Local home sales up 27 percent in October
Houses were being snapped up quickly — and for higher prices compared to last year — during October in New London County and elsewhere in Connecticut.
The region saw a 27 percent increase in October sales compared with the same month in 2015, according to figures released Tuesday by The Warren Group, publisher of The Commercial Record. Statewide, single-family home sales were up 8.5 percent over the same period.
And median prices were up a dramatic 16 percent in New London County during October compared with the same period a year ago. Statewide median single-family home prices rose only 2.1 percent.
"The Connecticut housing market rebounded a bit in October and remains healthy," said Timothy Warren, chief executive of The Warren Group, in a statement.
Locally, 236 single-family homes changed hands in October compared with only 186 the year previously. The median sale was for $214,500, significantly above the $185,000 median a year ago.
The statewide median sale in October was $240,000, up slightly from $235,000 a year ago.
"Two of the prior three months had shown declines in sales volume," Warren said. "October got things turned back in the right direction."
Condominium sales increased statewide in October but showed a decline of 10 percent locally. The median sale for a local condo, however, jumped from $126,000 a year ago to $160,000 this year.
New London County October 2016 sales statistics
Category 2015 2016 %change
Single-family sales 186 236 +26.9%
Single-family median price $185,000 $214,500 +15.9%
Condominium sales 29 26 -10.3%
Condo median price $126,000 $160,000 +27%
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