Home Sales Decreased in 2010 - NBC Connecticut

Home Sales Decreased in 2010



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    PASADENA, CA - APRIL 23: A sign advertises a house for sale on April 23, 2009 in Pasadena, California. About half of all homes sold last month were sold to first-time homebuyers but hopes of a Spring recovery in the housing market were dampened by a report by the National Association of Realtors that existing home sales fell 3 percent in March despite near-record-low mortgage rates and home prices that are the lowest in years. The median sales price in March was $175,200, down from $200,000 a year ago. (Photo by David McNew/Getty Images)

    There is some good news and some bad news on the real estate front in 2010.

    Single-family home sales in Connecticut were down 0.54 percent from 2009, according to The Warren Group. The year 2010 was the sixth consecutive year where sales decreased, bringing annual home sales to their lowest point since 1991.

    The good news for sellers is that the median sales price is up almost 4 percent, jumping to $250,000.

    In addition to single-family homes, The Warren Group also reported a decrease in condominium sales of 7.3 percent from 2009. In keeping with the bad news/good news trend, the median condo sales price increased from $178,000 in 2009 to $182,250 in 2010.

    Experts warn not to start celebrating just yet. The market still has a long way to go before it makes a full recovery.

    Ultimately, we need to see major improvements in our overall economic health, including job creation, before we can see numbers return to the highs seen back in 2006, Timothy Warren Jr., CEO of The Warren Group, said. The median sales price for a single-family home that year was $269,900.

    Tricia Reed, Vice President of Business Development for Weichert Regional Properties, said she expects to see a gradual recovery here in Connecticut.

    "We continue to see activity," Reed said. "Despite the weather, all of the snowfall, we have had a good turnout at our open houses and that shows us that there are some serious buyers out there."