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East Hampton Home Sales Drop, Portland's Rise

Home sales were up across Connecticut, but in East Hampton they dipped.

 

It's the first uptick in real estate sales in five months, but it came with a catch.

Sales of single-family homes in Connecticut went up 4.5 percent in January, while median prices dropped 12.5 percent, according to a report released on Tuesday by The Warren Group.

East Hampton, however, bucked the sales uptick trend. Last January seven homes sold in town, compared with six this year. On the plus side though, East Hampton also bucked the statewide trend on home prices, which increased here over the same period last year. In the first month of 2011 median home prices in East Hampton were $235,500 compared to $271,750 this January. Condo sales also dropped here this January, falling from three last year to one this year.

Portland saw a 100 percent increase in home sales over the same period. Two homes sold here this January compared to the single home sale in January of 2011. The town also saw a 100 percent increase in condo sales this year with the sale of one unit in January. Last January there were no condo sales.

Boston-based Warren publishes The Commercial Record and is a major tabulator of real estate statistics in New England.


Sales of single-family homes in Connecticut increased to 1,322 in January, up from 1,264 in January 2011, according to the report. It marked the first time monthly sales posted an increased since August and represents the highest monthly sales volume for the month since January 2008, when there were 1,653 sales, according to the report.

"Sales in Connecticut have been weak in recent months, so it's promising to see a strong start to the year," said Timothy M. Warren Jr., CEO of The Warren Group. "The mild winter will only help boost the spring selling season."

The median price for Connecticut single-family homes sold in January was $210,000, a 12.5 percent drop from $240,000 in January 2011, according to the report. It is the lowest median price recorded statewide since March 2003, according to the report.

"As sales volume bumped along the bottom, buyers apparently made good deals and drove down median prices across the state," Warren said.

A total of 357 Connecticut condominiums were sold in January, a 6 percent increase from January 2011 when 336 sales were recorded, according to the report.

Condo median prices decreased in January. The median price dropped more than 12 percent to $154,900, down from $176,950 in January 2011, according to the report. It is the lowest median price recorded statewide since March 2004, when the median sale price of a condo was $148,950, according to the report.

Attached are town-by-town charts for single-family home and condo sales.

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