Connecticut House Sales Fall In February But Prices Rise

by Categorized: Residential Real Estate Reports Date:

Sales of single-family houses in Connecticut in February fell for the first time in more than year, but prices rose as the number of homes on the market continued to shrink, according to a new report today.

Sales fell by nearly 8 percent to 1,149 in February from 1,245 for the same month a year ago, according to The Warren Group, which tracks real estate trends in New England.

The median sale price — where half the sales are above, half below — rose more than 7 percent in February to $225,00, from $210,000 for the same month in 2012, Warren Group reported.

While the decline in sales was discouraging, Warren Group said the increase in prices was a positive sign for the market. Prices, Warren said, were pushed higher because house hunters had less choices and were willing to pay more if they found the right house, Warren said.

“With such low inventory, we’ve seen bidding wars — homes selling above the asking price,” Timothy M. Warren, Jr., Warren Group’s chief executive, said. “As prices rise, more sellers will begin to list their property which in turn pumps up the sales volume.”

Warren also noted that sales in February, 2012 were particularly strong for a winter month.

Single-family house sales fell in all counties except Litchfield County, where sales rose 4.2 percent in February compared with a year earlier. New London County registered deepest, year-over-year decline in February, plunging 31 percent.

Sales in Hartford County dropped 6.6 percent compared with February, 2012.

The median sale price rose in five of eight counties. The largest jump came in New Haven County where prices soared nearly 28 percent, to $209,175, from $163,500 a year ago. Hartford County saw a 5.7-percent increase in its median sale price, rising to $190,212, from $180,000 in February, 2012.

Look here for a county-by-county breakdown of sales, prices.

If more sellers list their properties, the spring market — traditionally the busiest of the year — could still be strong, Warren said.

Low mortgage rates remain a plus for home buyers. But Connecticut’s slow job growth still is making many potential buyers cautious about such a large purchase. The state is adding jobs but some economists have estimated that Connecticut’s job recovery from the last recession is just 40 percent to 60 percent of what the nation as a whole is experiencing.

 

 

 

 

The Courant is using Facebook comments on stories. To comment on courant.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.

9 thoughts on “Connecticut House Sales Fall In February But Prices Rise

  1. n

    What can we say, people are greedy, thats why everythings overpriced in this state. Banks are overcautious with high credit score and high down payment requirements that dont come easily to those in this generation. Whoever owns these overpriced homes would rather they sit empty forever than lower their standards to make it possible for someone to live in them.

    1. HUH?

      The reason no one is buying is because there are NO JOBS. Everyone is leaving this state. Overly regulated, taxed, lousy weather…

    2. R Lee

      All sales of real estate go at market value.
      If priced above then they don’t sell unless the buyer likes a particular feature.
      Its not welfare and nobody forces a sale.
      So if John Doe has a piece of junk in poor repair and Buyer A likes it and wants to pay more or less its his decision and public policy.
      Go to Greenwich where a shack is $1.5 million or in Manchester where a beautiful home is $250,000.

  2. Huh

    Have to agree with HUH? No use staying in this socialist state – can’t even own my firearms here anymore see you later – great job – ummm, ummm ummm good luck suckers!

  3. Amy rio

    Homes are selling well. Pricing them appropriately is the key to success. Sellers have been watching the market and strategically pricing their homes instead of inflating the price they price it exactly where it should be and aggression happens buyers see that it is a well priced home and it sells. Today is an ideal time to buy real estate

  4. DR

    The problem with the CT housing market is that everyone wants OUT of the state but its hard to leave when there are fewer and fewer suckers available to buy your CT home.

    When MetLife closes up shop, you will see a flood of homes on the market, particularly in the Farmington Valley and no buyers around.

  5. Unhealthy Jim

    Thank you all for being all positive about CT. I like it here. If you do not like it then please leave.

  6. n

    How can we leave, we cant afford to leave. Its a trait of CT. Cant afford to live here, cant afford to get out of here.

  7. steve

    Prices and Taxes for RE in Ct is still overpriced in many areas. To bad, because I’d like to return even wit5h the awful state taxes caused by inflated , outrageous public work pensions/bennies.

Comments are closed.