Connecticut Home Sale Prices Drop in October, The Warren Group Reports.

Single-Family Home Prices Fall 2.4 Percent While Condo Prices Dip 1 Percent; Unit Sales Continue to Fall

BOSTON -- The median sale price of single-family homes and condos in Connecticut each fell in October, marking the first time in nine years both have slipped simultaneously. According to a report released today by The Warren Group, the publisher of The Commercial Record, 1997 was the last time year-before median prices for both property types fell in the same month.

The single-family median home sale price dropped 2.4 percent in October to $265,000 from $271,500 in October 2005. It was the second month in the last three that single-family home prices dropped below the year before. Prices fell 0.9 percent in August and stayed level in September. They had risen every month for seven straight years, dating back to November 1999.

The condominium median home sale price dipped 1 percent to $190,000 from $192,000 in October 2005. The sale price had dropped once in April after rising steadily since 2000.

There has not been a drop in both single-family home and condo median sale prices in the same month since May 1997, when the single-family home median sale price dropped 0.7 percent to $141,500 and the condo price dipped 0.1 percent to $89,900.

Sales continued to fall in October. Single-family home sales dropped 7.7 percent, with 3,132 units sold, and condominium sales dropped 14.5 percent, with 1,228 units sold. Single-family home sales have fallen 19 of the last 21 months, dating back to January 2005, and condo sales have dropped from year-before levels steadily since November 2005.

Timothy Warren Jr., CEO of The Warren Group, said the October numbers show the market still experiencing a downturn in activity.

"As home sales continue to fall, we're now seeing the impact in terms of price drops," Warren said. "We'll be watching the Connecticut numbers closely over the next few months to see signs of bottoming out, as we head into spring."

Seven of Connecticut's eight counties saw single-family home sales fall in October. Middlesex County registered a 14.7 percent rise while Fairfield and New London counties each posted 18.8 percent decreases. Four counties' median sale prices fell. Litchfield's 8.4 percent drop trailed the pack, and three counties' sale prices stayed steady. New London County's were up 6.3 percent.

Six counties posted condo sales drops. New London's 55.4 percent drop was the largest, while Litchfield's and Middlesex's unit sales both rose. Three counties saw condo median sale prices fall, including Fairfield with a 10.7 percent drop. Middlesex's 15.4 percent price hike led the pack.

For the first 10 months of the year, Connecticut's single-family home sales have dropped 14.6 percent while the median sale price was up 1.8 percent to $278,000. Condominium sales slumped 11.1 percent while the median sale price rose 3 percent to $190,500.

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].