Home sales, prices up in March

Connecticut REALTORS® reports that the single-family residential home median sales price is $237,000 which reflects a 3.1 percent increase from $229,900 in that same time period last year. Median indicates that half the homes sold for more and half for less. Single-family residential home sales in Connecticut increased 5.1 percent comparing March 2017 to March 2016. The total units of homes sold were 2,527 in March 2017 and 2,404 in March 2016.

Townhouses and condominium median sales price is $151,000 representing a 7.1 percent increase from $141,000 in that same time period in 2016. Sales in Connecticut increased 17.3 percent comparing March 2017 to March 2016. Total units sold were 697 in March 2017 and 594 in March 2016.

Statistics released by the National Association of REALTORS® indicate total home sales nationwide (includes single-family homes, townhomes, condominiums and co-ops) increased 5.9 percent comparing March 2017 to March 2016; and the median national home sales price is $236,400. Regionally, Northeast home sales increased 4.1 percent in that same time period; with a median sales price of $260,800.

Connecticut REALTORS® is a statewide trade association representing over 16,500 real estate professionals engaged in all aspects of real estate in Connecticut. The term REALTOR® is trademarked and denotes membership in the National Association of REALTORS®. Statistics are from multiple listing services throughout Connecticut and reflect properties that are openly marketed for sale. These will vary from statistics that represent all sales including family transfers, private sales, etc. that are inclusive of property prices not driven by market demands. (from 2118 to 1689) and inventory decreased 22.59 percent (from 6650 to 5148). The average number of days on market decreased 12.20 percent (from 82 to 72), during this same year-over-year comparison.

In year-to-date statistics, closed sales rose 5.35 percent (from 2075 to 2186) and pending sales increased 0.75 percent (from 3078 to 3101). The median sale price decreased 0.65 percent (from $199,350 to $198,050) and new listings also decreased 12.33 percent (from 4678 to 4101). The average days on market dropped 6.41 percent (from 78 to 73 days).

Condominium sales increased 5.52 percent (from 181 to 191) over March of last year. The median sale price increased 0.75 percent (from $133,000 to $134,000) and the average days a condo spent on the market decreased 2.47 percent (from 81 to 79 days). Condo inventory dropped 24.14 percent (from 1707 to 1295), over this time last year.

In year-to-date statistics, condominium closed sales increased 6.73 percent (from 490 to 523) and the median sale price decreased 1.78 percent (from $134,900 to $132,500). The average days a condo spent on market from the beginning of the year dropped 5.68 percent (from 88 days to 83).

“Falling inventory levels may finally be putting upward pressure on prices,” stated GHAR CEO, Jeff Arakelian. “However, with affordability conditions still favorable in our market, buyers should be able to find good opportunities to purchase property,” he said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, says closings retreated in February as too few properties for sale and weakening affordability conditions stifled buyers in most of the country. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market,” he said.