Finally, Some Good News for Connecticut’s Condo Market
Connecticut’s condominium market has been in a major slump for at least three years.
There hasn’t been an increase in monthly condo sales year-over-year statewide in over three years.
That changed in October.
The Warren Group will release a report tomorrow morning showing that sales of condos climbed in October compared to the same month in 2008, the first year-over-year increase since October 2005.
Communities like Middletown, Southington, Vernon and Stamford all had solid gains in condo sale transactions in October.
Reduced prices and the first-time homebuyer tax credit probably stimulated sales in the condo market.
Condos are generally less expensive than single-family homes in many markets and therefore tend to attract buyers who are purchasing for the first time.
But the median price for a single-family home in the Nutmeg State is now only about $64,000 higher than the median condo price.
Four years ago the difference between the median home price and median condo price was closer to $100,000.
Since the price difference between single-family homes and condos has shrunk, some would-be condo buyers who would have considered a single-family home unaffordable will re-consider.