April 10, 2018

New Haven, Middlesex county home prices rise in Feb.

File Photo
File Photo

Sales of single-family homes dipped slightly in the New Haven region in February, but prices rose compared to a year ago, mirroring a statewide trend, new figures show.

"The inventory of homes for sale is dropping in Connecticut, and the tighter supply may be pushing up prices," said Timothy Warren, CEO of Boston publisher The Warren Group, which released the report Monday.

In New Haven County, 386 homes sold in Feb. 2018, a 2 percent drop from the previous year's 394, the report shows. But the median sales price rose nearly 8 percent to $204,500 from $190,000 in February 2017.

Prices jumped even higher in Middlesex County, which includes the city of Middletown and some towns along the Shoreline and Connecticut River. Although roughly the same number of homes sold as last year (98 vs. 97), the median price rose about 19 percent to $274,450 from $230,000 in February 2017.

The report also painted a brighter picture for the region's condo market. Condo sales rose nearly 15 percent in New Haven County, with 132 sold vs. 115 in February 2017. The median price was $123,000, up from $118,200 a year ago.

In Middlesex County, condo sales rose 35 percent, with 27 sold compared to 20 a year ago. The median price was $129,900, up from $112,450 for same period last year.

Statewide, sales of single-family homes dropped 3 percent from a year ago (1,688 versus 1,741), but the median price rose roughly 7 percent, from $221,000 to $237,000 -- the largest year-over-year jump since September 2013, the report said.

Connecticut condo sales were up 9.3 percent, and the average price was about the same as a year ago at $145,000.

Read the full report by county here and a town-by-town breakdown here.

Natalie Missakian can be reached at news@newhavenbiz.com

Free E-Newsletter

Sign up now for our New Haven Biz
e-newsletter! Click Here

 
ADVERTISEMENTS
Copyright 2017 New England Business Media
-->