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Led by continued gains in Fairfield County, the number of single-family homes sold across Connecticut in the typically slower month of February reached a 16-year high for that period.
That’s according to Massachusetts-based real estate publisher and data tracker The Warren Group, which said in a report Thursday that 2,200 Connecticut homes sold during February, up 24.8% from 1,763 transactions in Feb. 2020, which was the final full month before COVID-19 was first detected in Connecticut.
The statewide median sale price was $300,000 in February, up nearly 23% from its Feb. 2020 level of $245,000, and a record for any February on record.
Connecticut’s median price for the month of January and for full-year 2020 was also $300,000, according to Warren Group, which is the highest figure on record for the state.
For the first two months of 2021, home sales are up 24.8% year over year.
“The Connecticut real estate market is hot, red hot, and we’ll probably continue to see more of the same in the months ahead,” Warren Group CEO Timothy Warren said in a newly recorded audio segment about the February data.
Fueled pandemic relocations from neighboring states and an increase in first-time homebuyers, sales activity began to surge in August of last year. Warren noted that sales volume has been up 24% or more since then, while year-over-year increases in median prices have been greater than 20% in six of the last seven months.
“This performance far exceeds what we are seeing in national data or in the data from neighboring Massachusetts,” Warren said. “It seems like the spring market will be gangbusters.”
The Greater Hartford Association of Realtors, which has sought to highlight low levels of for-sale housing inventory in its geographic region, said recently that new listings were down by nearly one-third in February.
Warren called those numbers “stunning.”
“Surely, the lack of supply is certain to push up prices and I’m afraid it’s a vicious circle,” he said. “It’s a great time to sell your home but only if you’re sure you can find and afford a new home.”
The dynamics may mean some homeowners sell and move to a lower cost region of the country, while others with firmer roots in Connecticut use excess home equity to renovate or put on additions on their houses rather than purchase a larger house, he said.
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