May home sales are highest in three years in Connecticut — also on the rise in Shelton

Median home prices continue to rise in the state and Shelton

Shelton-House-ForSale

A house with a For Sale sign in the region. (File photo)

 

Home sales in Connecticut increased almost 3% in May, rising to the highest level of transactions for the month since 2010, according to the Warren Group, publisher of The Commercial Record.

A total of 2,356 single-family homes sold in May in the state, up from 2,290 the same month a year ago. This is the highest number of transactions recorded for the month since May 2010 when there were 2,516 sales.

This also is the first time since January that monthly sales volume increased year-over-year.

Year-to-date sales in Connecticut are down almost 2%. A total of 8,329 homes have sold so far this year, down from 8,479 during the same period last year.

 

In the prime spring selling season

“Now that we’re well into the prime spring selling season, activity is increasing for sales volume as expected,” said Timothy M. Warren Jr., CEO of the Warren Group.

“We’re expecting home sales to continue to rise on a year-over-year basis this summer. Median prices have increased for eight straight months and show no signs of slowing.”

In Shelton, sales volume and the median price for homes also are on the rise. See the detailed statistics toward the end of this article.

(Story continued below)

To compare Shelton prices to nearby towns, click below:

https://sheltonherald.com/20553/compare-shelton-house-prices-to-other-towns/?preview=true&preview_id=20553&preview_nonce=a40b16b0e7

 

Median price up 8% to $268,500

The median price for single-family homes sold in May in Connecticut increased more than 8% to $268,500 from $248,000 a year ago. This is the monthly highest median sale price recorded so far this year in the state.

Year-to-date, the median sale price of a single-family home in Connecticut is $245,000, almost 8% higher than the $225,000 median price recorded during the same period in 2012. The median price means half of all home sales were for higher amounts and half were for lower amounts.

 

‘Pent-up demand’

“The rise in prices is a result of an improved economy, higher consumer confidence and tight inventory,” Warren said. “It’s concerning to see prices rise at this rapid rate.

“Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices,” he continued. “Consumers are rushing to buy before prices and interest rates get too high.”

 

Condo sales also strong

The median sale price of a condominium in Connecticut was $175,000 in May, a 4.8% increase from $167,000 in May 2012. The year-to-date median condo price rose more than 3% to $165,000 from $160,000 during the same period last year.

For the second straight month, condo sales also increased. Sales rose 1% to 605 from 599 in May 2012. A total of 2,253 condo sale transactions were recorded in the first five months of the year, a 0.4% jump from 2,244 the prior year.

 

Sales and prices for Shelton

The statistics for Shelton are:

 

SHELTON SINGLE-FAMILY HOMES

May sales

2013 — 25

2012 — 23

+8.7%

Year-to-date sales

2013 — 83

2012 — 77

+7.8%

May median sale price

2013 — $300,000

2012 — $250,000

+ 20%

Year-to-date median sale price

2013 — $292,000

2012 — $288,000

+1.4%

SHELTON CONDOMINIUMS

May sales

2013 — 9

2012 — 9

0% (no change)

Year-to-date sales

2013 — 37

2012 — 26

+42.3%

May median sale price

2013 — $285,000

2012 — $250,000

+14%

Year-to-date median sale price

2013 — $280,000

2012 — $267,500

+4.7%

 

About the Warren Group

The Warren Group, based in Boston, is the publisher of The Commercial Record in Connecticut as well as Banker & Tradesman and a series of association publications. The company is a provider of real estate and financial data in New England.

 

 

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