November 30, 2018

Residential R.E. prices decline in October

HBJ File Photo
HBJ File Photo
Cheryl Morris.

Single-family home and condominium sales in Connecticut decreased in October as prices also declined on a year-over-year basis, according to the latest report from the Warren Group, publisher of the Commercial Record.

A total of 2,868 single-family homes changed hands in Connecticut last month, compared to the 2,961 homes sold in October 2017 — a 3.1-percent decrease and the third consecutive month that sales have declined on a year-over-year basis. Meanwhile, the median single-family home price edged 0.4 percent lower to $247,000.

Year-to-date, single-family home sales totaled 28,752 transactions, a 1.5-percent decline from the first 10 months of 2017. Meanwhile, the year-to-date median sale price of $260,000 reflected a 4-percent increase over the same period.

"The declining sales numbers for both single-family homes and condos isn't surprising based on recent trends," said Timothy Warren, CEO of the Warren Group. "This is the third consecutive month that single-family homes have declined year-over-year, and the second consecutive month for condos on the same basis."

The number of condominium sales in Connecticut decreased on a year-over-year basis, falling 0.9 percent in October with 843 transactions, down from 851 transactions a year earlier. The median sale price for condos also declined, falling 0.6 percent on a year-over-year basis to $155,000, down from $161,500 in October 2017.

Year-to-date, condominium sales totaled 7,710 transactions with a median sale price of $165,000 – a 1.2 percent increase from the first 10 months of 2017.

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Cheryl Morris of North Haven has joined the Geenty Group, Realtors of Branford as an industrial/commercial sales and leasing associate. Morris previously spent more than 15 years in the telecommunications industry working for AT&T. From 2005 to 2007 she was first selectwoman of the town of Branford. She holds a BS in business management from the University of New Haven.

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