New London County Condo Market Keeps Sliding While Single Family Sales Improve

Condo sales in southeastern Connecticut are lagging single family homes, according to the latest data reported by Sound Investment Consultants.

“Home sales in New London County rose 11.4 percent in August compared with the same month last year, but condos were off by about one-third. And while single-family median prices fell flat by $5,000, the typical condo transaction dropped by nearly $25,000 using a rolling average over the past year,” the New London Day reported.

“Les Bray, owner of the Stonington-based real estate consulting firm that this month started providing a regular market report to The Day, said condos have historically been an affordable alternative to single-family homes. But as home prices have fallen, condos and their monthly fees look less attractive, he said.”

“These days, you can buy a decent house for what you can get a condo for,” he said.

The report said that 35 condos were sold a year ago last August while only 23 were sold last month. The median sales price dropped from $149,900 to $125,000.


Leave a Reply

Your email address will not be published. Required fields are marked *