Connecticut housing market data sends mixed signals in November
Connecticut's housing market saw mixed performance in November, with solid gains in year-over-year median sale prices and total sales, but showing some overall weakness in year-to-date data released by the Massachusetts-based Warren Group.
The number of single-family home sales in November — 2,490 — was up 4.9% over the same period in 2018, when there were 2,373 sales. The median single-family home sale price rose 3.2% year-over-year to $258,000, its highest level for November in 12 years.
But over the first 11 months of 2019, the total number of single-family home sales was off by 2.1% compared to the same period in 2018. There were 30,492 single-family home sales in Connecticut during the first 11 months of last year.
The year-to-date 2019 median sale price hit $258,000 in November, a 0.4%increase over the first 11 months of 2018.
Tim Warren, chief executive officer of the Warren Group, said while the year-over-year median single-family home price in November represented "another notable gain," the data was less promising when viewed over a longer term.
"This is now the fifth consecutive month that the median single-family home price has increased on a year-over-year basis," Warren said in a statement. "However, this should be taken with a grain of salt. During the first half of 2019, the (year-to-date) median sale price only increased in May, so with the recent streak of increases, the median sale price is still relatively on par with where it was in 2018 on a year-to-date basis."
Condominium sales in Connecticut during November — 706 — were up by 4.1% compared to the 678 sales recorded in November 2018.
The median sale price for those condominium sales spiked 13.3% or $20,000 to $170,000 in November 2019 when compared with the same period a year earlier. That represented a seven-year high for the median condo sale price in November.
Condominium sales over the first 11 months of 2019 were off by 0.8% when compared to the same period in 2018. The median sale price for condominiums over the first 11 months of last year was down by 0.6 percent to $166,000.
The number of single-family home sales in New Haven County in November was up by 8.6% to 571. The median sale price for those homes was up by 3.5% or $7,500 to $220,000.
Over the first 11 months of last year, the number of single-family homes sold in New Haven County was down by 1.7% compared to the same period in 2018. During that same period last year, the median sale price for single-family homes rose by just 0.4% or $1,000 to $230,000.
Condominium sales in New Haven County during November were up by 3.6% compared to the same period in 2018. The median sale price for those transactions increased by a dramatic 15.1% or $19,000 to $146,000
But the number of condominium sales in New Haven County over the first 11 months of last year was essentially flat, decreasing by 0.2% when compared to the same period in 2018. The median sale price for condominiums during the first 11 months of 2019 by 2.5% or $3,475 to $142,475.