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September 16, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut single-family home sales drop 6.3 percent

Single-family home sales in Connecticut declined last month, according to new data released by The Warren Group.

During May, Connecticut recorded 3,094 single-family home sales, a 6.3 percent decline from the 3,301 homes sold in May 2017. The median single-family home price in Connecticut was $250,000 in May, unchanged from April but 1.2 percent lower than one year earlier. May marked the first time in eight months that the state’s median sales price fell on an annualized measurement.

“The stumble in May seems to be part of the pattern we are seeing in Connecticut for the past year or two,” said Timothy Warren, CEO of The Warren Group. “It is a bumpy road with ups and downs, none very large. The good news is that when we compare the first five months of 2018 with the same period last year, we see a 4.3 percent gain in the median price.”

Within the state’s condominium market, May saw 834 transactions, a 4.9 percent drop from the 877 transactions recorded in May 2017. However, unlike the single-family home market, the median sale price for condos was on the rise: up 2.9 percent on a year-over-year basis to $170,250 from $165,000 a year earlier.

“This is the second consecutive May that condo sales have exceeded 800 transactions,” Warren added. “The last time May condo sales exceeded this mark was in May 2008, which is a telling indicator that buyers continue to look at condos as preferred housing options.”