February homes sales, prices rise statewide

Home sales in Connecticut rose for the 10th straight month in February, according to a new report, and the median price of a dwelling statewide increased by $10,000 compared with the same period last year.

The Warren Group, publisher of the Commercial Record, cited an increase in single-family home sales of 2.8 percent in February in comparison to the same month a year ago. It also said the median price paid for a home rose from $225,000 to $235,000 during the same period.

The state is three years into a real estate recovery that severely depressed home prices.

"We see many signs of a healthy real estate market in Connecticut," Timothy M. Warren Jr., chief executive of The Warren Group, said in a statement. "People are interested in real estate once again."

Interest was particularly strong in New London County, which showed a sales increase of more than 37 percent in February - the biggest increase in the state, according to Warren Group numbers. The region's median sales price also was up year-over-year, from $189,000 last February to $200,000 in the most recent statistics.

The highest state median sale price was $405,000 in Fairfield County. The lowest median was $143,500 in Windham County.

So far this year, sales of single-family homes in Connecticut have risen a modest 2.6 percent. Median home prices on the year tilted upward from $226,000 last year to $230,100 this year.

At the same time, condominiums have been enjoying a brisk recovery. In February, condo sales statewide were up 17 percent from year-ago levels, and have risen so far this year by 3 percent.

Median prices paid for condos statewide also saw a February surge, from $139,841 last year to $155,000 this year. So far this year, condo prices have risen 2 percent compared with last year.

Locally, condo sales have been pretty sparse, with only 31 completed over the first two months. That's down about 9 percent from year-ago levels, but the median price paid of $133,000 is significantly higher than last year's median of only $78,000.

l.howard@theday.com

February real estate in Connecticut
 2013 2014Change
Single-family home sales1,1451,177+2.8%
Single-family median price$225,000$235,000+4.4%
Condominium sales302354+17.2%
Condo median price$139,841$155,000+10.8%
SOURCE: The Warren Group







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