October 5, 2018

Single-family home sales slide in August

271-301 Boston Post Road, Guilford.
181 Research Drive, Milford.

Single-family home sales in Connecticut decreased in August on a year-over-year basis as the median sale price reached a five-year high for the month of August, according to the latest report from the Warren Group, publisher of the Commercial Record.

A total of 3,701 single-family homes were sold in Connecticut in August, compared to the 3,864 homes sold in August 2017 – a 4.2-percent decrease. Meanwhile, the median single-family home price increased 2.4 percent to $271,500 – the highest price achieved for the month of August since 2013. Year-to-date, single-family home sales totaled 23,234 transactions, a 0.4-percent decrease from the first eight months of 2017.

Meanwhile, the year-to-date median sale price of $260,000 marked a 4 percent increase over the same period.

"The median single-family home price reached a five-year high for the month of August, but based on historical trends, we can probably expect the price to start edging lower on a month-over-month basis during the remainder of 2018," said Warren Group CEO Timothy Warren. "However, if inventory fails to keep up with demand – like we've seen in the last few months – year-over-year price gains could continue for a while longer."

The number of condominium sales in Connecticut increased on a year-over-year basis, rising 3.8 percent in August with 956 transactions, up from 921 transactions a year earlier. The median sale price for condos also increased, rising 4.7 percent on a year-over-year basis to $177,900, up from $169,000 in August 2017. Year-to-date, condo sales totaled 6,128 transactions with a median sale price of $168,125.

"The median condo sale price of $177,950 is the high-water mark for 2018," Warren said. "Condo sales also reached a new high for the year, but activity still remains below where it was at its peak in 2006."

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Amerco Real Estate Co. has acquired two parcels totaling 4.38 acres and an 18,610-square-foot former automotive dealership at 271 and 301 Boston Post Rd., Guilford, for $2.1 million. Seller of the property, which has 500-plus feet of frontage on Route 1, was Charles Mannix. Stephen Press, SIOR or Press Cuozzo Commercial Services was sole broker in the transaction.

ES Constructing Group LLC has leased an 800-square-foot unit in a multi-tenant facility at 181 Research Drive, Milford, from D'Amato Investments LLC. The new tenant will use the space for general office use and storage of supplies for its construction business. Bill Clark of the Geenty Group was sole agent in the transaction.

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