Condo sale prices rise, home sales fall in November, The Warren Group Reports.

Outlook Uncertain as Sales of Condos, Single-Family Homes Drop by Double-Digit Percentages over Year-before Period

BOSTON -- The median sale price for condominiums in Connecticut rose 5.3 percent in November over the year-before period while sales of single-family homes and condos continued to fall by double-digit percentages, according to a report released today by The Warren Group.

The median condo sale price rose to $200,000 from $189,900 in November 2005. It was the biggest jump since March, when the median sale price rose 12.7 percent above the comparable period in 2005. The median sale price has dropped twice since March, by 1 percent each in April and October.

The state's single-family home median sale price slipped 2.3 percent to $263,700 in November. The drop followed a 2.4 percent decline in October and was the third drop-off in the past four months. September's median sale price stayed flat with the previous year. According to data from The Warren Group, it was the first time since 1996 that prices have fallen from year-before levels in two consecutive months. Prior to 2006, monthly median sale prices had not dropped below year-before levels since 1998.

Meanwhile, unit sales of both condos and single-family homes fell in November by bigger percentages than they did in October, reflecting continued uncertainty in Connecticut's real estate market.

Connecticut's condo sales dropped 15.9 percent to 1,083 units sold from 1,287 in November 2005. It marked the 13th straight monthly decline over year-before periods.

Sales of single-family homes fell by 14.5 percent, with 2,772 units being sold, down from 3,241 in November 2005. Single-family home sales have now dropped 14 straight months, dating back to October 2005.

"The fact that sales are still down and condo and single-family home sale prices are going in different directions underscores how unsettled the Connecticut market still is," said Timothy Warren Jr., CEO of The Warren Group. "As we head into 2007, we will watch the numbers closely for signs of bottoming out. We expect there to be some improvement in 2007, but it is unclear how quickly the tide will turn."

For the first 11 months of 2006, the single-family median sale price increased by 1.5 percent to $276,500, while unit sales dropped by 14.6 percent. Condos, meanwhile, posted a 3.6 percent median sale price increase, to $191,575, with unit sales falling by 11.5 percent.

Seven of Connecticut's eight counties saw the year-to-date median price of single-family homes rise. New Haven County's median sale price rose the most, by 7.5 percent, while Litchfield County posted a 2.8 percent decrease.

Year-to-date median sale prices for condos increased in seven counties, with Windham County suffering a 7.7 percent drop and New London County reporting a 13.9 percent increase.

All eight counties saw year-to-date declines in single-family unit sales -- six by double-digit percentages. Fairfield's 21.4 percent sales drop was the largest, while Tolland and Hartford counties reported 8.2 and 9.2 percent drops, respectively.

Fairfield and Windham counties experienced the steepest declines in year-to-date condo sales, dropping 17.3 and 16.5 percent, respectively. Tolland County posted the only rise in sales with a 5 percent increase over 2005.

For the full chart detailing median prices and sales figures for each county in Connecticut, please contact Mike O'Connell at PAN Communications at [phone] or at [e-mail].

About The Warren Group

The Warren Group, based in Boston, is the publisher of The Commercial Record, Banker & Tradesman and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call [phone].