Connecticut home prices drop, single-family sales volume shows modest recovery

New York /
May.May 09, 2012 06:00 PM

The volume of single-family home sales rose while median prices dropped in the first quarter of the year in Connecticut, according to data from Boston-based real estate analysts the Warren Group released today. Sales of single-family homes in Connecticut increased more than 5 percent, to 4,157, up from 3,950 quarter-over-quarter, the numbers show.

March was the third consecutive month where home sales volume increased year-over-year. Sales in March were up 4.5 percent, to 1,610 from 1,540 the prior year.

However, the median sales price for Connecticut single-family homes in the first quarter was $215,000, down from $230,000 in the same period in 2011, a drop of 6.5 percent. This is the lowest median sales price recorded statewide since 2003, the report says.

A total of 1,134 Connecticut condominiums sold in the first quarter, a 1.4 percent increase from the same period in 2011, when 1,118 sales were recorded, the data indicates. During the month of March condo sales plummeted 10 percent, to 430 transactions, down from 480 in March 2011.

Median sales prices for condos also decreased, dropping more than 4 percent to $158,250, from $165,000 quarter-over-quarter.

“In studying patterns of previous housing slumps and recoveries, I’m not surprised median prices are continuing to drop,” said Timothy Warren, CEO of the Warren Group. “Home sales volume will continue to rise, but it will take several more months for median prices to follow.” — Guelda Voien


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