Real estate sales surge as prices dip
January sales of single-family homes sizzled in New London County, far surpassing statewide statistics showing a 25 percent increase in sales compared with the same month of 2015, according to numbers released Tuesday.
The region’s 66 percent increase in sales over a year ago was the standout statistic of a very good month for Connecticut real estate, according to The Warren Group, publisher of The Commercial Record. Still, prices for single-family homes in the region declined more than 5 percent, while the state as a whole saw no change.
“For months we have seen the number of homes sold in Connecticut rise while median price slipped a bit, suggesting a buying opportunity too good for consumers to pass up,” Timothy Warren Jr., chief executive of The Warren Group, said in a statement.
Warren added that the statewide rise in sales was the biggest percentage increase since April 2012.
“This just goes to show that homes are being gobbled up while prices are below the peaks they achieved a decade ago,” he said.
In New London County, 186 homes sold in January compared with 112 during the same month last year. But the median price of a home declined to $197,000, versus $208,000 a year ago.
Statewide, the median price was unchanged at $230,000.
Meanwhile, condominium sales also saw a surge. Statewide, condo sales were up 16 percent this January compared with a year ago. But the median price for a condo during the month declined from $169,000 to $150,000. That’s a drop of about 11 percent.
In New London County, condo sales were up 6 percent on just 17 sales. But prices declined more than 13 percent, with the median settling at $100,000 in January.
JANUARY REAL ESTATE STATS FOR NL COUNTY
Single-family home sales: 186, up 66.1 percent
Single-family median price: $197,000, down 5.3 percent
Condominium sales: 17, up 6.3 percent
Condo median price: $100,000, down 13.4 percent
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