Connecticut home sales post gain in December; median prices fall

Single-family home sales in the Nutmeg State increased by 1.7% in December, marking the fourth consecutive month sales have increased year-over-year, according to the latest report by The Warren Group, publisher of The Commercial Record.

A total of 2,196 single-family homes sold in Connecticut during the month compared with 2,160 sold in December 2013. This marked the highest number of sales for the month of December since 2009 when there were 2,216 homes sold. Year-to-date, sales were down by 1.0% at 25,660 compared with 25,919 during the same period a year ago, according to a press release issued by The Warren Group.

The median price of a single-family home fell 2.1% to $240,000 in December, down from $245,000 a year earlier. Year-to-date, the median price for homes sold was $251,500, falling 3.3% from $260,000 in the same timeframe last year.

"Connecticut single-family home and condos ended the year with increases in sales in the month of December," said The Warren Group CEO Timothy M. Warren Jr. "Median prices for both decreased but I think that will change in 2015 as we see more and more first time buyers hitting the market and looking for great deals."

Condominium sales statewide posted a 4.9% increase in December, climbing to 603 condos sold, up from 575 the same time a year ago. Year-to-date, condo sales were up 3.1%, increasing to 6,961 from 6,753 during the same period last year.

The median sales price for condos in December fell by 4.8%, decreasing to $160,000 from $168,000 in December 2013. The year-to-date median selling price of condos in Connecticut was $168,500, down 1.4% from $170,800 a year ago.