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 Wednesday by the Massachusetts-based Warren Group.
The number of single-family home sales in November — 2,490 — was up 4.9 percent over the same period in 2018, when there were 2,373 sales. The median single-family home sale price rose 3.2 percent 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 percent 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 percent increase over the first 11 months of 2018.
Tim Warren, CEO 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 promisiong 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 percent compared to the 678 sales recorded in November 2018.
The median sale price for those condominium sales spiked 13.3 percent 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 percent 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 percent to 571. The median sale price for those homes was up by 3.5 percent 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 percent 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 percent or $1,000 to $230,000.
Condominium sales in New Haven County during November were up by 3.6 percent compared to the same period in 2018. The median sale price for those transactions increased by a dramatic 15.1 percent 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 percent when compared to the same period in 2018. The median sale price for condominiums during the first 11 months of 2019 increased by 2.5 percent or $3,475 to $142,475.