Report: Farmington Home Sales Show Improvement

It's the first real estate improvement 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. In Farmington, January 2012 sales increased from 9 to 13 single-family homes and the median sales price jumped 51 percent $195,000 to $295,000over 2011.

The number of condominium sales has also risen slightly in Farmington from 6 to 8 sales in January, but the median prices fell 18 percent from $178,748 to $146,498.  

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.