Urban Condo Crash
Connecticut’s condo market has taken a serious beating during this housing downturn.
Condo transactions in cities like Stamford, Bridgeport and New Haven, have plunged to record lows.
In Stamford, there were only 216 condos sold through August. That’s the fewest transactions ever recorded for the city since The Warren Group started tracking Connecticut’s residential real estate market in 1988.
From 2004 to 2007, Stamford condo sales for that period were averaging over 700, according to data collected by The Warren Group.
Bridgeport is another city where condo sales are hurting.
There 112 sales in the first eight months of 2009, again the lowest number of condo transactions since The Warren Group started tracking housing sales 21 years ago.
By comparison, Bridgeport was seeing an average of 412 condos during the same months from 2004 to 2007.
And what about New Haven?
New Haven had 128 condo sales through August, which is the lowest since 1993.