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Home sales soar while condos sputter

By Lee Howard

Publication: The Day

Published August 10. 2012 4:00AM

The sales totals and prices for homes in New London County continued to increase in June, while the condominium market remained mired in a summer slump.

Sales of single-family homes in the region soared 21.3 percent in June compared with the same month last year, according to the latest figures from The Warren Group, publisher of The Commercial Record. Prices also rose, from $210,000 last year to $220,000 this year.

The local numbers exceeded results in the rest of the state, which saw stagnant sales of single-family homes and a slightly lower median price than Connecticut recorded last year.

In all, 2,532 homes were sold in the state this June, compared with 2,521 for the same month last year. The median price statewide, however, declined from $278,000 to $265,000 over the same period.

"It looks like the market lost some momentum in June," said Timothy M. Warren Jr., chief executive of The Warren Group, in a statement. "Median prices have continued to decline this year, and the trend is expected to continue until home sales put up stronger numbers."

Single-family sales in New London County are bucking statewide trends, showing a nearly 5 percent improvement in June compared to the same month a year ago. Year-to-date prices are up even more, climbing more than 8 percent compared with last year's median.

But condominium sales locally are moving in the other direction, falling 37.5 percent in June compared with the same month last year. The median price also fell, from $146,000 last June to $126,500 in the same period this year.

But median condo prices in New London County so far this year are up nearly 7 percent. This year's median so far is $155,000, compared with $145,000 at the same time last year.

Condo sales nationwide have been affected by stricter Federal Housing Administration guidelines.





June New London County Real Estate: 2012 vs. 2011

Single-family sales: 171, up 21.3 percent

Single-family median price: $220,000, up 4.8 percent

Condominium sales: 20, down 37.5 percent

Condominium median price: $126,500, down 13.4 percent

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