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Is Connecticut's Housing Slump Over?

Home sales in the state are on the rise, The Warren Group reports, and increased in every month in 2012.

The housing market rebounded in Connecticut last year, with 2012 sales marking the best year on record in seven years.

Sales of single-family homes in Connecticut rose 14.8 percent in 2012, with a total of  24,276 units sold, according to The Warren Group, a real estate tracking firm. In 2011 home sales stood at 21,141. Last year's home sales were the best on record since 2009, when there were a total of 24,401 homes sold.

In addition, the sale of single-family homes in 2012, a "stark contrast to 2011," when year-over-year sales volume only increased in two months, the real estate tracking firm The Warren Group, said in a release issued Wednesday.

“The market in Connecticut showed much improvement in 2012, compared to the previous year when we saw record lows for sales,” said Timothy M. Warren Jr., CEO of The Warren Group. “An improved employment picture and consumer confidence boosted the housing market in 2012, and prices will slowly follow suit.”

The median price of a single-family homes sold in 2012 was $240,000, a 1.2 percent decrease from $243,000 in 2011. This is the lowest median price since 2003, when the recorded price was $231,750, the report states.

However, there does seem to be some movement upward in home sale prices, the report goes on to say. The median price for single-family homes sold in December increased more than 10 percent to $243,000, up from $220,000 during the same month in 2011.

“Prices have increased for three consecutive months, which is a promising sign for steady growth in 2013,” Warren said.

Condominium sales in Connecticut also increased in 2012. A total of 6,111 condominiums were sold last year, a 7 percent increase from 2011 when 5,704 sales were recorded.

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Spiff February 7, 2013 at 06:45 pm
Presently, my property is estimated to be worth $40,000 less than it was worth seven years ago. The real estate slump will be over when home prices are comparable to what they were before the slump.
Jim G. February 7, 2013 at 08:27 pm
So the peak bubble prices represent reality now?
Spiff February 7, 2013 at 08:35 pm
No, reality is what you can sell your property for today. That is reality.
meowkats4 February 7, 2013 at 11:47 pm
The only property value that went up last year was my garage, my condo value is way down from when I bought it back in 2000. My garage was worth 4,000.00 in 2000, it is now worth 10,000.00 as of 2011. Note I pay separate property tax on condo and garage even though the garage is under the condo. Tha'st because many people sold their garages or rented them out for income!
Jim G. February 8, 2013 at 05:27 pm
So you're advocating a return to financial fantasy?
Michael February 8, 2013 at 07:07 pm
@ Jim G, so are you saying the president has us headed in the right direction
Kaptainsteve February 8, 2013 at 09:32 pm
Jim G.
The housing prices were inflated because of too much available money bidding up the prices of houses. Spiff is probably upset, rightfully so, because those criminal banksters and politicians who made a fortune off phony loans, derivatives, and laws that aided the scam/bubble stole the money that we homeowners lost in the bubble burst. That money was real, and now it is gone. In a sense I think what he is saying that is until he is made whole and prices are like they were before the bubble burst, the slump is not over as far as the victims of the scam are concerned. He's right. These people colluded, flim-flammed, conned and stole our money no matter how you want to put it, and most of them got no punishment and/or got re-elected. This is reality. We are still suffering as Jim said. And worse, it ain't over, far from it. Just wait a couple of months when the bond markets collapse and the dollar crashes... What do you think QE unlimited is all about? It's Bernanke's version of the panic button, and it's just making things worse and prolonging the inevitable.
Jim G. February 9, 2013 at 12:17 am
Well, that's all a charitable way to put it. If Spiff didn't PAY the inflated price, it's unreasonable to demand that housing prices go back to that level. If you're saying the prices were inflated by chicanery and greed... it's still pretty unreasonable to demand that prices go back to that level. If either of you are saying that housing prices should somehow be guaranteed or enforced or something... well, all the folks you snarl at for being socialist meddlers might want to have a word with you.
Jim G. February 9, 2013 at 12:18 am
I didn't say anything - I'm just curious as to what Spiff thinks he's saying. And now the good Kap.
Kaptainsteve February 9, 2013 at 01:28 am
Jim G. says;
"If you're saying the prices were inflated by chicanery and greed..." IF? I came right out and said it and that was the premise of my post! "it's still pretty unreasonable to demand that prices go back to that level. If either of you are saying that housing prices should somehow be guaranteed or enforced or something." "Demand, guarantee, enforce?" I never said anything remotely resembling anything like that! Allow me to quote myself; "In a sense I think what he is saying that is until he is made whole and prices are like they were before the bubble burst, the slump is not over as far as the victims of the scam are concerned." It's pretty clear what I said, but allow me to clarify since you seem confused anyway. These flim-flam artists in D.C., in collusion with their bankster criminal cronies stole from home owners by manipulating the market. And to homeowners, the very same people ripped off by our own representatives, "the slump is not over." Point being, the loss in value they suffered still exists. This loss in value is money stolen from home owners. And "the slump" is this loss in value and homeowners will still feel "the slump" I.e. cheated and loss of value until the value meets or exceeds what it was before the crash. Do I somehow or subliminally suggest that prices be "guaranteed or enforced?' I never said that or implied it. But, this is not to say that those crooks shouldn't be tried and punished for their crimes.
Kaptainsteve February 9, 2013 at 01:32 am
Michael, The president is focused like a laser beam on jobs and the housing slump. And, if you expect Jim G to criticize in any serious way the usurper who claims to be the son of a goat herder, may I suggest that you don't hold your breath. It's most likely he still hasn't scraped off the Obama/Biden 2008 sticker off the back bumper of his Subaru.
Spiff February 9, 2013 at 03:17 pm
Yes Kaptain, you interpreted my comments correctly, thanks for clarifying for Jim G.
Jim G. February 9, 2013 at 07:13 pm
Ah, that's the Patch crowd for you. Make a series of ambiguous comments, get questioned on them, make it the questioner's fault AND accuse the questioner of being three or four things that have nothing much to do with the topic. I can't imagine how you folks even begin to take yourselves seriously.
Spiff February 9, 2013 at 09:04 pm
I think I was very clear with my comments, and I'm the most serious person I know! ;)
J. Lippi February 9, 2013 at 09:17 pm
" Allow me to quote myself " I love that
Kaptainsteve February 9, 2013 at 11:16 pm
Jim G says;
"Ah, that's the Patch crowd for you. Make a series of ambiguous comments, get questioned on them." I did NOT question your stupid comments, I specifically addressed them and proved them inaccurate at least, and bared them for all to see as the snide, smarmy and disingenuous liberal malarkey at the worst. (Re. my last post above.) Jim G., just admit that you that you haven't scraped the Obama/Biden 2008 sticker off your Subaru yet...
Michael February 9, 2013 at 11:37 pm
Kap,
Be nice to Jim he no longer has his Subaru, he traded that in on his new Chevy Volt. Jim you can rest easy, soon enough your Volt will burn up taking care of that Obama sticker once and for all.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors. Write a new post... What's up? Make an announcement, speak your mind, or sell something
Tolland Resident June 18, 2013 at 12:36 pm
Congratulations Paula! I now have to start making the change to Rockville as you were the reason IRead More stayed at FN!!!
Betty-Lou Griffin June 18, 2013 at 02:20 pm
Congratulations, Paula. You will be a wonderful addition to the Rockville Bank family!
Irene June 18, 2013 at 08:38 pm
Congratulations Paula-they are lucky to have you!
ken June 16, 2013 at 07:07 pm
Onyx--Has been found and claimed--Thanks for your help!
Irene June 16, 2013 at 06:29 pm
we have the same problem on our street, and I found myself wheeling my wagon and rake down the roadRead More to clean out the storm drains, and they're not even in front of my house!!! Come on people, take 5 minutes to clean out the storm drain in front of your house and keep our neighborhood clean, safe and outrageously huge puddles free...
Luther Heggs June 15, 2013 at 07:48 am
It's society's fault.
Sam Norman June 17, 2013 at 03:13 pm
Another regional high school had a tailgate breakfast this morning and it went with out anyRead More problems. (without approval from admins.) Kids are not the problem here. Seems like administrators are the ones looking for problems.
Fitzy June 17, 2013 at 04:40 pm
It's society's fault that they trashed the school. That's intelligent!
Fitzy June 15, 2013 at 10:58 am
Stay positive, learn and grow always. And always, always be open to, and pray for, new perspectives.Read More You are obviously engaged, bright and motivated. Always stay that way, but realize you will see many, many things in your life that aren't fair. I have travelled a lot, and been off the beaten track in Peru and many other poor countries. And I myself grew up on welfare. There are so many wonderful things that we have in Tolland and in America. So many, many opportunities and blessings. Never feel persecuted or you will be the one who loses. This has developed into a discussion about life. In a nutshell, what occurred at the school was not right.
chinamom50 June 17, 2013 at 05:01 pm
The three lowest funded schools in Connecticut are EastHartford, New Britain and Waterbury. YesRead More that is,per student. Sorry F16 but statistics are easily attainable on line. No, tolland is not on the list of under funded schools.
F16 June 17, 2013 at 06:43 pm
I was told by a teacher, who is very knowledgeable, that we were as of this year the very bottom ofRead More the state. My bad though, thought that was correct.