Stonington home sales running 15 percent ahead of last year’s total through July

Stonington home sales running 15 percent ahead of last year’s total through July

The Westerly Sun

Year-to-date home sales in Stonington were up 15.6 percent through July, according to he Warren Group, the Boston-based real estate and financial publisher. In North Stonington, a much smaller market, year-to-date sales were down 11.4 percent compared with the same period in 2017.

July single-family home sales totaled 31 in Stonington, 3 fewer than the same month last year. For the year, 141 homes  changed hands, according to Warren’s tabulation of deeds; in 2017, the figure was 122. The median sale price in July was $315,000, compared with $302,500 in July 2017. The year-to-date median sale price stood t $300,000, down 5.1 percent from the first seven months of 2017, $316,250.

Stonington also had 4 condominium sales in July, down 1 from July 2017. The median price was $242,900, compared with $223,000 last year. For the first seven months, condo sales numbered 26, compared with 17 for the same period of 2017. The median price stood at $339,500 year-to-date, up from $293,000 last year.

In North Stonington, there were 10 sales in July, double the number last year. Year-to-date, 39 homes were sold, compared with 44 in the same period last year. The July median price was $260,000, compared with $310 in July 2017; through July, the year-to-date median was $260,000, compared with $265,000 in 2017. There are no condos in North Stonington.

For New London County as a whole, 335 homes were sold in July, up 17.1 percent from the 286 recorded last July, according to Warren. For the first seven months of 2018, sales totaled 1,611, down 3.6 percent from the 1,672 a year earlier. The year-to-date median price was $229,000, compared with $220,000 in 2017.

Statewide, a total of 3,942 single-family homes were sold in Connecticut last month, compared to the 3,686 homes sold in July 2017, a 7 percent increase. The median price rose 4.1 percent on a year-over-year basis to $280,000. Year-to-date, single-family home sales totaled 19,517 transactions, slightly higher than last year’s total.

“This is only the second time this year that the number of single-family home sales increased on a year-over-year basis,” said Cassidy Murphy, associate publisher amd media relations director of The Warren Group. “Connecticut’s single-family home inventory is approaching a more balanced market and has had a positive impact on prices.”

Condominium sales rose 5 percent in July with 930 transactions, up from 886 transactions recorded a year earlier. The median sale price was $175,000. Year-to-date, condo transactions totaled 5,166, and the median sale price increased 1.9 percent to $165,000.

“The median condo sale price of $175,000 marked a four-year high,” Murphy said. The sales volumn, she said, reflects “nationwide housing preference trends for condos versus single-family homes.”


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