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.

 

 

 

 

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