If you’re looking to buy a condo in Connecticut and price-point matters, you might want to take a closer look at the Constitution State now that the median sales price continues to decrease.
 
According to Boston-based The Warren Group, a compiler of statistics about real estate in New England, in 2011 the median price of a condominium decreased more than 6 percent to $173,250. That’s down from $182,250 in 2010. In December 2011 alone, the median sales price of condos dropped by nearly 13 percent to $167,000 — that’s more than $24,000 less than the median sales price in December 2010.

Perhaps not coincidentally, the number of condos sold in Connecticut increased dramatically in December 2011 compared to December 2010 – from 460 condos trading hands in December 2010 to 518 in the same month last year. That’s a 12.6 percent jump.

Still, the number of all types of homes sold in the state during all of 2011 was more than 16 percent less than those sold in all of 2010. Only 5,704 Connecticut condominiums sold in 2011 compared to 6,824 in 2010. That’s the lowest yearly total of homes sold in the state in more than 20 years. Sales of homes in New Haven County, for example, slowed significantly year over year, but the median sales price also dropped by more than 12 percent in 2011 compared to 2010. Now may be the time to find a bargain.

Originally from Condo.com – Condo News