November 2, 2018

Sales slow as home prices rise

20 Thompson Rd., Branford.

Single-family home and condominium sales in Connecticut slowed last month on a year-over-year basis as the median single-family home price reached a 10-year high, according to the latest report from the Warren Group, publisher of the Commercial Record.

A total of 2,608 single-family homes were sold in Connecticut in September, compared to the 2,916 homes sold in September 2017 — a 10.6-percent decrease. Meanwhile, the median single-family home price increased 7.1 percent to $257,500 — the highest price point posted for the month of September since 2008.

Year-to-date, single-family home sales totaled 25,871 transactions, a 1.4-percent decrease from the first nine 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 10-year high for the month of September, as a constrained inventory across the state continues to push prices higher on a year-over-year basis," said Timothy Warren, CEO of the Warren Group. "The decline of 10.6 percent in single-family sales value in September is the sharpest drop in any month since July 2016. I wonder if prices have climbed to the point where fewer and fewer buyers are able to purchase a home."

The number of condominium sales in Connecticut decreased on a year-over-year basis, falling 5.9 percent in September with 730 transactions, down from 776 transactions a year earlier. The median sale price for condos also declined, edging 0.6 percent lower on a year-over-year basis to $162,700, down from $163,750 in September 2017. Year-to-date, condo sales totaled 6,863 transactions with a median sale price of $167,000 — a 2.1-percent increase from the first nine months of 2017.

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CPa Medical has signed a sub-lease for 20,000 square feet of office space at 20 Thompson Rd., Branford. The medical-billing firm is subleasing the space from the Brady Corp. (formerly Seton Nameplate) for the duration of Brady's lease term. Brady was represented by Kristin Geenty, SIOR, of the Geenty Group, while CPa Medical was represented by Wareck D'Ostilio Real Living.

Contact Michael C. Bingham at

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