Condominium and Single-Family Home Prices in Connecticut See Double-Digit Growth in 2005; New London and Tolland counties show housing percentage shortage as median prices climb.

BOSTON -- Single-family home and condominium median sale prices in Connecticut surged by more than 10 percent in 2005, while the actual number of single-family home sales tumbled and condo sales saw a minimal increase, according to data compiled by The Warren Group, premier providers of real estate and financial data throughout New England.

The median price for a single-family home in Connecticut for 2005 was $273,000, representing a 10.53 percent increase from the previous year. However the number of homes sold in the state in 2005 actually declined 4.46 percent to 43,418 from the 45,445 homes sold in 2004.

The median condo price also experienced a healthy increase in 2005, going from $160,000 in 2004 to $185,000, representing a 15.63 percent increase. The total number of condo sales also increased in 2005 from 16,291 to 17,115, representing a 5.06 percent increase.

Of the eight Connecticut counties, New London had the largest percentage increase in single-family median home price at 15.24 percent. Conversely, New London also had the sharpest decline in home sales at 10.49 percent. The results indicate a lack of available homes for sale. The median price for a home in New London County was $242,000.

"It's a matter of supply-and-demand: people have realized that New London County is an attractive area to live," said Timothy Warren Jr., CEO of The Warren Group. "The county has affordable home prices, picturesque coastline and close proximity to neighboring Rhode Island and Massachusetts."

Neighboring Tolland County saw the largest increase in median price for condos at 16.67 percent. It was also the only county in the state in 2005 that recorded a decline in the number of condo sales at 4.24 percent. The median price of a condo in Tolland County was $140,000. Tolland County also enjoys a close proximity to other neighboring states and is a close commute to the state's capital, Hartford.

Fairfield County, known for its affluent suburban communities, topped the list for highest median single-family and condo prices for 2005. The single-family median home price in Fairfield County was $520,000 and the median condo price was $292,000.

Fairfield County communities snapped up the highest median prices in the state. Greenwich had the most expensive median price for single-family homes at $1.6 million. New Canaan was second at $1.5 million. Darien was third with $1.19 million and Westport was fourth at $1.15 million.

Redding had the highest median price for condos at $695,000, Darien was second at $662,500, New Canaan was third at $635,000 and Greenwich was fourth at $629,000.

"While there was some price variation from county to county, Fairfield County clearly stood out from the pack with median prices that more than doubled some of the other counties' median prices," Warren said. "Fairfield, with its concentration of high-net-worth residents and multimillion-dollar homes, must be judged on a different set of standards than the other Connecticut counties."

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and an array of industry-related association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of 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 800-356-8805 (or 617-428-5100).