7% uptick on the same basis.

“Single-family home sales saw notable gains across Connecticut in January and February,” said Timothy Warren, CEO of The Warren Group. “Because of COVID-19, the next few months are more uncertain. Our data reports on closed real estate sales and I expect that some closings may have been postponed in March as the stay-at-home recommendations took effect. For the months ahead, we must expect that fewer people will be out home shopping and fewer new listings of homes for sale. Both of these will lead to fewer closings.”

In Connecticut”™s condominium market, February”™s sales totaled 534 transactions, up 10.6% from the previous year, and the median sale price roses 10.3% year-over-year to reach $160,000. Year-to-date, condominium sales totaled 1,103 transactions, up 8.5% over the first two months of 2019, and the median sale price of $161,000 was a 7.3% increase on the same basis.

“The median condo sale price of $160,000 marked a nine-year high for the month of February and 534 transactions marked the most sales for the month since February 2008,” Warren said. “However, like the single-family market in the coming months, I expect the current situation with COVID-19 to have a significant impact on activity starting in the second quarter.”

The Warren Group added that the new data did not include real estate transaction information from Hamden in the period between Feb. 13-29.