Local home sales, prices rise impressively in April
April home sales and prices in New London County rose dramatically compared with a year ago, according to the latest figures.
The Warren Group, publisher of The Commercial Record, said single-family home sales in the region rose nearly 18 percent in April compared with the same month a year ago. The median sales price also jumped, from $203,500 last April to $234,750 in the most recent month, according to figures released last week.
Only New London and Middlesex counties recorded gains in prices during April in the state.
As strong as the sales prices were, the number of sales locally fell short of the even more dramatic increase in statewide home sales. Single-family sales in April rose more than 25 percent statewide compared with numbers recorded in the same month last year.
"Low mortgage rates and an improving job market in Connecticut are encouraging buyers to enter the market," said Timothy M. Warren Jr., chief executive of The Warren Group, in a statement. "It looks like the months ahead will continue to be positive as the strong spring and summer market heats up."
June usually stands as the strongest month of the year in terms of real estate sales, Warren pointed out.
Statewide, 1,946 single-family home sales were recorded in April, a rise from 1,550 closings conducted in the same period last year.
Year to date, statewide sales are up almost 11 percent compared with the January-through-April period last year.
But stronger sales have not yet translated into higher prices across the state. The median price of a single-family home statewide actually decreased in April by 5.5 percent, and prices are down 5.6 percent so far this year.
While New London County saw increases in single-family sales, condominium closings decreased about 11 percent in April compared with a year ago. Prices were virtually unchanged, with the median in April hitting $161,250, up slightly from last April.
Condominium sales statewide were another matter. Condo sales rose nearly 14 percent in April compared with a year ago, while statewide condo prices dropped nearly 12 percent to $150,000.
NEW LONDON COUNTY APRIL REAL ESTATE BY THE NUMBERS, 2012 VS. 2011
Single-family sales: 166, up 17.7 percent
Condominium sales: 24, down 11.1 percent
Single-family median price: $234,750, up 15.4 percent
Condominium median price: $161,250, up 0.8 percent
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