CT April Home Sales at Lowest Levels Since 1987
Connecticut Home Sales and Median Price Info for April 2009
Year-to-date home sales in Connecticut totaled 5,079. That is a 26 percent decrease from 6,868 home sales this time in 2008. Sales of CT single-family homes for the month of April dropped 21.1 percent from 1,936 a year ago, to 1,528 in 2009. It was the slowest sales pace for the month of April since The Warren Group started tracking changes in Connecticut's real estate sales and prices in 1987.
Not only that, but the median selling price for CT single-family homes decreased 13.5 percent to $227,500 from $263,000 in April 2008. Monthly median home prices have been falling by double-digit percentages, year-over-year, for seven consecutive months, but April delivered the smallest price decline in that seven-month period. Meanwhile, the median price for homes sold in the first four months of 2009 is down 15.5 percent to $224,000 from $265,125.
If you own a condo the news is even worse.
Connecticut condominium sales were off by 44.2 percent in April. There were a total of 447 condo sales in April 2009, down from 801 in April 2008. April's condo sales were the lowest for that particular month since The Warren Group started tracking sales changes in 1987. Year-to-date condo sales plunged 40.9 percent to 1,550 from 2,624 last year.
The median selling price for condos tumbled 22.3 percent to $171,000 from $220,000 in April 2008, posting the steepest decline in monthly median condo prices in years. Meanwhile, the median price for condos sold from January through April dropped 11.5 percent to $175,000 from $197,750.
These figures are just terrible if you are trying to sell a house right now. Let's summarize:
- April Single-Family Home Sales: 5,079 - Down 21.1%
- April Median Sales Price: $227,500 - Down 13.5%
The "good news" is that the pending home sales index is up. That doesn't mean prices are turning around and it doesn't mean there is a bottom in the housing market.
Job losses are UP! What happens when people lose their jobs? They can't afford to pay for their stuff, including their homes. What happens when someone doesn't pay their mortgage? The bank forecloses and takes the house. What happens when banks own houses? They sell them - cheap! That means more homes on the market and LOWER prices.
Banks want to recover as much as they can as quickly as possible. There is no emotion in a bank sale. Homeowners on the other hand, have an attachment and they are having a very hard time coming to grips with the REAL value of their homes right now.
Here is the full Press Release from The Warren Group -
Conn. Home Sales Drop to Lowest April Level Since 1987; Median Home Price Decline Eases
April Condo Sales Plummet 44 Percent
BOSTON, June 3, 2009 – Sales of single-family homes and condominiums in Connecticut fell by double-digit percentages in April, according to a report released today by The Warren Group, publisher of The Commercial Record. Median prices for single-family homes also continued to decline in April, but not as sharply as in recent months.
"Low mortgage interest rates, a first-time homebuyer tax credit and reduced home prices didn't stimulate sales, even though that was the expectation," said Timothy M. Warren, CEO of The Warren Group. "Job losses, pay cuts and mounting consumer debt appear to be affecting people's home-buying decisions."
Sales of single-family homes dropped 21.1 percent to 1,528 in April from 1,936 a year ago. It was the slowest sales pace for the month of April since The Warren Group started tracking changes in Connecticut's real estate sales and prices in 1987. Year-to-date home sales totaled 5,079, a 26 percent decrease from 6,868 last year.
The median selling price for single-family homes retreated 13.5 percent to $227,500 from $263,000 in April 2008. Monthly median home prices have been falling by double-digit percentages, year-over-year, for seven consecutive months, but April delivered the smallest price decline in that seven-month period. Meanwhile, the median price for homes sold in the first four months of 2009 is down 15.5 percent to $224,000 from $265,125.
Statewide condominium sales were off 44.2 percent in April. Condo sales totaled 447, down from 801 in April 2008. April's condo sales were the lowest for that particular month since The Warren Group started tracking sales changes in 1987. Year-to-date condo sales plunged 40.9 percent to 1,550 from 2,624 last year.
The median selling price for condos tumbled 22.3 percent to $171,000 from $220,000 in April 2008, posting the steepest decline in monthly median condo prices in years. Meanwhile, the median price for condos sold from January through April dropped 11.5 percent to $175,000 from $197,750.
