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Meriden Home Sales Double in January

Home sales were up across Connecticut, and in Meriden the news was particularly good.

 

It's the first uptick in real estate sales in five months, but for most of the state, it came with a catch.

Sales of single-family homes in Connecticut went up 4.5 percent in January, while median prices dropped 12.5 percent, according to a report released on Tuesday by The Warren Group.

In Meriden home sales doubled in January, compared to the previous January. Last year 12 homes sold in January compared with 24 in the first month of this year. Looking at the median sales prices the news is even better here. The city saw a 31 percent increase in median home sale prices, increasing from $101,000 last year to $135,750, a 34 percent increase.

Condominium sales remained stable in the same time period, with eight units selling here in each January. Sale prices for condos, however, did not. The median sales prices for condominiums here plummeted nearly 50 percent, dropping from $60,250 to $31,000.

Boston-based Warren publishes The Commercial Record and is a major tabulator of real estate statistics in New England.

Sales of single-family homes in Connecticut increased to 1,322 in January, up from 1,264 in January 2011, according to the report. It marked the first time monthly sales posted an increased since August and represents the highest monthly sales volume for the month since January 2008, when there were 1,653 sales, according to the report.

"Sales in Connecticut have been weak in recent months, so it's promising to see a strong start to the year," said Timothy M. Warren Jr., CEO of The Warren Group. "The mild winter will only help boost the spring selling season."

The median price for Connecticut single-family homes sold in January was $210,000, a 12.5 percent drop from $240,000 in January 2011, according to the report. It is the lowest median price recorded statewide since March 2003, according to the report.

"As sales volume bumped along the bottom, buyers apparently made good deals and drove down median prices across the state," Warren said.

A total of 357 Connecticut condominiums were sold in January, a 6 percent increase from January 2011 when 336 sales were recorded, according to the report.

Condo median prices decreased in January. The median price dropped more than 12 percent to $154,900, down from $176,950 in January 2011, according to the report. It is the lowest median price recorded statewide since March 2004, when the median sale price of a condo was $148,950, according to the report.

Attached are town-by-town charts for single-family home and condo sales.

Siobhan McLaughlin March 09, 2012 at 01:20 PM
There are so many great reasons to buy right now - lower prices AND amazing rates! Things are definitely getting busier, I have seen a large uptick in inquiries in the past couple months - it's as if the spring market hit in January! By the way, the beautiful house pictured above is one of my listings and is offered at an amazing price of $449,000. Contact me for details siobhan.mclaughlin@raveis.com.

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