New Canaan's average home selling for 50 percent less than last year
Published 11:45 am, Monday, October 19, 2009
Single-family home sales in Connecticut climbed for the second consecutive month, jumping almost 7 percent in August, according to the latest report from The Warren Group, publisher of The Commercial Record.
In New Canaan, 35 homes were sold in August, compared to 28 sold in August 2008 -- a 25 percent increase. However, the average home sold for just over $1 million this August, a decline of nearly 50 percent from August 2008 when the average was near $2.1 million. The town has also endured a 28 percent decline in sales with 114 homes sold through August compared to 159 at that point last year.
Single-family home sales rose 6.8 percent statewide to 2,644 from 2,476 in August 2008. Windham, Litchfield, New Haven and New London counties had the biggest gains.
The 6.8 percent increase in statewide sales in August follows a 3 percent bump-up in sales transactions in July. Home sales from January through August totaled 15,086, a 12.5 percent drop from 17,234 last year.
There has been no uptick in Connecticut's median home prices, however. The median price for homes sold in August plummeted 13.6 percent to $250,650 from $290,000 a year earlier. August ended a four-month trend that saw the decline in monthly median home prices year-over-year narrowing. July's median home price, for example, dropped 11 percent from the same month in 2008, the smallest decline so far in 2009. The year-to-date median home price is off 11.6 percent, falling to $245,000 from $277,000.
Unlike single-family home sales, condominium sales in Connecticut did not pick up in August. Condo sales slipped 5.4 percent to 757 from 800 in August 2008. The sales drop was the smallest percentage decline in monthly condo sales so far this year. A total of 4,330 condo sales have been recorded from January through August, a 29.5 percent decrease from 6,139 during the same months in 2008.
The median price for condos sold in August dipped 5.5 percent to $180,000 from $190,500 in August 2008. The year-to-date median condo price is off 12 percent, falling to $176,000 from $200,000.