According to The Warren Group, sales of single-family homes in Connecticut rose 14% to 1,519 during the first month of this year. This marks the 13th consecutive month in which these types of housing units experienced an increase in overall sales.
Also, this is the highest January volume for single-family home sales since 2008 when there were 1,653 transactions.
“We ended 2012 on a pretty positive note, and this is carrying into January,” said Timothy Warren Jr., CEO of The Warren Group.
“Recent pending sales data are a hopeful sign for a strong spring market. And given low mortgage rates and steady prices, there are positive signs that 2013 will be a second year of recovery.”
Furthermore, the median price for these properties sold in January was $215,000, which is up 2.4% from a year ago. Home prices have increased in the Nutmeg State for four straight months, The Warren Group said.
Additionally, a total of 442 condominiums were purchased in January, approximately 22% more than last year when 363 sales were recorded. The average sale prices for condominiums increased by 3% to $160,000, up from $155,000 in January 2012.
“Low inventory is slowly driving up prices,” Warren added. “This should in turn give sellers more confidence to put their homes on the market.”