Residential Real Estate Market is Picking Up in Connecticut

Both single-family homes and condos in Connecticut saw increases in sales and prices in February of this year compared to the same month in 2009, according to a report released Tuesday by ""The Warren Group"":http://www.thewarrengroup.com/portal/Default.aspx, a provider of real estate data in New England.

[IMAGE]

Connecticut's single-family home sales surged 27 percent from February 2009 to February 2010, marking the fourth straight month that sales have increased year-over-year by double-digit percentages. A total of 2,532 home sale transactions were recorded in the first two months of the year, a 21.6 percent increase from the same period in 2009.

""Single-family home sales in Connecticut have been increasing year-over-year since last October. The gains in sales volume have helped bump up median prices,"" said Timothy M. Warren Jr., CEO of The Warren Group. ""But it's important to remember that January and February sales activity is in comparison to last winter when the housing market was sputtering and sales were down by 25 percent to 30 percent.""

February also marked the third straight month that the statewide median price for single-family homes increased. Prices rose 3.6 percent to $227,000 in February 2010, up from $219,204 in February of last year. In addition, the year-to-date median home price was $235,000, 6.8 percent higher than the median price recorded a year ago.

Results were similar for condos in Connecticut.

Statewide condo sales shot up 19.6 percent from February 2009. This was the fifth month in a row that condo sales increased year-over-year. A total of 786 condos were sold in January and February of this year, up 15.1 percent from a year ago.

Condo prices also increased. The median selling price for condos in February jumped 4.1 percent to $178,250 from $171,250. And the year-to-date median condo price was up 2.9 percent to $180,000 from $175,000 during the same period last year.