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Single-Family Home and Condo Sales on the Rise in Connecticut

In Connecticut, single-family home sales are up 25 percent in April while median home prices are down 5 percent, according to a report released Thursday by ""The Warren Group"":http://www.thewarrengroup.com/.

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This increase marks the fourth consecutive month sales have been rising year-over-year. In April, 1,946 single-family homes were sold, up from 1,550 the same month in 2011. This level is the highest reported in home sales so far, beating the 1,610 sales recorded in March.

""Low mortgage rates and an improving job market in Connecticut are encouraging buyers to enter the market,"" ""Timothy M. Warren Jr."":http://www.thewarrengroup.com/about-us/management/, CEO of The Warren Group, said in a statement.

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The median cost of a single-family home in Connecticut decreased 5 percent in April to $226,700 from $240,000 a year ago.

""In 2011, median prices declined 2.89 percent,"" Warren added. ""I'm hopeful that the gains in sales volume will eventually reverse the downward trend with prices, but we haven't seen evidence of that yet.""

Similarly, condominium sales also increased while the median cost decreased. Statewide condo sales rose almost 14 percent in April from to 506 from 444 in April 2011.

April was also the highest volume of condo sales so far this year with a total of 1,641 condo sale transactions recorded in the first four months of the year, a 5 percent increase from the prior year. Median condo prices dropped almost 12 percent to $150,000 from $170,000 year-over-year in April.

Warren said he expects to see an increase in the coming months throughout the summer.

""It looks like the months ahead will continue to be positive as the strong spring and summer market heats up,"" he explained. ""Typically, June is the biggest month of the year for real estate closings.""

Overall, year-to-date single-family home sales are up almost 11 percent in Connecticut. A total of 6,104 homes have sold so far this year, up from 5,500 during the same period last year.

About Author: Sara Ortega

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