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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut single-family home sales continue to slump

Sales on single-family homes in Connecticut totaled 2,575 transactions in April, according to new data from The Warren Group. This is down from the 2,710 homes sold in April 2018. April marks the ninth consecutive month of single-family homes sales declining on a year-over-year basis.

Also in April, the median single-family home price remained unchanged on a year-over-year basis at $250,000. Year-to-date, there were 8,081 single-family home sales in Connecticut, a 6.6% decline from the same period in 2018, while the year-to-date median sale price was $240,000, a 1.2% decrease.

“The year-to-date numbers surrounding single-family home sales are well below where they were at this time in 2018, which is good news for sellers,” said Cassidy Norton, associate publisher and media relations director at The Warren Group of Peabody, Massachusetts. “Recent trends in Connecticut have seen far too many homes for sale; that glut of housing depressed the median sale price. Though prices are down slightly from this time last year to date, I expect they will rise in the spring market if the number of sales remains low.”

In Connecticut’s condominium market, sales in April increased on a year-over-year basis, with 726 transactions last month compared with the 687 condo sales recorded one year earlier. But April also saw the median sale price for Connecticut condos drop from $164,000 a year earlier to $162,000. Year-to-date, there have been 2,389 condo sales, a 2.5% decrease from the same period one year ago, and the median sale price for this housing sector was $157,500, a 0.3% dip.

“This is the first time in 2019 that the median condo sale price decreased on a year-over-year basis,” Norton said. “The median condo price followed the same pattern at the beginning of 2018 before seeing a swift uptick in the summer months. I wouldn’t be surprised to see a similar trend in the near future.”