house price decline1BOSTON: 2017 was an excellent year for single family home sales in Connecticut with the year over year sales reaching an eleven-year high. December on the other hand was not a Christmas celebration for many real estate agents and home sellers as the month was down 9.4% compared to last year, prices did inch up 2.2% for the month.

Warren Group, publisher of The Commercial Record reported a total of 2,472 single-family homes were sold in Connecticut during the month of December, compared with 2,705 sold in December 2016. Meanwhile, the median price of a single-family home rose 2.2% in December to $245,000, compared with $240,000 a year ago.

Despite the year-over-year decline, year-end single-family sales numbers reached pre-recession highs not experienced since 2006. Last year, single-family home sales totaled 34,259 – a 5.0% increase from 2016 – while the median sale price hit $249,900 – a 1.6% increase from 2016.

"Despite single-family home sales falling in December, the sales volume for 2017 for the whole year 2017 was impressive," said Timothy Warren, CEO of The Warren Group. "In another positive market indicator, the median sale price increased for the second year in a row. However, the median price for 2017 still lags 15.3% behind peak pricing in 2007.”

Condominium sales in Connecticut also declined in December, falling 5.9% with 682 condos sold, down from 722 sold in December 2016. The median sale price for condos increased 0.9% to $166,500, compared to $165,000 in December 2016.

Year-to-date, there were 9,054 condo sales at the end of December, a notable uptick from the 8,336 sold during the course of 2016 – a 7.9% increase. The year-to-date median price was $163,000, an increase of 0.3% from last year’s $162,500.