Six-year high for median sales price on Connecticut single-family homes
The median sales price for single-family homes in Connecticut reached a six-year high for the month of July, according to data from The Warren Group, publisher of The Commercial Record.
During July, Connecticut recorded 3,893 single-family home sales, down from the 3,949 transactions recorded in July 2018. July marked the 12th consecutive month that single-family homes sales fell on a year-over-year measurement.
But while sales were in a slump, the median single-family home price rose 0.7 percent on a year-over-year basis to $282,000, the highest price recorded for July since 2013. The year-to-date median sale price of $261,000 was up by 0.4 percent from the same period last year while the year-to-date total of 18,649 single-family home sales was down by 4.7 percent from the first seven months of 2018.
“Historically, July tends to be the month when single-family home prices hit the highest mark for the year,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “The median sale price of $282,000 marked a six-year high for the month of July. The last time the median sale price surpassed this mark was in July 2013 when the price hit $286,000.”
On the condominium side of the market, the activity during July was in reverse. July”™s total of 947 sales transactions marked a 1.3 percent increase on a year-over-year basis from the 935 sales recorded in July 2018, but the month”™s median sale price of $170,000 was down 2.9 percent from the $175,000 price from one year earlier. Year-to-date, there have been 5,168 condominium sales in Connecticut, a 0.2 percent decrease from the first seven months of 2018, while the median sale price of $170,000 remained unchanged from the previous year.
“When looking at year-to-date numbers, the Connecticut condo market is more or less on par with where it was at this point last year,” Norton said. “However, the market should cool down in the coming months, so don”™t be surprised if we see a dip in sales activity and the median sale price.”