Stonington home sales in 2017 up 26 percent through October 

Stonington home sales in 2017 up 26 percent through October 



Single-family home sales in Stonington were running nearly 26 percent higher through October 2017 than the same period last year, according to the Boston-based Warren Group, which compiles its data from deed filings. In October, 24 homes were sold, compared with 13 in October 2016. Year-to-date, there were 187 sales, compared with 139 last year in Stonington. 

For the first 10 months of 2017, the median price was $325,000, a rise of 1.85 percent from the $319,000 for the same period last year. Condominium sales in town also rose, to 25 through October, compared with 15 a year earlier. The year-to-date median price for condos stood at $343,000 at the end of the month, compared with $290,000 in October 2016.

In North Stonington, year-to-date sales of single-family homes numbered 70, compared with 65 a year earlier. In October, 8 home sales were recorded in both years. The median price was $259,500 this October, up 7.9 percent from the $238,900 median of a year earlier.

For New London County as a whole, year-to-date single-family home sales numbered 2,485, up 13 percent from 2016. The median price stood at $224,000, compared with $211,000 the year before. In percentage terms, Stonington’s gain in sales ranked third among the 21 cities and towns in the county, after Old Lyme, which was up nearly 49 percent, and — at the other end of the economic spectrum — Norwich, at 29.7 percent.

Warren’s figures show that Stonington’s median price ranks third in the county, behind Lyme (a much smaller real estate market), at $390,000; and Old Lyme, $360,000. East Lyme, Stonington’s “sister city” in terms of population and demographics, had a median price of $312,400 and 199 home sales through October, for a gain of 8.5 percent. 

Warren, which publishes The Commercial Record, said that statewide single-family home sales rose 3.8 percent in October, to 2,946, compared with October 2016. The median price to $247,000, compared with $240,000 a year ago.

“The Connecticut housing market continues to perform at an impressive level,” said Timothy Warren, CEO of The Warren Group. “This is the most single-family homes sold during the month of October in over a decade, while October condo sales haven't seen this level of activity since 2007.”

Year to date, there were 29,090 single-family home sales as of October 2017, compared to 27,135 over the first 10 months of 2016 — a 6.9 percent increase. The year-to-date median was $250,000, compared to $248,571 a year earlier.

Condominium sales in Connecticut also increased in October, rising 4.8 percent with 845 condos sold, up from 806 sold in October 2016. The median sale price was $160,000, a year-over-year gain of $2,000. Year to date, there were 7,627 condo sales as of October 2017, up  9.1 percent. The year-to-date median price was $162,500 in October 2017, down $500 from last year.

Bob Laux-Bachand


 
 
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