Warren Group finds sales and prices rise in Connecticut’s housing market

Sales volume and median prices for Connecticut”™s single-family homes and condominiums were on the rise during November, according to data from The Warren Group, publisher of The Commercial Record.

A total of 2,490 single-family homes were sold in November, up from one year earlier when 2,373 transactions were recorded. November”™s median single-family home sale price of $258,000 marked a year-over-year increase from the previous year”™s $250,000 price and a 12-year high for the month of November.

Year-to-date, there have been 30,492 single-family home sales in Connecticut, a 2.1% decline from the first 11 months of 2018, while the year-to-date median sale price of $258,000 was 0.4% above the same period last year.

“The median single-family home price experienced another notable gain in November,” said Tim Warren, CEO of The Warren Group. “This is now the fifth consecutive month that the median single-family home price has increased on a year-over-year basis. However, this should be taken with a grain of salt. During the first half of 2019, the median sale price only increased in May. So, with the recent streak of increases, the median sale price is still relatively on par with where it was in 2018 on a year-to-date basis.”

On the condominium side of the market, November”™s sales totaled 706 transactions, up  from the 678 sales recorded one year earlier. The median sale price on Connecticut”™s condominiums rose to $170,000, up from the previous year”™s $150,000 while reaching a seven-year high for November.

Year-to-date, there have been 8,324 condominium sales, down 0.8% from the first 11 months of 2018, with a median sale price of $166,000 that marked a 0.6% from the same period one year earlier.

“November condo sales were up 4.1 percent and they exceeded 600 units sold for the third year in a row,” Warren said. “The 13.3 percent jump in the November condo median price is the biggest spike we have seen in any month since 2013.”