The median sale price for a single-family home in Connecticut reached an 11-year high for May while sales in this property sector continue to decline, according to the latest report from The Warren Group, publisher of The Commercial Record.
Last month, Connecticut”™s single-family home sales totaled 3,110 transactions, down from the May 2018 level of 3,175 transactions. May marked the 10th consecutive month that single-family homes sales fell on a year-over-year basis.
But while sales were down, prices were up: the median single-family home price increased 6.7% on a year-over-year basis to $272,000, the highest level for the month of May since 2008. Year-to-date, there have been 11,194 single-family home sales in Connecticut, which is 5.3% below the same period last year. The year-to-date median sale price of $249,600 is up 1.5% from the first five months of 2018
“May marked the first time this year that the median single-family home price has increased on a year-over-year basis,” said Tim Warren, CEO of The Warren Group of Peabody, Massachusetts. “Reports are showing that inventory levels are down from where they were this time last year, so I wouldn”™t be surprised to see similar spikes in the coming months as springtime deals come to closing.”
In Connecticut”™s condominium market, the 861 transactions during May were slightly above the 850 transactions in May 2018. While sales were up, the median sale price for condominiums dipped from $172,000 a year earlier to $170,000. Year-to-date, there have been 3,251 condo sales in the state, down 1.5% from the first five months of 2018, and the year-to-date median sale price of $161,000 represented a 0.6% increase from the same period in the previous year.
“The median sale price for condos has now declined on a year-over-year basis for two straight months, and buyers are taking advantage,” Warren said. “Local buyers know a deal when they see one, and as a result, sales numbers are creeping up over the last three months.”
