Connecticut Housing Market Posts Best Year Since 2005

Mar 13, 2014

Governor Dannel Malloy and his wife Cathy were one of the families to place their home on the market in 2013.
Credit CMLS

Connecticut's housing market continued to improve in January, and market-watchers said it's possible the state could see big gains in the spring selling season.

The state also saw distinct improvement in its housing market activity for the full year of 2013, with sales up six percent and prices risingĀ 8.3 percent over the year. The numbers come from the Warren Group, a real estate data firm, and it marks the best full year results for the Connecticut market since 2005, before the market crash.

The improvement continued somewhat in January, with sales of single family homes up two percent over the same month in 2013. It was the ninth straight month of gains in the Connecticut market, and marked the busiest January for home sales since 2009.

The improvement in activity in January didn't put further upward pressure on prices, though. The median price for a single family home in Connecticut in the month was $230,000, unchanged from January of the previous year.

Warren Group experts said higher interest rates may be holding down price increases for the moment. Overall sales volume in the state remains lower than historical averages, which could indicate pent up demand. The usually busy spring market may indicate how much more improvement we can expect in 2014.