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Farmington Home Sales Show Mixed Results

The latest data shows the real estate recovery in Connecticut is still slow. While homes are selling in Farmington, the number of sales is down slightly from last year.

Connecticut single-family home sales inched up just 0.4 percent in June, according to the latest report by The Warren Group, publisher of The Commercial Record. The modest gain follows double digit increases that were reported in April and May.

The Massachusetts-based real estate tracking firm reported that second quarter single-family home sales totaled 6,723 in June, an 11 percent increase from 6,042 in the second quarter of 2011.

Though meager, June’s rise in single-family home sales in Connecticut represents the sixth straight month of increases in 2012. A total of 2,532 single-family homes sold in June, up from 2,521 a year earlier. It marks the best month of single-family home sales since June of 2010, when there were 3,400 sales.

Farmington had mixed news on the home sales front. While the town's rate of home sales was stable in the second quarter of 2012, prices appear to have softened compared to 2011 and the number of home sales is down slightly from the first half of 2011.

In the second quarter of this year 31 homes were sold in town, compared to 34 in the first quarter. In the first quarter of 2011, 29 homes were sold, and in second quarter of 2011, 37 homes in town sold. Prices at all levels appear to be down slightly or even with prices from 2011. 

“While it’s positive that sales remained about the same as last year, it looks like the market lost some momentum in June,” said Timothy M. Warren Jr., Warren Group’s CEO. “Connecticut home sales are not as strong as in other parts of New England. Hopefully the local consumer confidence combined with low mortgage rates will help the market a great deal.”

Year-to-date home sales statewide are up 9 percent. From January to June, a total of 10,886 single-family homes have sold, compared to 9,992 during the same period a year ago.

However, year-over-year home prices dropped in June. The median sale price of single-family homes statewide dropped almost 5 percent to $265,000 in June, down from $278,000 in June 2011. The year-to-date median sale price is $233,000, down 5.5 percent from $246,750 during the same period last year. Quarterly prices dropped 4.6 percent to $248,000, down from $260,000 during the second quarter 2011.

In Farmington, median prices seemed to show a curve, starting low at 241,726 in 2000, peaking at $408,902 in 2008 and back down to $317,848.

“Median prices have continued to decline this year, and the trend is expected to continue until home sales put up stronger numbers,” Warren added.

Connecticut condominium sales dropped in June, decreasing almost 6 percent from a year earlier. A total of 635 condos sold in June, down from 674 a year earlier. Year-to-date condo sales are up 3 percent to 2,865 from 2,772 a year earlier.

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