A major real estate broker in Connecticut reports today that the state’s housing sales rose nearly four percent in April, but the median sale price remained flat.
RE/MAX of New England reported that 2,461 single-family houses and condominiums sold in Connecticut last month, up from 2,371 for the same month a year ago. The median sale price was $255,000, down less than one percent from $256,000 a year ago.
The report also indicates that sales may continue to climb in the months ahead. Properties under contract rose by nearly 50 percent, to 2,154, from 1,436 a year earlier. Not all those contracts will end up in closed sales, experts say, with as many as 30 percent falling through.
In April, inventory fell to 28,133, from 31,883 a year ago. Based on the sales in April, there is a 11-month supply of properties on the market, indicating that Connecticut remains firmly in a buyer’s market. A market with a six-month supply is considered to favor neither buyer nor seller.
See the full RE/MAX report here.
RE/MAX draws its statistics from the Multiple Listing Service, but unlike other housing reports, RE/MAX combines single-family and condominium sales. Other reports separate the two categories of residential real estate.
Across New England, sales rose in all six New England states with New Hampshire seeing the biggest jump, at 20.2 percent. The median sale price fell in Connecticut and three other states with Rhode Island seeing a nearly six percent decline.
Here’s a chart on how sales compare across New England states in April:
While increased sales are encouraging, economists say prices will also have to rise for a housing recovery to gain momentum.
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