Rising sales and prices on Connecticut’s homes

Sales and prices on Connecticut”™s single-family homes and condominiums were up in September, according to data from The Warren Group, publisher of The Commercial Record.

Last month, the state recorded 2,797 single-family home sales, up from the 2,621 transactions in September 2018. The median single-family home price in September reached $260,000, a 0.8% uptick from the previous year and an 11-year high for the month of September. Year-to-date, there have been 25,007 single-family home sales in Connecticut, down 3.3% decrease from the first nine months of 2018, while the year-to-date median sale price of $264,000 marked a 1.5% increase from 2018.

“Although single-family home sales saw a significant gain in September, the 2019 total is still well behind where it was year-to-date in 2018,” said Tim Warren, CEO of The Warren Group. “I expect single-family sales to remain sluggish as the market winds down, and I don”™t foresee a major spike during the final months of the year to pull the number of sales even with 2018.”

In the condominium sector, September witnessed a year-over-year increase in sales to 750 transactions, up from the 734 sales recorded in September 2018. The median sale price for these housing units was $164,000, up from $163,500 one year earlier. Year-to-date, there have been 6,790 condominium sales, down 1.1% from the first nine months of 2018, and the median sale price of $165,000 is 1.5% than the same period last year.

“This is the first time the September median condo price increased on a year-over-year basis since September 2015,” Warren said. “Despite the increase, the year-to-date numbers continue to illustrate a lackluster condo market.”