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April 3, 2020 REAL ESTATE ROUNDUP

Before the fall: Feb. residential sales strong

PHOTO | File image

Connecticut single-family home and condo sales increased in February on a year-over-year basis, and the median sale price for both residential real-estate categories also saw significant gains, according to the latest report from the Warren Group, which compiles and publishes real estate and transaction data.

February single-family home sales in Connecticut totaled 1,721 transactions, a 4.2-percent increase from the February 2019 figure of 1,652 transactions. This marked a three-year high for February single-family home sales.

At the same time, the median single-family home price spiked 9.8 percent on a year-over-year basis to $247,000, compared with $225,000 in February 2019 — marking a 12-year high for the month of February. Year-to-date (January and February 2020) there have been 3,741 single-family home sales in Connecticut – a 6.1-percent increase over the first two months of 2019 – with a median sale price of $250,000 – an 8.7 percent increase on the same basis.

“Single-family home sales saw notable gains across Connecticut in January and February,” said Timothy Warren, CEO of the Peabody, Mass.-based Warren Group. “Because of COVID-19 the next few months are more uncertain. For the months ahead, we must expect that fewer people will be out home shopping and fewer new listings of homes for sale. Both of these will lead to fewer closings.”

Condominium sales in Connecticut also posted notable gains in February, rising 10.6 percent on a year-over-year basis, with 534 transactions. Meanwhile, the median sale price for condos spiked 10.3 percent from February 2019 to $160,000.

Year-to-date, condo sales totaled 1,103 transactions — an 8.5-percent increase over the first two months of 2019 — with a median sale price of $161,000, a 7.3 percent increase on the same basis.

“The median condo sale price of $160,000 marked a nine-year high for the month of February and 534 transactions marked the most sales for the month since February 2008,” Warren said. “However, like the single-family market in the coming months, I expect the current situation with COVID-19 to have a significant impact on activity starting in the second quarter.”

A distinct possibility. 

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Virtual CE classes scheduled for Realtors

New Haven-Middlesex Realtors (NHMR) is now offering live “virtual” continuing-education classes so that its members can fulfill their CE requirements before the 2020 deadlines.

Because the Real Estate Commission of the state’s Department of Consumer Protection  has announced that it will not extend deadlines for CE as part of its licensing requirements for brokers, member Realtors are encouraged to take classes either online or through Live Virtual training.

The schedule of upcoming NHMR classes:

  • April 6 (9 a.m.-noon) — CT Real Estate Agency Law Review and Fair Housing, Pt. 1
  • April 6 (1-4 p.m.) —  CT Real Estate Agency Law Review and Fair Housing, Pt. 2
  • April 8 (9 a.m.-noon) — Explanation of the CTR/GHAR Co-Branded P&S Agreement and Riders
  • April 9 (9 a.m.-noon) — Most Valuable Places in the USA
  • April 15 (1-4 p.m.) — The New World of Short Sales

Register for these virtual courses and more by clicking HERE.

All attendees will need to email a photo ID prior to the class to Pat@nhmrealtors.com. Attendees will receive a link to the Zoom meeting the day before the class. 

TRANSACTIONS

15 Meigs Ave., Madison

Clinical social worker and therapist Jamie White, LCSW has leased a small office suite at 15 Meigs Ave., Madison. White works with children, adolescents and families  in family and trauma focused therapy. The landlord is Innate Properties LLC, which was represented by Cheryl Morris of the Geenty Group, Realtors in Branford. Jamie Cuzzocreo of H. Pearce Real Estate in New Haven represented the tenant in the transaction.

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17 Woodland Rd., Madison

Building owner Woodland Road Properties LLC (principal: Keith W. Mirante) has leased a 500-square-foot office unit at 17 Woodland Rd., Madison to Peace & Wellness LLC, whose principal is clinical social worker and therapist Kristin Wiehl, LCSW. Wiehl, who specializes in anxiety and depression in children and adolescents, works with law and medical students transitioning from college to the professional world. Cheryl Morris of the Geenty Group, Realtors was the sole agent in the deal.

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