Category Archives: Residential Real Estate Reports

Greater Hartford Home Sales Show Gains in June

by Categorized: Residential Real Estate Reports Date:

Home sales in Greater Hartford rose at a double-digit pace in June, a new report today shows, an encouraging sign after the spring home buying season got off to a disappointingly slow start.

Sales of single-family houses in June rose 11 percent, to 1,071 from 968 for the same month a year ago, according to the Greater Hartford Association of Realtors.

The median sale price — where half the sales are above, half below — slid a little over 1 percent, to $234,000, from $236,700 a year earlier, the association reported for the 57-towns it covers, roughly from Enfield south to Middletown.

“The month of June was a rebound for closed sales,” Jeff Arakelian, the association’s president, said, “It appears the market is correcting after a slow spring.”

Statistics for the first six months of the year show just how slow the market has been this year. Through June, sales of single-family houses increased less than 1 percent compared with the same period in 2013.

Sales closed in June reflect homes that would have gone under deposit in the previous 60-to-90 days. Real estate agents say July will provide more insight into the spring market, usually the busiest of the year and a barometer for annual home sales.

And, agents say, fall could provide a bump, though it is not traditionally as busy as the spring.

Home sales in Greater Hartford posted double-digit, year-over-year gains in 2012 and 2013, and last year prices stabilized. The trends were an encouraging sign that the area was beginning to hit a stride recovering from the housing downtown.

Pending sales in June rose nearly 4 percent, to 1,120, from 1,080 for the same month a year ago. Those figures show sales could remain in positive territory for the next few months, though not all homes under contract reach closings.

The association’s report indicated that more property owners had confidence their homes would sell. New listings in June rose by nearly 20 percent, to 2,084, from 1,737 a year ago.

Inventory — the total number of homes on the market — jumped by 17 percent, to 7,787 from 6,655 a year ago.

Based on sales in June and the number of homes for sale, the area has a seven-month supply of homes — just barely a buyer’s market, favoring purchasers over sellers. A six-month supply is said to favor neither buyer nor seller.

Sales of condominiums also were strong in June, rising nearly 23 percent, to 275, from 224 a year earlier. The median sale price inched up less than a percent, to $155,000, from $154,000 for the same month in 2013.

 

 

 

 

 

 

 

 

Connecticut Home Sales Push Up Prices In February

by Categorized: Residential Real Estate Reports Date:

This is an updated version of a previous post from this morning.

Single-family house sales in Connecticut posted a modest increase in February, making a string of ten consecutive monthly increases, a new report today shows.

The median sale price — where half the sales are above, half below — in February rose 4.4 percent, to $235,000, from $225,000, for the same month a year ago, according to the monthly report from The Warren Group, which tracks housing trends in New England.

“We see many signs of a healthy market in Connecticut,” said Timothy M. Warren Jr., chief executive of The Warren Group. “We are in the third year of a recovery from the crash in real estate and financial markets. People are interested in real estate once again.”

There were 1,177 single-family houses sold in February, compared with 1,145 for the same month a year ago, Warren reported.

With the spring home buying market now underway, some real estate agents are hoping more homeowners who have wanted to sell will make that decision. That will help increase the selection, now at low levels, for house hunters and keep interest high among buyers.

Mortgage rates also remain a historically low levels. Freddie Mac, the mortgage giant, said today 30-year, fixed-rate mortgages averaged 4.34 percent, with an average 0.7 point this week, down from 4.41 percent a week ago.

In Hartford County, sales in February rose 1 percent, to 299, from 296 a year ago. The median sale price jumped 9.2 percent, to $210,000, from $192,250 in the same period.

Among the state’s eight counties, February’s sales and median prices were mixed, however, according to Warren Group.

Four counties — Middlesex, New London, Tolland and Windham, said double-digit percentage gains, but the increases were generally on modest number of additional sales. Tolland County, for instance, saw a 33.3 percent increase in sales, but the actual number went from just 48 to 64.

Three counties — Fairfield, Litchfield and New Haven — saw sales decline in February, on a year-over-year basis.

Median sale prices rose in five counties, with Middlesex leading the way, registering an 11.7 percent increase.

With small number of sales, experts caution against reading too much into gains in median sale prices. The median can be heavily influenced by the mix of houses sold when the sales volume is low.

Some sellers also may not share in overall gains. Properties can still languish on the market, and sellers may be forced to cut asking prices.

 

 

 

 

Report: Greater Hartford Home Prices Surge in January

by Categorized: Residential Real Estate Reports Date:

Greater Hartford home prices posted the largest year-over-year gain in January in nearly a decade, but experts cautioned against breaking out the champagne just yet.

The median sale price of a single-family house in the 57-town area tracked by the Greater Hartford Association of Realtors jumped 10 percent, to $220,000 in January from $200,000 for the same month a year ago, according to the association’s monthly housing report.

That was the first double-digit gain in median sale price since March, 2005 when the median — where half the sales are above, half below — soared 16 percent compared with the same month in 2004.

Sales of single-family houses in January rose 2.5 percent, to 552 from 566 a year earlier. Pending sales rose 5.5 percent.

But one economist Friday cautioned against reading too much into one month’s numbers, especially the first month of the year.

Donald L. Klepper-Smith, an economist at DataCore Partners Inc. in New Haven, said the small data sample, the mix of housing and weather can combine to “give a false reading.”

Trends, Klepper-Smith said, don’t typically start to develop until the spring, when home buying begins in earnest.

“That being said, the general trend of the housing recovery is up, and that’s a good thing,” Klepper-Smith said.

Jeff Arakelian, the association’s president and chief executive, said the increase could bode well for the spring.

“Buyers looking to purchase have some great options and mortgage rates are still very reasonable,” Arakelian said. “With ample inventory, this could lead to a strong spring market.”

In 2013, home sales in greater Hartford posted double-digit gains for the second year in a row while prices stabilized. The median price rose less than one percent.

 

 

CT Housing Permits Poised to Reach Five-Year High in ’13

by Categorized: Residential Real Estate Reports Date:

New home construction in Connecticut remains on a pace to be the strongest in five years, a new report shows, although the levels are still far below what is considered a healthy building market.

Through the first eleven months of 2013, permits were issued for 3,741 single-family houses, condominiums and apartment units, the heaviest volume since 2008 when 4,757 were issued for the same 11-month period, according to the state Department of Economic and Community Development.

Housing construction in the state hit bottom in 2011 and has been picking up since then. Last year, permits for new housing units soared 47 percent, to 4,669, from 3,173 in 2011.

Although the number of permits issued continues to rise, the year-over-year increase slowed in 2013. Through November, permits issued are up just 3.5 percent, compared with the same period last year.

Few experts expect building to return to the levels of the late 1980s when Connecticut municipalities granted permits for 25,000 residential units annually. But most economists agree that a healthy volume would be 8,000 to 10,000 units a year.

In November, the number of housing permits totaled 272, up 26 percent, compared with 216 for the same month a year ago.

The state’s monthly permit report is drawn from U.S. Census data and is based on a survey conducted monthly of 128 towns and cities in Connecticut. Once a year, all 169 municipalities are surveyed for an annual total. Monthly and annual tallies have tracked each other relatively closely in recent years.

How Much Does A 4-Bedroom, 2-Bathroom House Go For?

by Categorized: Residential Real Estate Reports Date:

The state’s housing market appears slowly to be on the mend, though it still has a ways to go.

So, how much is a 4-bedroom, 2-bathroom housing going for in Connecticut?

Greenwich tops the state at $1.1 million and, at the other end of spectrum, Waterbury comes in as the most affordable, at $146,490, according to a new report from Coldwell Banker.

Nationally, two Connecticut towns made the top 25 most expensive markets for a 4-bedroom, 2-bathroom house. Greenwich came in at No. 15 among the 1,997 towns and cities surveyed for the report, and Westport was ranked No. 24, at $966,582. (Greenwich slipped from No. 8 in Coldwell Banker’s 2011 report on most expensive markets.)

Malibu, Calif. was the most expensive market nationally, at $2.15 million.

By contrast, Waterbury — the least expensive Connecticut market — was ranked the 126th most affordable market nationally in the survey.

The report, released today, is based on Coldwell Banker for-sale listings, not final selling prices, between January and June of this year. Average prices, rather than median prices are used, meaning the total for any market could be skewed by an extraordinary listing.

In addition, only towns and cities with at least 10, 4-bedroom, 2-bathroom listings were included in the survey. As a result, only 66 towns and cities in Connecticut were included in today’s report.

See the list of 66 towns here.

Statewide, the average was $399,844, far higher than the national average of $301,414. Connecticut was ranked the fifth highest state in the nation.

Report: CT House Sales, Prices Jump in August

by Categorized: Residential Real Estate Reports, Uncategorized Date:

House sales in Connecticut jumped nearly 10 percent in August compared with a year earlier, the volume being the strongest for the month since 2007, a new report today shows.

The median sale price — where half the sales are above, half below — rose for the eleventh consecutive month, surging nearly 12 percent, to $285,000, from $255,000 for the same month a year ago, according to the monthly report from The Warren Group, which tracks real estate trends in New England.

In 2013, Sales volume in August was second only to July. Both months helped lift sales for the first eight months of the year by 4 percent, compared with 2012. The median sale price climbed 9.5 percent for the same period.

In Hartford County, sales in August surged nearly 10 percent compared with 2012. The median sale price rose 2.2 percent to $232,750, from $227,724 for the same month a year ago.

Timothy M. Warren Jr., chief executive of The Warren Group, said he doesn’t expect the pace of sales to continue into the fall, given that is a traditionally slower time for home buying.

“While the market has proved to be strong so far this year, there is much concern over how the government shutdown will impact the overall economy,” Warren said.

All counties except Windham and Middlesex saw a gain in sales compared with a year ago, with Fairfield County up the most, at nearly 24 percent. Median prices rose in all counties, except Fairfield where the median was essentially flat.

 

 

Evidence of Strengthening CT Housing Market

by Categorized: Residential Real Estate Reports Date:

Two reports today from major real estate companies point to a strengthening housing market in Connecticut.

William Raveis said sales of single-family houses in Connecticut jumped 14.5 percent through the first eight months of the year compared with the same period a year ago. The average sale price rose to $407,210, up 3.1 percent, through August from $395,020 for the same period in 2012.

Months of supply fell to 9.7 months in the same eight month period, compared with 12.1 months in 2012, Raveis found.

In a separate report from RE/MAX of New England Inc., combined sales of single-family houses and condominiums in Connecticut in August soared 15 percent, compared with a year ago.

The number of house and condominium sales in August rose to 4,229 from 3,690 a year ago.

The median sale price — in which half the sales are above, half below — inched up 1.2 percent to $291,000 in August, from $287,000 for the same month a year ago, RE/MAX said.

Pending sales — covering houses and condominiums that are under deposit but not closed — rose 43 percent year-over-year in Connecticut, RE/MAX said.

RE/MAX said inventory — the number of properties on the market — fell nearly 13 percent in August, compared with a year ago.

 

CT Home Sales Edge Up Slightly In June

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House sales in Connecticut edged up only slightly in June, but sales prices showed overall healthy gains, a new report today shows.

Sales of single-family houses in June rose less than one percent, to 2,602, from 2,591, the Warren Group reported today. The median sales price — where half the sales are above, half below — jumped 5.6 percent, to $283,000 in June, from $268,000 in the same month a year ago.

“The housing market in Connecticut continues to show slow growth,” said Timothy M. Warren, Jr., chief executive of The Warren Group. “As long as mortgage rates and home prices don’t spike too high, we will see a very steady recovery for the market in 2013.”

Fixed mortgage rates held steady this week, according to mortgage giant Freddied Mac, with lenders offering 30-year home loans at an average of 4.4 percent, unchanged from last week. Even so, that average is well above the 3.6 percent in early June, pushing borrowing costs up.

Hartford County turned in the weakest sales increase in June, rising less than one percent. In contrast, the median sale price in the county moved up 5.2 percent, to $240,000, from $228,000 a year ago.

New London County registered the biggest increase in sales, up nearly 14 percent. New Haven County lost the most ground in sales, down more than 10 percent.

The median sale price fell in just one county, Tolland, down 6.2 percent, to $219,900.

Through the first six months of 2013, single-family house sales remain behind last year, down a little over one percent. The median price is 8.5 percent higher through June, compared with the same period last year, Warren reported.

 

 

 

Report: Home Sales In Hartford Area Sputter In June

by Categorized: Residential Real Estate Reports, Uncategorized Date:

Sales of single-family houses in the Hartford area sputtered in June, but sales are still up 10 percent through the first half of the year, a new report this afternoon shows.

Closed sales rose to 4,302 for the first six months of 2013, compared with 3,910 for the same period a year earlier, according to the Greater Hartford Hartford Association of Realtors, which tracks a 57-town area.

Through June, the median sale price — where half the sales are above, half below — rose less than one percent, to $217,000 from $216,000.

Sales rose less than one percent in June and the median price was up 1.3 percent, both compared with the same month a year ago.

The inventory of homes for sale continued to shrink in June, in the face of a 15-percent increase in new listings. Based on sales and inventory in June, there is roughly seven-month supply of properties for sale, close to the six months of supply that is considered to favor neither buyer nor seller.

While shrinking inventory is a good sign in a recovering market, real estate agents are concerned that is not enough turnover and new properties coming on the market to keep buyer interest high. New construction, while picking up, is still at relatively low levels.

While multiple bids have been more widely reported this spring for homes in attractive towns and locations, some properties are still sitting for months and taking price reductions.

Connecticut Home Sales Rise In May While Prices Continue Climb

by Categorized: Residential Real Estate Reports Date:

Connecticut home sales rose in May — for the first time in four months — and prices continued a steady march upward, a trend that is expected to extend through the summer, a new report today shows.

Sales of single-family houses rose nearly three percent, to 2,356 from 2,290 for the same month a year ago, according to the report from the Warren Group. Through the first five months of this year, sales are down about two percent.

The level of sales is the highest recorded for the month of May since 2010.

The median sale price — where half the sales are above, half below — jumped more than 8 percent, to $268,500, from $248,000 a year ago.

“We’re expecting home sales to continue to rise on a year-over-year basis this summer,” said Timothy M. Warren Jr., The Warren Group’s chief executive. “Median prices have increases for eight straight months and show no signs of slowing.”

In May, three of the state’s eight counties — Fairfield, Windham and Litchfield — saw an increase in both sales of single-family houses and the median price. One county, Tolland, saw a decline in both measures.

In Hartford County, sales in May fell 7.6 percent, to 562, from 608 for the same month a year ago. The median price rose 4.8 percent, to $224,450 from $214,250 in May, 2012.

An improved economy, higher consumer confidence and a tight inventory are contributing to the overall surge in median prices. But Warren said he is concerned about price increases getting too far ahead of sales, which could price too many potential buyers out of the market before a sustained housing recovery in the state is established.

“It’s concerning to see prices rise at this rapid rate,” Warren said. “Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high.”

Last week, the average 30-year, fixed-rate mortgage umped to 4.46 percent, from 3.93 percent a week earlier. The rate, as tracked by Freddie Mac, was at the highest level since July, 2011. The increase was the biggest jump since April, 1987.

The median sale price of single-family houses in Connecticut up 9 percent through May, compared with the same period last year. But Warren said he is not worried about a housing bubble forming “unless the rate accelerates and continues for another two years.”

The rise in the median does not necessarily mean that all home prices are rising, however. While there are bidding wars that are pushing up purchase prices, some properties are sitting and owners are reducing asking prices, agents say.