BOSTON – The median price of a single-family home in Connecticut fell 17.11 percent in February, dropping to $218,000 from $263,000 in the same year-ago month, according to statistics released this week by The Warren Group, a Boston-based real estate data tracker.
In New London and Windham counties, which border Rhode Island, the median price fell by 6.46 percent and 28 percent, respectively, in February.
“The declines in median home prices have exceeded 10 percent for seven of the last 12 months. We didn’t see such a period of price slumps during Connecticut’s last housing downturn in the early ’90s,” CEO Timothy M. Warren Jr. said in a statement. “Prices won’t level off until sales activity picks up substantially for several months straight.”
Statewide, single-family home sales dropped 26.10 percent, down to 1,025 from 1,387 in February 2008.
Condominium sales fell 42.23 percent in February and dropped by much greater percentages in both New London and Windham counties. New London County’s sales fell to nine condos, a 74.29 percent drop from the 35 condos sold in February 2008. Windham County’s sales fell to one condo, down 85.71 percent from the seven sold in the same month last year.
The statewide median condo price was $171,250 in February.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at www.thewarrengroup.com.
