Home Sales and Prices Up in May

Connecticut REALTORS® reports that the single-family residential home median sales price is $260,000 which reflects a 4.0 percent increase from $249,900 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 10.0 percent comparing May 2017 to May 2016. The total units of homes sold were 3,406 in May 2017 and 3,095 in May 2016.

Townhouses and condominium median sales price is $170,875 representing a 3.6 percent increase from $165,000 in that same time period in 2016. Sales in Connecticut increased 25.4 percent comparing May 2017 to May 2016. Total units sold were 874 in May 2017 and 697 in May 2016.

Statistics released by the National Association of REALTORS® indicate total home sales nationwide (includes single-family homes, townhomes, condominiums and co-ops) increased 2.7 percent comparing May 2017 to May 2016; and the median national home sales price is $252,800. Regionally, Northeast home sales increased 2.6 percent in that same time period; with a median sales price of $281,300.

Connecticut REALTORS® is a statewide trade association representing over 16,000 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.

In Eastern CT, the median price of a single family home rose 3% to $206,000 comparing May 2017 to May 2016.  The number of units sold was 426 over 364, representing an increase of 17% comparing May 2017 to May 2016.