Single-family home sales in Connecticut last month were strong, and the prices they sold for also made solid gains, according to data released Wednesday by The Warren Group, Boston-based publisher of The Commercial Record.
Single-family home sales in April increased by 7.6 percent to 2,584, compared to the 2,402 that sold during the same period in 2017. The median sale price for a single-family home sold last month was $250,000, an increase of $15,000, or 6.4 percent, over April 2017.
Tim Warren, chief executive officer of The Warren Group, said April was the seventh consecutive month that single-family home prices in Connecticut had increased on a year-over-year basis.
“Inventory is low and prices are rising as buyers face stiff competition for attractive homes,” Warren said in a statement. “April had the highest total of single-family home sales of any April since 2007.”
Single-family home sales in New Haven County last month increased by 10.2 percent compared to April 2017. The median sale price of those New Haven County homes increased by $30,750, or 16 percent, from April 2017 levels to $223,500 last month.
Condominium sales didn’t fare quite as well as single-family home transactions in April. The number of condominiums sold in Connecticut last month increased 1.2 percent to 667.
The median sale price for condominiums sold in April fell $900, or 0.6 percent, from the same period a year ago to $164,000 last month.
“The market for condominiums seems a bit flat or lackluster compared with single-family homes,” Warren said.
Condominium sales in New Haven County in April were more robust than the state as a whole, increasing 13.1 percent. And the median sales price for those New Haven County condominiums rose 17.7 percent, or $22,475 from April 2017 levels, to $149,500.
Donald Klepper-Smith, chief economist and director of research for New Haven-based DataCore Partners, said the increase in median sale prices is more indicative of how many people are leaving Connecticut on a weekly basis than of the overall strength of the state’s housing market. An average of 428 people per week are moving out of the state, Klepper-Smith said.
“ I don’t think the uptick in valuations here is a reflection of economic strength as much as it is one of larger, more valuable homes that are finally coming on the market as net out-migration trends become more apparent,” he said.