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October 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut home sales fell by 14.5 percent in January

Connecticut home sales fell to their lowest one-month total since the 2008 recession, according to new data from The Warren Group.

During January, single-family home sales in Connecticut totaled 1,835 transactions, down 310 from the 2,145 units sold in January 2018. This marked the greatest one-month sales collapse since the 35.3 percent decline in January 2009. The state’s median home price was down slightly: $235,000 in January, down from the $236,000 price posted a year earlier.

“Last year the number of home sales fell in nine of 12 months and for the entire year sales fell by 1.9 percent,” said Timothy Warren, CEO of The Warren Group. “However, no month in 2018 had a decline approaching the 14.5 percent decline that we saw last month. Homeowners and prospective buyers are standing fast with their current living quarters.”

Connecticut’s condominium market also experienced a drop last month with 519 transactions, a 17.6 percent drop from one year earlier. However, the median sale price for Connecticut condominiums inched up by 2 percent to $153,000, the highest price for a January in four years.

“Despite the increase, the median sale price is still well below the peak price of $191,000 seen in January 2006,” Warren said.